Evenflo to be Acquired by Goodbaby International
Acquisition to Provide New Distribution Channels to Both Juvenile Product Companies
Miamisburg, OH – June 6 – 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 market.
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 internationally.
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 212-539-3258
Investor Relations / Treasury / Tax Director Goodbaby International Holdings Limited Tel: +86 21 33763622
The Abernathy MacGregor Group, for Weston Presidio 212-371-5999