D.A. Davidson & Co. announced today that it served as financial advisor to Crown Crafts, Inc. (NASDAQ: CRWS) (“Crown Crafts”) with the successful acquisition of Baby Boom Consumer Products, Inc. (“Baby Boom”), a leader in toddler bedding and an early disruptor in the diaper bag category, from The Betesh Group. Headquartered in Gonzales, Louisiana, Crown Crafts is a publicly held American company that designs, markets, and distributes consumer products for infants, toddlers, and juveniles. Crown Crafts is one of the largest suppliers of infant and toddler bedding, bibs, and developmental toys in the United States.
"We have had a longstanding relationship with the consumer team at D.A. Davidson. They are very experienced investment bankers in the baby and motherhood categories and have provided Crown Crafts excellent support in helping evaluate and execute transactions," said Olivia Elliott, Chief Executive Officer of Crown Crafts.
Founded in 1988 and headquartered in Newark, New Jersey, Baby Boom designs, sources, markets, and sells high-quality and functional diaper bags and toddler bedding. Its product offering includes diaper bags, crib bedding, baby blankets, nursery décor, travel accessories, and soft bath products. It was an early disruptor in the diaper bag category, gaining market share through innovative features and fresh designs. With strong market presence across both the branded and licensed segments of toddler bedding and diaper bags, Baby Boom positions Crown Crafts to expand its product portfolio to cater to additional needs of customers.
This acquisition not only broadens the company’s portfolio but enhances its team as well as appeal and relevance in the competitive juvenile products sector. The transaction will add key licenses to Crown Crafts’ portfolio including Ms. Rachel, Bluey, Cocomelon, Paw Patrol, and more.
Joe Schimmelpfennig, Head of Consumer Investment Banking at D.A. Davidson, commented, "We always enjoy working with Crown Crafts and believe this acquisition further strengthens its leadership position in the bedding category. This strategic move will enhance Crown Crafts’ product offering as well as licensing and retail relationships. We are proud to support its continued success."
D.A. Davidson & Co. served as financial advisor and Smith, Gambrell & Russell, LLP served as legal advisor to Crown Crafts on the transaction. The CIT Group provided the debt financing for the transaction.
D.A. Davidson’s Consumer Group has a reputation for its depth of industry knowledge, breadth of capabilities, and tenacity of its senior professionals. Offering sector-specific expertise through a full-service platform, the team provides M&A, strategic advisory, and equity capital markets capabilities across several subsectors, including active & outdoor; infant & juvenile; consumer products & services; ecommerce & marketplaces; and food & beverage. Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the brand of D.A. Davidson MCF International.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 29 states.
Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.