GONZALES, La., Dec. 26, 2006 (PRIME NEWSWIRE) -- Crown Crafts Infant Products, Inc., a wholly-owned subsidiary of Crown Crafts, Inc. (OTCBB:CRWS), today announced that it has acquired substantially all of the assets of Kimberly Grant, Inc., a designer of various infant, toddler and juvenile products. Under the terms of the Purchase and Sale Agreement, Kimberly Grant's founding designer will continue to develop designs for infant bedding, framed art and accessories for Crown Crafts and will also expand her designs to include bib and bath items.
"Kimberly Grant is a proven success in the better bedding market, including juvenile specialty stores and specialty chains. The brand is known to retailers and parents alike. The Kimberly Grant brand is a strong companion to our NoJo brand and an excellent fit in our overall growth strategy for the upstairs and specialty channels of distribution," commented Nanci Freeman, President and Chief Executive Officer of Crown Crafts Infant Products. "We are excited that Kimberly will continue to design for the company. She is an important part of the brand integrity and the success of these lines in the marketplace."
"When we completed our refinancing in July 2006, we announced that we were ready to grow and expand our business through meaningful acquisitions," said E. Randall Chestnut, Chairman, President and Chief Executive Officer of Crown Crafts, Inc. "The purchase of the Kimberly Grant brand is an excellent start. Acquisitions such as this will continue to be an important part of our ongoing growth strategy."
Kimberly Grant Gessford stated, "I am delighted to see the Kimberly Grant brand become part of the Crown Crafts family and am thrilled to be working with one of the premier bedding and accessory product manufacturers and distributors in the world. This is an exciting time for the brand. I am comforted to know that Crown Crafts will provide exceptional products that are consistent with the image and quality of the Kimberly Grant brand. There are amazing opportunities ahead, and I am looking forward to creating fresh, new designs and helping Crown Crafts take Kimberly Grant to a new level."
About Crown Crafts, Inc.
Crown Crafts, Inc. designs, markets and distributes infant and juvenile consumer products, including bedding, blankets, bibs, bath and accessories and luxury hand-woven home decor. Its subsidiaries include Hamco, Inc. in Louisiana, Crown Crafts Infant Products, Inc. in California, and Churchill Weavers, Inc. in Kentucky. Crown Crafts is America's largest producer of infant bedding, bibs and bath items. The Company's products include licensed and branded collections as well as exclusive private label programs for certain of its customers.