Patch Products, a portfolio company of Topspin Partners, has bought Onaroo. No financial terms were disclosed. Onaroo, which was previously owned by American Innovative, makes night lights and alarm clocks for children.
ROSLYN HEIGHTS, NY–(Marketwired – Nov 3, 2014) – Patch Products, a portfolio company of Topspin Partners, is excited to announce its expansion into juvenile products with the acquisition of Onaroo™, previously owned by American Innovative, LLC. Onaroo is a brand of night lights and alarm clocks for children. This brand allows Patch, the multi-category toy company, to expand into a new, complementary category of children’s room décor.
This acquisition comes just 41 days after Patch Products came under the new ownership of Topspin. According to Patch CEO Bob Wann, “Patch is moving quickly and looking for opportunities to grow and expand. Onaroo is a strong strategic fit with Patch Products and will complement our existing products very well, while also allowing us to expand into new categories.”
The Onaroo line includes several award-winning and top-selling products such as the talking bedside alarm clock and night light Teach Me Time!™, the cuddly plush sleep buddy night light with music OK to Wake!™ Owl, and whimsical portable night lights.
Adam B. Hocherman founded American Innovative in 2003. “The philosophy behind the Onaroo line was to create innovative products that children love and that parents embrace. For example, our popular OK to Wake! items use a simple visual indicator to teach kids when it’s time to get up while parents get a little extra shut-eye. Teaming with Patch brings the Onaroo line greater consumer reach through diverse retail channels and access to a world-class team at a company that’s been in the juvenile industry for over forty years. I couldn’t be more pleased with Onaroo’s new home and look forward to working with Patch,” Hocherman states.
Stephen Lebowitz, Managing Director at Topspin Partners, commented, “The acquisition of Onaroo is part of Patch’s strategy to build a leading company with high quality products serving both the specialty and mass channels in the toy and juvenile products industries.”
About Patch Products
Patch Products is a leading designer, manufacturer and marketer of games, children’s puzzles, preschool toys, creative activities and teaching tools, with focus on innovation and growth of brands and categories. Top-selling brands include 5 Second Rule®, Perplexus™, Don’t Rock the Boat™, Farkle, The Game of THINGS…®, Mirari®, Buzzword®, Stratego®, What’s Yours Like?®, Lauri®, Wood WorX™ and Wooly Willy®.
Topspin Partners is a suburban NY-based private equity fund that makes control investments in profitable and established lower middle-market businesses. The firm invests across a number of industries, including business and information services, health and wellness and niche consumer products. The Topspin team has considerable operational expertise and collaborates with management teams to build businesses of varying stages and sizes. Further information on Topspin can be found at www.topspinpe.com.