Equity company buys Evenflo Co. from KKR
VANDALIA, OHIO - Infant products maker and marketer Evenflo Co. has a new owner as buyout firm Kohlberg Kravis Roberts & Co. sold its stake to private equity firm Harvest Partners Inc. of New York.
The firms didn't disclose terms of the deal announced Aug. 5. The sale ends KKR's eight-year investment in Vandalia-based Evenflo. One report estimated the selling price at six to eight times earnings before interest, taxes, depreciation and amortization, or $120 million to $200 million.
Harvest senior Managing Director Tom Arenz said Evenflo posted sales of $300 million last year. Harvest has wanted to invest in consumer products and was attracted to Evenflo's strong management team and improving financial results.
Evenflo runs plants in the United States, Mexico and China making car seats, strollers, swings, infant feeding products, pacifiers and other toddler items. Last year it closed plants in Suring, Wis., and Ball Ground, Ga., to shift production to other Evenflo plants and outside suppliers.
Harvest is a private equity firm with diverse interests including gas turbine equipment, energy production components, building materials, communication supply equipment, bus manufacturing, vehicle accessories and home health-care supplies.
Greywolf introduces non-PS case for discs
SAN CLEMENTE, CALIF. - Greywolf Marketing of San Clemente has launched polypropylene Podz-brand Sealed Disc storage cases for optical media. Podz is positioned as an alternative to polystyrene jewel cases.
Each thin case has a Surround Seal Technology ring around the full perimeter of the rim. The ring locks into a docking channel to form a water-resistant environment to seal out dust and grime. Ridges inside the ring and around the secure, self-centering hub provide Floating Disc Suspension and protect disc surfaces inside the case. Podz cases are available in a variety of colors.
An undisclosed California injection molder makes the cases.
British Vita acquires other half of Vitafoam
TORONTO - British Vita plc has bought the 50 percent stake in Vitafoam Products Canada Ltd. that it did not own already.
Vitafoam of Toronto makes and sells flexible polyurethane foam from several facilities across Canada. British Vita, based in Manchester, England, has owned half of the business since 1973; the Himel family owned the other half. As well as acquiring Vitafoam, British Vita bought related companies that supply services to Vitafoam.
The deal was effective July 26. British Vita paid C$36.6 million (US$27.5 million). Vitafoam's 2003 assets were C$13.1 million (US$9.8 million). Net profit last year before taxes was C$5 million (US$3.8 million).
``This is an opportunity in North America to successfully build on our core divisional strengths and enhance shareholder value,'' British Vita Chief Executive Officer David Campbell said in a news release.
British Vita makes cellular foams and nonwovens at more than 100 plants in 21 countries.
DiscFarm purchases replication systems
CORONA, CALIF. - DiscFarm Corp. has added six M2 Engineering AB replication systems for making various formats of compact discs and DVDs, said DiscFarm President Charlie Chien.
DiscFarm shares space with sister company Ponica Industries Corp., a large, multimedia contract packager, in a 60,000-square-foot facility in Corona.
M2 is based in Stockholm, Sweden.