CSS Industries, Inc. Acquires Simplicity Creative Group


 
 
03:47 11/04/2017

CSS Industries, Inc. CSS , a leading consumer products company engaged in the design, manufacture, procurement, distribution and sale of seasonal, celebrations and craft products, announced that it has completed the acquisition of Simplicity Creative Group from Wilton Brands LLC for $64 million in cash.

“A key component of our strategy is to strengthen and expand our portfolio in core markets through new product development and complementary acquisitions,” said Christopher J. Munyan, CSS President and Chief Executive Officer.

Munyan continued, “Simplicity’s pattern business is the perfect complement to our recently acquired McCall business, and the other product lines expand our reach into adjacent markets such as kids’ crafts and needle arts. Simplicity has built a strong portfolio of well-established brands in the craft industry, and we welcome their talented team to CSS.”

Simplicity Creative Group is a provider of home sewing patterns, decorative trims, knitting and crocheting tools, needle arts and kids’ crafts products under the Simplicity, Wrights, Boye, Dimensions, and Perler brand names.

Simplicity’s products are sold to mass-market retailers, specialty fabric and craft chains, wholesale distributors and online customers.

By acquiring Simplicity Creative Group, CSS  expects to establish itself as a leader in home sewing patterns. In addition, CSS  want to provide synergies in the areas of product development, licensing, manufacturing, distribution, information technology, and online marketing between the brands.

Simplicity Creative Group generated sales and EBITDA of approximately $90 million and $10 million, respectively, over the past twelve months. CSS  expects to achieve annualized synergies of $4 to $5 million by the third fiscal year after closing.


This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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