Company Description
Foundations Worldwide, Inc. (“Foundations” or the “Company”), located in Medina, Ohio, is a diversified multinational children’s products company. Under the Foundations® brand, the Company is a leading supplier of children’s furnishings to professional childcare centers, the global leader in providing cribs and children’s hospitality products to hotels, and a key manufacturer of wall-mounted baby changing stations for public facilities. Additionally, under the Sova™ brand, the Company offers the powered, height-adjustable Ascent™ universal changing table, proudly assembled in the USA. The Company’s Child Craft™ brand (“Child Craft” or the “Consumer & Retail Business Unit”) is a leading supplier of residential nursery furnishings, available through e-commerce, mass retailers and direct to consumers. With decades of industry experience, Child Craft has built a strong reputation as a trusted leader, known for its unwavering commitment to quality, sustainability, and safety.
Services Provided
MelCap served as the exclusive investment banker and financial advisor to Foundations through the sale of the Consumer & Retail Business Unit. We would like to thank Joseph Lawlor, CEO and Lisa Vanadia, CFO of Foundations, for hiring the MelCap team. It was an honor and pleasure to work with the Company throughout this exciting process.
The Result
As part of the Company’s strategic objective to enhance its commercial offering and support long-term growth, MelCap successfully facilitated the sale of the Child Craft business unit to Halo Dream, Inc. (“HALO”), a portfolio company of Transom Capital Group. HALO, headquartered in New York, New York, is a leading global designer and manufacturer of infant products (e.g., sleepsacks, bassinets, swaddles, bib/blankets, etc.) which are sold under the HALO® and Aden + Anais™ brands collectively via e-commerce, mass retail, international, hospital/government, direct-to-consumer, and other channels. Transom Capital Group is a private equity firm that invests in companies in the middle market.
Deal Team
We would also like to thank the deal teams from both sides that worked on this transaction. We could not have completed this transaction without their tireless efforts. More specifically, we’d like to thank Stark & Knoll, Honigman, Asenti Diligence Partners, and Transom Capital Group.
“It has been gratifying to be involved in a transaction that serves the strategic interests of both buyer and seller. The divestiture of Child Craft allows Foundations to concentrate on its core mission of being the foremost provider of products for the care of children in professional, public, and commercial spaces. It also gives Halo the opportunity to expand its portfolio of highly respected brands into the consumer children’s furnishings space. This transaction is a textbook case study in how mergers and acquisitions can be executed for the mutual benefit of the business, consumers, and all stakeholders. MelCap Partners’ role as a trusted advisor was essential to the successful sale process. Their team’s diligence, persistence and professionalism gave us the utmost confidence that we chose the right partner for this transaction.”
