Munchkin Inc., a North Hills, Calif.-based maker of infant and toddler products, has sold a “significant minority stake” to Ontario Teachers’ Pension Plan for an undisclosed amount.
UPDATE: A regulatory filing indicates that the investment was $45 million
Munchkin Inc., designer and manufacturer of clever infant and toddler products, today announced that the Ontario Teachers’ Pension Plan (“Teachers'”) has acquired a significant minority stake of common stock in the company. Terms of the transaction were not disclosed.
“We are pleased to have Teachers’ as a long-term strategic investor in the company,” stated Steven B. Dunn, chairman and chief executive officer, Munchkin, Inc. “The fund’s strong financial backing and established global footprint will be invaluable as we review potential acquisitions and look to expand international distribution of our award-winning products and brands.”
“Munchkin has a strong track record of growth and results in an attractive industry,” said Erol Uzumeri, senior vice-president, Teachers’ Private Capital. “With a skilled management team and a broad portfolio of innovative products already in place, our investment positions the company to capitalize on opportunities during the next phase of its growth.” Mr. Uzumeri added that this investment exemplifies Teachers’ Private Capital’s strategy to invest directly in well-run businesses that can provide attractive returns over the long term.
Munchkin, established in 1991 and still privately held, has delivered more than 10 years of profitable, double digit growth. This latest transaction follows Munchkin’s January acquisition of Lindam, the U.K.’s number one safety brand, which added market-leading safety gates to Munchkin’s existing portfolio of innovative infant products and pet products through its Bamboo division.
About Teachers’ Private Capital
Teachers’ Private Capital, the private investment department of the Ontario Teachers’ Pension Plan, is one of the world’s largest private equity investors, having participated as a long-term investor in numerous transactions in Canada, the United States and Europe. Current investments of Teachers’ Private Capital include: Acorn Care & Education, Alliance Laundry Systems, Aquilex Corporation, General Nutrition Centers, Inc., Easton-Bell Sports, Exal Group, GCAN Insurance, Maple Leaf Sports & Entertainment, National Bedding Company (Serta) and Simmons Bedding Company, among others. Teachers’ Private Capital provides long-term, flexible capital and support to high-quality management teams seeking to grow and add value to their businesses over time.
With net assets of C$96.4 billion at December 31, 2009, the Ontario Teachers’ Pension Plan is an independent organization responsible for investing the pension fund and administering the pensions of Ontario’s 289,000 active and retired teachers. For more information visit www.otpp.com or www.teachersprivatecapital.com.
About Munchkin, Inc.
A privately held company headquartered in North Hills, Calif., Munchkin, Inc. creates baby products that excite, delight and make life easier for today’s parents. Founded in 1991, Munchkin, Inc. has placed great emphasis on innovation, redefining what baby products can be. As a result, Munchkin has reinvigorated the category with improvements like a 2-in-1 design on bottle brushes as well as pioneered numerous breakthroughs like the ARM & HAMMER™ Diaper Pail by Munchkin, which neutralizes odors in the nursery through a patented odor control system and White Hot Technology® that lets moms know if the bath water or the car is too hot. In January of 2010, Munchkin purchased Lindam, the U.K.’s top baby safety brand and a leading international developer of nursery products. Munchkin owns over 100 patents and has over 40 additional patents pending. The company has won over 30 industry awards, including the coveted Target® Corporation Partner Award of Excellence. Endorsed and recommended by lactation consultants, medical professionals, toy specialists and parents, Munchkin products can be found at more than 25,000 retail outlets internationally. For more information, visit www.munchkin.com.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.