Skip Hop, a maker of popular backpacks and other children's gear is planning to grow with the help of a private equity firm and has agreed to sell a majority of its stake to Fireman Capital Partners, a consumer-centric investment firm. Details of the transaction weren't disclosed but sources whom knows about the deal values it at nearly USD 60 million.

Skip Hop was founded 10 years ago by Ellen and Michael Diamant. As new parents back then, the couple decided to create a line of colorful diaper bags. Now that same company produces a range of items, ranging from bath toys to popular line of apparel, backpacks, and accessories festooned with cartoon animals. Its stocks are sold in more than 4,000 locations, from Toys "R" Us to Bloomingdale's and Nordstrom.

Asked about the Skip Hop, Fireman Capital partner, Marla Sabo said in an interview that their company first met the Diamants about a year ago and quickly agreed that Skip Hop had potential and as of today, the company continues to show strong growth in sales and profits which makes them a solid partner in this venture. With all that being said, the focus now is to build upon that via better distribution and in time expand its presence abroad particularly in European and Asian markets.

"It's a brand that resonates very well with the consumer and with the mother," Ms. Sabo said. "It's something very genuine and authentic."