Evenflo Sells Its Ameda® Breastfeeding Business
Evenflo to Exclusively Focus on Infant and Juvenile Travel, Home Safety, and Activity Products
Miamisburg, OH - November 20, 2012 - Evenflo Company, Inc., a trusted partner in nurturing babies' growth and development through innovative juvenile products, today announced that it has sold its Ameda® breastfeeding business to Platinum Products Holding, Inc. (a portfolio company of Crimson Investment). Evenflo will retain and exclusively focus on its portfolio of leading brands in the gear category: Evenflo®, ExerSaucer®, Snugli®, and Gerry®.
"We are excited about this transaction and see it as the next step in completing our strategic intent to focus fully on infant and juvenile gear," said Evenflo Chief Executive Officer Scott Weiss. "The proceeds from the sale and the operational capacity it creates will be utilized to accelerate and optimize our remaining businesses. We wish Ameda every success and expect it to continue as a global leader in breastfeeding products."
The Ameda transaction complements the sale of Evenflo's worldwide feeding business earlier this year, at which time Evenflo announced a strategic review of its remaining businesses. "Our portfolio now fully aligns with our world-class capabilities in developing innovative infant and juvenile gear products," said CEO Scott Weiss. "Parents and retailers around the globe will benefit from our ability to exclusively focus on our core businesses."
Weston Presidio, a private equity firm focused on growth companies within the consumer, business services, and industrial growth sectors, will retain its majority ownership position in Evenflo. "We are very pleased with this next development in Evenflo's strategy," said Weston Presidio Partner Kevin Hayes. "The company is now better positioned than ever to capitalize on its heritage of innovation and brand recognition in its core gear categories. We look forward to continuing to support Scott Weiss and his team in this next phase of growth."
For nearly a century, Evenflo has been a trusted name in infant and juvenile products with market-leading positions across several of its product categories. Global demographic trends, coupled with Evenflo's design and production capabilities and the company's longstanding relationships with the world's leading juvenile products retailers, favor Evenflo's growth prospects in over 55 countries where its products are sold.
Rothschild Inc. served as Evenflo's financial advisor, while Ropes & Gray LLP provided the company with legal counsel.
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 categories, within which it enjoys several #1 or #2 market share positions. For more information on Evenflo, visit www.evenflo.com.
About Weston Presidi
Weston Presidio, founded in 1991, is a private equity firm that has managed five investment funds aggregating over $3.3 billion. The firm focuses its investment activities on growth companies in the consumer, business services, and industrial growth sectors. With offices in Boston and San Francisco, Weston Presidio targets middle market opportunities primarily in the United States. More information is available at www.westonpresidio.com.