Crown Crafts, a Gonzales-based designer and distributor of products for infants and toddlers, said it has acquired Manhattan Toy for $17 million.
Crown Crafts said it used cash on hand and proceeds from its line of credit to purchase Manhattan Toy.
Manhattan Toy, based in Minnesota, makes plush and wooden toys that are sold online and in stores, by retailers such as Amazon, Target, Barnes & Noble and Kohl’s. Company officials said this will complement Crown Crafts’ line of Sassy toys as parents turn away from electronic devices and toward physical toys children can play with.
“We are greatly impressed with Manhattan Toy’s operations and its excellent design team, and welcome them to the Crown Crafts team,” Olivia W. Elliott, president and CEO of Crown Crafts, said in a statement.
Manhattan Toy has a wholly owned European subsidiary and a distribution facility in the United Kingdom. This opens up international expansion for Crown Crafts.
Crown Crafts said the deal will add $24 million annually to its net sales. The deal will make toys the largest product category for Crown Crafts, responsible for about 40% of net sales.
For fiscal 2022, which ended April 3, Crown Crafts posted $87.4 million in net sales.
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