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Updates of infant bedding distributor Crown Crafts

24
Dec '07
Crown Crafts Inc announced the final purchase price for its acquisition, through its wholly-owned subsidiary, Crown Crafts Infant Products, Inc., of the infant and toddler product line of Springs Global US Inc.

At closing, the Company paid approximately $12.4 million for the inventory, intellectual property and certain other assets associated with the Springs' infant and toddler product line and assumed certain liabilities. The final purchase price, which was subject to adjustment pending the completion of the final inventory valuation, was $11.0 million, a reduction of $1.4 million.

"The Company is very excited about the future of this product category," said E. Randall Chestnut, Chairman, President and Chief Executive Officer of the Company.

"As we reported earlier, a projected future EBITDA (Earnings before interest, taxes and depreciation) of approximately $4.4 million annually after the effects of the shared services agreement versus a final purchase price of $11.0 million presents a significant opportunity for the Company."

Crown Crafts Inc


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