BOSTON--(BUSINESS WIRE)--Fireman Capital Partners (“FCP”), a consumer-focused growth equity firm, today announced that it has sold its portfolio company Skip Hop, Inc. (“Skip Hop”), a leading provider of branded products and accessories for parents, babies and kids worldwide, to Carter's, Inc. ("Carter's") (NYSE:CRI) for $140 million in cash, plus future performance incentives. FCP acquired a majority stake in Skip Hop in November 2013.
Skip Hop, founded in New York City in 2003 by Ellen & Michael Diamant, is one of the fastest growing and most recognized global brands for parents, babies and toddlers worldwide. Their core philosophy begins and ends with "Must-Haves Made Better.” The company designs innovative, functional products that make parenting easier, better and more fun. Product categories include Diaper Bags, On-the-Go Accessories, Infant Toys, Nursery Gear, Bath, Feeding and the ZOO line of toddler products. Skip Hop products are sold at over 5,000 doors in the U.S. and Canada and in over 60 countries worldwide.
Dan Fireman, Managing Partner of FCP, said, “Skip Hop is a dynamic, market leading company with unique and innovative products. We are proud to have partnered with Michael and Ellen in helping extend the Company’s product portfolio, build their distribution network, expand internationally and further its online presence. We wish them continued succcess.”
“Skip Hop was a great investment for our firm, and we are thrilled to have been able to leverage our resources and operational expertise to help the company grow,” added Marla Sabo, Partner at FCP. “It has been a pleasure working with the entire Skip Hop organization and we are confident they have a bright future ahead under Carter’s leadership. We are happy to have found the perfect fit for the Company and its talented team.”
Michael Diamant, Co-Founder and Chief Executive Officer of Skip Hop, said, “Fireman Capital’s track record in the consumer space and vision for our company was immensely helpful as we developed Skip Hop into the market leader it is today. We thank the firm for their support and look forward to further growth as part of the Carter’s team.”
McDermott Will & Emery LLP acted as legal advisor to Fireman Capital Partners. Harris Williams & Co. served as the exclusive financial advisor to Skip Hop.
About Fireman Capital Partners (FCP)
Fireman Capital Partners invests in consumer-focused companies through both growth equity and buyout transactions. The private equity firm focuses on dynamic consumer businesses with revenues between 30MUSD and 150MUSD, who also have a unique vision, strong product and market share, and sound management. FCP leverages its capital, extensive network, and deep operating expertise to add substantial value. The firm is currently invested in Oskar Blues Brewery Holdings, Newton Running, Idea Paint, and Surfside Coffee Company, with realized investments in Hudson Jeans, Evolution Fresh, and Serena and Lily, in addition to Skip Hop.
About Skip Hop
Skip Hop Inc. is a New York City company devoted to designing innovative products for moms and dads. The company understands the challenges faced by today's parents as they are adjusting to their new lives. They study how families use existing parenting products, and armed with this knowledge, create smarter, more innovative solutions that combine advanced functionality and modern design. The result is a variety of exciting essentials that make day-to-day living easier (and better!) for today's moms and dads. For more information on Skip Hop please visit www.skiphop.com.