Acquisition to Provide New Distribution Channels to Both Juvenile
MIAMISBURG, Ohio--(BUSINESS WIRE)--
The Evenflo Company is pleased to announce it has signed an agreement to
be acquired by Goodbaby International Holdings Limited (“Goodbaby
International” or “Goodbaby”). Goodbaby is principally engaged in the
design, research and development, manufacturing, marketing and sale of
durable juvenile products. The agreement is definitive and binding
pending Goodbaby shareholder approval.
Evenflo was established in Ravenna, Ohio in 1920 and since inception has
been committed to quality, safety and best-in-class products. Evenflo
principally engages in the design, research and development,
manufacturing, marketing and sale of Evenflo, Exersaucer and
Snugli branded juvenile products. Its comprehensive product
portfolio includes car seats, travel systems, safety gates, high chairs,
play yards, stationary activity centers, infant carriers and doorway
jumpers. Evenflo commands high consumer awareness and holds top market
shares in the United States and Canada. Over 70% of Evenflo sales are
manufactured in their Piqua, Ohio, and Tijuana, Mexico facilities. Over
90% of Evenflo’s 2013 revenues are traced to the United States and
Canada whose Evenflo brands are sold through key retailers such as
Wal-Mart, Toys ‘R’ Us, Target and Amazon.
Goodbaby is committed to providing safe, innovative, fashionable,
easy-to-use strollers and other durable juvenile products across the
globe. Evenflo’s brands are complementary with Goodbaby’s product-driven
model. Evenflo’s marketing and distribution capabilities will complement
Goodbaby’s strength in research and development to expand product
portfolio and increase sales in North America. As a result, the Evenflo
acquisition highly aligns with Goodbaby’s strategy to build upon its
rapidly growing juvenile products leadership status and transition
Goodbaby into a leading global branded business in the international
Evenflo’s leading position in the car seat product category is expected
to further expand Goodbaby’s product portfolio to include mid- to- value
child safety car seats. The broader portfolio combined with Goodbaby’s
product development focus on car seats, enables Goodbaby to capture
significant share in the rapidly growing global car seat market.
Upon closing, Evenflo will become a wholly-owned subsidiary of Goodbaby
and will be led by the existing management team. The direct distribution
network of Evenflo in North America will enable Goodbaby to reinforce
its presence in the North American juvenile products market.
The Acquisition also complements Goodbaby’s recent acquisition of the
“CYBEX” juvenile products brand in Europe. Goodbaby will utilize its
research and development capabilities to support the “Evenflo” and
“CYBEX” brands to realize major untapped potential in brand growth,
mutually leverage global distribution channels and manufacturing
facilities and achieve infrastructure and supply chain efficiencies
Finally, Goodbaby shares the same entrepreneurial spirit and vitality of
the Evenflo team and is confident that the Acquisition will complement
its existing business strategy to drive global growth, increase market
share, and expand its product portfolio and customer base to increase
profits and the overall shareholder value of the Company.
About Evenflo Company, Inc.
Evenflo Company, Inc. is a leading manufacturer and marketer of infant
and juvenile products. Majority owned by Weston Presidio, Evenflo was
founded in 1920 and is a top supplier of infant and juvenile products to
key retailers such as Toys “R” Us, Babies “R” Us, Wal-Mart, Target, Buy
Buy Baby and Kmart. The company’s product offering spans a broad range
of essential infant and juvenile product categories. Evenflo’s premier
brand name has 96 percent awareness with new mothers, and the company
enjoys #1 or #2 market share positions in several product categories.
For more information on Evenflo, visit http://www.evenflo.com.
About Goodbaby International
Goodbaby International is listed on the Main Board of the Hong Kong
Stock Exchange, it is committed to providing safe, innovative,
fashionable, easy-to-use strollers and other durable juvenile products
throughout the world. Visit http://www.gbinternational.com.hk/
M Booth & Associates, for Evenflo
Investor Relations / Treasury / Tax Director Goodbaby
International Holdings Limited
Tel: +86 21 33763622
The Abernathy MacGregor Group, for Weston Presidio
Source: Evenflo Company, Inc.