---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-007161"
form_type: "8-K"
ticker: "CRWS"
cik: "0000025895"
company_name: "CROWN CRAFTS INC"
filed_at: "2023-03-20T23:59:59+00:00"
generated_at: "2026-06-17T23:16:51.018808+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Crown Crafts acquires Manhattan Toy for $17M cash; line of credit raised to $35M; adds ~$24M in annual sales

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-007161
- form_type: 8-K
- ticker: CRWS
- cik: 0000025895
- company_name: CROWN CRAFTS INC
- filed_at: 2023-03-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.01, 9.01, 2.03, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/25895/000143774923007161/0001437749-23-007161-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/25895/000143774923007161/crws20230319_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-007161
- JSON: https://secwatch.observer/filing/0001437749-23-007161.json
- Plain text: https://secwatch.observer/filing/0001437749-23-007161.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/25895/000143774923007161/0001437749-23-007161-index.htm
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/25895/000143774923007161/0001437749-23-007161-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.