PHOENIX, Aug. 10, 2011 /PRNewswire/ -- Boon Inc. and Keen Distribution today announced the acquisition of substantially all of its assets by TOMY International. Boon is a leading innovator, designer and manufacturer of premium, modern infant and baby products, and Keen Distribution LLC, is a brand cultivator and U.S. distributor of children's products.
Curt Stoelting, CEO of TOMY International, said, "We are delighted to have completed the acquisition of Boon and Keen Distribution. Their existing and recently developed, innovative mother, infant and toddler products are a great fit with our existing brands. We plan to aggressively expand Boon and Keen internationally and into new product areas, while maintaining their existing premium positioning."
Boon was founded in 2004 by Rebecca Finell and Ryan Fernandez with one product, the Frog Pod. Boon has since developed over 100 infant and toddler products, including bath, feeding, organization and decor items, and will continue to push the boundaries in new categories moving forward. In just under seven years, Boon has shaken up the juvenile products industry, setting new standards for innovation and design.
Of the acquisition, Finell said, "The opportunity to join forces with TOMY allows us to expand the company in ways we've always imagined. Being part of the TOMY team enables us to further our role as innovators in the juvenile products industry."
Added Fernandez: "We're excited to become a part of the TOMY team. This partnership allows us to bring existing and new products to the global market more quickly and better meet the needs of our consumers."
Following Boon's success, Finell and Fernandez founded Keen Distribution in 2008. Keen Distribution is the exclusive U.S. marketer and distributor for Bumbo International, manufacturer of the Bumbo® Baby Seat, the Mommy Hook stroller accessory, and products from the U.K.-based safe sleep authority, The Gro Company.
Boon and Keen products are available in thousands of stores in the U.S. and Boon products are distributed in over 50 other countries.
Boon and Keen have experienced rapid growth in recent years, more than doubling sales since 2009. Net sales over the past twelve months are approximately $23 million, and the companies expect to exceed $30 million in sales over the next year.
TOMY International funded the acquisition with approximately $20 million from its existing cash. Boon and Keen's senior management will retain approximately 20 percent carry-over ownership and will continue to drive the company forward. Other terms of the transaction were not disclosed.
ABOUT BOON
Our thing is problem solving and ingenuity, and simple yet effective design is our passion. Boon is a leading innovator, designer and manufacturer of infant and baby products. We are driven by a strong desire to create modern products that help simplify parent's lives while retaining their personal style. For more information, visit booninc.com.
ABOUT KEEN
Keen Distribution is a brand cultivator and U.S. distributor of children's products. Our discerning eye for innovation, style and function, coupled with years of industry experience enables us to recognize the next must-have product or emerging brand, sure to be on every parent's list. For more information, visit keendistribution.com
ABOUT TOMY INTERNATIONAL
TOMY International (tomy.com) is a leading global designer, producer and marketer of a broad range of innovative, high-quality toys sold to preschoolers, youths and adults under the TOMY, Ertl , Johnny Lightning and Tomica brands as well as nursery products for mothers, infants and toddlers marketed under its The First Years , Lamaze and JJ Cole Collections brands. TOMY International also markets its products under popular and classic licensed properties such as Thomas & Friends, Special Agent Oso, Chuggington, Dinosaur Train, John Deere, Disney's Winnie the Pooh, Princesses, Cars, Fairies and Toy Story, and other well-known properties. TOMY International's mission is to inspire and fulfill the dreams of children and parents worldwide. TOMY International reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North and South America, Europe and Australia. TOMY International is a wholly owned subsidiary of Japan-based TOMY Company, Ltd. (Tokyo Stock Exchange Code No. 7867).
MEDIA CONTACT: REBECCA MCCRACKEN - 480.422.5049
RMCCRACKEN@BOONINC.COM
SOURCE Boon Inc.; Keen Distribution
