GONZALES, La.–Crown Crafts has agreed to purchase substantially all of the assets of Neat Solutions, a producer of textiles geared toward infants.
The company paid a preliminary purchase price of $4.4 million, net of certain specified liabilities assumed, according to a statement from Crown Crafts. The final purchase price at closing is subject to adjustment pending a review of Neat Solutions’ financial statements. Neat Solutions’ product lineup includes the Table Topper Stay-in-Place Mat, the Potty Topper toilet-seat cover, diaper-changing pads, disposable bibs, floor mats, car-seat covers and burp cloths.
In the statement, E. Randall Chestnut, chairman, president and chief executive officer of Crown Crafts, cited Neat Solutions’ “impressive record of sales growth and cost containment.” Chestnut said the acquisition, when it closes, should bring an annual sales increase of $4.6 million from the additional products in Crown Crafts’ toddler category.