Russ Berrie Gets Sassy
Staff -- Gifts & Decorative Accessories, 9/1/2002
Oakland, NJ — Giftware manufacturer Russ Berrie and Company Inc. acquired the business and assets of Sassy Inc., a Grand Rapids, MI-based designer, manufacturer, and distributor of baby and juvenile products. The company paid approximately $45 million for Sassy, which posted $44 million in sales in 2001. "We see opportunities to leverage our Far East sourcing capabilities, and we believe that there are several crossover product opportunities between Sassy and the Russ Baby line," said Tom Bowles, chief operating officer of Russ Berrie. In addition to the Sassy brand, Russ Berrie will gain distribution rights to baby products from MAM Babyartikel GmbH of Vienna, Austria. Sassy will operate as an autonomous subsidiary of Russ Berrie and Company, maintaining its management team and its headquarters in Grand Rapids.
