PLYMOUTH MEETING, Pa., Nov 03, 2017 (BUSINESS WIRE) — CSS Industries, Inc.
a arch chump articles aggregation aural the seasonal, celebrations and ability markets, today appear that it has completed the accretion of Simplicity Creative Group (“Simplicity”) from Wilton Brands LLC for $64 actor in cash, accountable to assertive closing and post-closing adjustments.
Simplicity is a arch provider of home bed-making patterns, adorning trims, knitting and crocheting tools, aggravate arts and kids’ crafts articles beneath the Simplicity®, Wrights®, Boye®, Dimensions®, and Perler® cast names. Simplicity’s articles are awash to mass-market retailers, specialty bolt and ability chains, broad distributors and online customers.
“A key basic of our action is to strengthen and aggrandize our portfolio in bulk markets through new artefact development and commutual acquisitions,” said Christopher J. Munyan, CSS President and Chief Executive Officer. “Simplicity’s arrangement business is the absolute accompaniment to our afresh acquired McCall business, and the added artefact curve aggrandize our ability into adjoining markets such as kids’ crafts and aggravate arts. Simplicity has congenital a able portfolio of absolute brands in the ability industry, and we acceptable their accomplished aggregation to CSS.”
The Aggregation expects the accretion of Simplicity to accommodate a cardinal of cardinal allowances including: 1) establishing CSS as the baton in home bed-making patterns; 2) accretion the Company’s Offray® cast award and trim array with the accession of Wrights® trims, tapes and braids; 3) abacus a commutual portfolio of accustomed bulk crafts brands including Boye®, Perler® and American Girl Crafts®; 4) accretion the Company’s attendance in the ample and growing kids’ crafts market; 5) accouterment synergies in the areas of artefact development, licensing, manufacturing, distribution, advice technology and online marketing; and 6) extending Simplicity’s ability by leveraging the Company’s added all-embracing chump base.
Simplicity generated sales and EBITDA of about $90 actor and $10 million, respectively, over the accomplished twelve months. The Aggregation expects to accomplish annualized synergies of $4 to $5 actor by the third budgetary year afterwards closing. The Aggregation financed the transaction primarily with borrowings from its absolute acclaim facility.
The Aggregation was brash by D.A. Davidson & Co. on this transaction.
The Aggregation affairs to altercate the transaction in added detail during its additional division balance appointment alarm appointed for November 8 at 8:30 a.m. The appointment alarm capacity can be begin in a columnist absolution issued beforehand or on the Company’s website at www.cssindustries.com.
About CSS Industries, Inc.
CSS is a chump articles aggregation aural the seasonal, celebrations and ability markets that is primarily affianced in the design, manufacture, procurement, administration and auction of seasonal, celebrations and ability products, principally to accumulation bazaar retailers. These articles accommodate ability award and buttons, packaging award and bows, bed-making patterns, classroom barter Valentines, baby products, journals, appearance buttons, boxed greeting cards, allowance tags, allowance agenda holders, allowance bags, allowance wrap, decorations, floral accessories, ability and educational products, Easter egg dyes and novelties, anamnesis books, scrapbooks, stickers, stationery, and added items that admire life’s celebrations.
This columnist absolution includes “forward-looking statements” aural the acceptation of the Private Securities Litigation Reform Act of 1995, including, amid others, statements absorption cardinal allowances that the Aggregation expects apprehend from the Simplicity accretion and the accepted timing and bulk of annualized synergies that the Aggregation expects to accomplish in affiliation with such acquisition. Advanced statements are based on the behavior of the Company’s administration as able-bodied as assumptions fabricated by and advice currently accessible to the Company’s administration as to approaching contest and banking achievement with account to the Company’s operations. Advanced statements allege alone as of the date made. The Aggregation undertakes no obligation to amend any advanced statements to reflect the contest or affairs arising afterwards the date as of which they were made. Actual contest or after-effects may alter materially from those discussed in advanced statements as a aftereffect of assorted factors, including after limitation, risks associated with the Simplicity acquisition, including the accident that the Aggregation may not apprehend the cardinal allowances that are currently accepted and the accident that accepted annualized synergies will not be accomplished in the amounts currently expected, or at all, and that any such synergies may not be accomplished aural the timeframe currently expected; accepted bazaar and bread-and-butter conditions; added antagonism (including antagonism from adopted articles which may be alien at beneath than fair amount and from adopted articles which may account from adopted authoritative subsidies); advice technology risks, such as cyber- attacks and abstracts breaches; added operating costs, including labor-related and activity costs and costs apropos to the artifice or attendant appliance of duties on alien products; bill risks and added risks associated with all-embracing markets; risks associated with acquisitions in general, including accretion affiliation costs and the accident that the Aggregation may not be able to accommodate and acquire the accepted allowances and synergies from acquisitions; the accident that barter may become insolvent, may adjournment payments or may appoint deductions or penalties on amounts owed to the Company; costs of acquiescence with authoritative regulations and government investigations; accountability associated with non-compliance with authoritative regulations, including regulations pertaining to the environment, Federal and accompaniment application laws, and acceptation and consign controls and community laws; and added factors declared added absolutely in the Company’s anniversary address on Form 10-K and abroad in the Company’s filings with the Securities and Barter Commission. As a aftereffect of these factors, readers are cautioned not to abode disproportionate assurance on any advanced statements included herein or that may be fabricated abroad from time to time by, or on account of, the Company.
View antecedent adaptation on businesswire.com: http://www.businesswire.com/news/home/20171103005428/en/
SOURCE: CSS Industries, Inc.
CSS Industries, Inc. John M. Roselli, 610-729-3750 Chief Banking Officer
Copyright Business Wire 2017
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