Canada's Dorel Industries Inc announces acquisition of Israeli firm Tiny Love Ltd
Canada-based Dorel Industries Inc said it had inked a share purchase agreement to buy Tiny Love Ltd. A juvenile products and bicycle firm, Dorel's branded products include Safety 1st, Quinny, Cosco, Maxi-Cosi and Bébé Confort in Juvenile and Cannondale, Schwinn, GT, Mongoose, Caloi, IronHorse and SUGOI in Recreational/Leisure. It also has a Home Furnishings segment. Dorel posts annual sales of $2.6 billion.
Tiny Love, meanwhile, is an award-winning baby products and developmental toy company which headquarters in Tel Aviv, Israel. A profitable global company with offices in US and China, Tiny Love posted annual sales of about $45 million for the fiscal year ending on December 31, 2013.
The purchase price of the acquisition was not revealed but the transaction is set to be completed in the first quarter.
Recognized as an innovator in the category of developmental toys, Tiny Love has a product line that complements that of the Canadian acquirer. It generates sales in over 50 countries around the world, 75% of which are done through a global distributor network and the remainder made in North America through its subsidiary in the US. Tiny Love's strong research and development efforts focus on baby development by doing observational studies of baby behavior as well as the use of third party experts from an Israeli university.
In a statement, Dorel President and Chief Executive Officer Martin Schwartz said, "We are delighted to be acquiring Tiny Love, a proven and well-known juvenile products company within our industry. They have growing brand recognition that is synonymous with child developmental excellence. With their strong distribution network in diverse markets, this latest investment further solidifies our position as a global leader in the juvenile industry and expands the geographies in which we operate. Tiny Love is particularly strong in Eastern Europe which is an important part of our growth strategy."