Russ Berrie Completes Acquisitions
By Staff -- Gifts & Decorative Accessories, 4/3/2008 8:02:00 AM
Oakland, NJ — When they said "completion of both acquisitions is expected shortly," they really meant it. Gift and juvenile product vendor Russ Berrie and Co. completed the acquisitions of LaJobi Industries Inc., Cranbury, NJ, and CoCaLo Inc., Costa Mesa, CA — which were initially announced yesterday.Russ Berrie paid approximately $63 million for the two businesses, financed by the company's senior credit facility, which was recently expanded to $175 million. As of the closing, $131 million is currently outstanding. Russ plans to maintain the individual brand identities and management structures of both the infant furniture and the infant bedding company.
Bruce G. Crain, CEO and president, said in a statement, “These transactions represent a major step forward in executing our disciplined acquisition strategy for our infant and juvenile segment, and are expected to be key growth drivers for our business going forward.”
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