CROWN CRAFTS INC (CRWS): M&A transaction — Crown Crafts acquires Manhattan Toy for $17M cash; line of credit raised to $35M; adds ~$24M in annual sales

CROWN CRAFTS INC

Purchase price $17M in cash, funded from cash on hand and CIT line of credit.
Line of credit increased from $26M to $35M; term extended to July 2028.
Acquisition expected to be accretive and add approximately $24M annually to net sales.
Toy category becomes ~40% of overall net sales; Manhattan Toy's product lines complement existing Sassy toys.
CEO Olivia Elliott and CFO Craig Demarest each granted restricted stock (25k and 15k shares) vesting March 2025.

item 1.01 item 2.01 item 9.01 item 2.03 item 5.02

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CROWN CRAFTS INC amended credit facility of $35.0 million with CIT maturing July 2028.

Instrument: credit facility
Principal: $35.0 million
Counterparty: CIT
Maturity: July 2028
Event: amendment

Exact text from the filing

amended the Financing Agreement, dated as of July 11, 2006, as thereafter amended, between the Company, its subsidiaries and CIT (the “Financing Agreement”), to extend the term of the line of credit from July 2025 to July 2028 and to increase the borrowing capacity thereunder from $26.0 million to $35.0 million

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CROWN CRAFTS INC completed an acquisition involving H Enterprises International, LLC for $17.0 million in cash (closed 2023-03-17).

Action: acquisition
Counterparty: H Enterprises International, LLC
Consideration: $17.0 million in cash
Closing: 2023-03-17

Exact text from the filing

of the issued and outstanding membership interests of MTC from Seller (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the purchase price for the acquistion was $17.0 million in cash (the “Purchase Price”), on a cash-free, debt-free basis, subject to adjustment to the extent that actual net working capitial as of the closing differs from target net

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102 debt financings filed in the last 30 days. Browse all debt financings →

CROWN CRAFTS INC filing history →

Source: SEC EDGAR

accession 0001437749-23-007161

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