Kids Line Is Bought for $128 Million
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Kids Line, a South Gate-based maker of infant bedding, said Friday that it had been acquired by a New Jersey company for $128 million in cash.
Oakland, N.J.-based Russ Berrie & Co., a leader in the gift industry and known for its teddy bears and other plush animals, said in a news release that it would keep Kids Line’s management in place. The firm will not be relocated, a banker familiar with the deal said.
Andy Gatto, chief executive of Russ Berrie, said his company planned to expand Kids Line.
Shares of Russ Berrie rose 5 cents to $22 on the New York Stock Exchange on Friday.
With 100 employees, privately held Kids Line was formed in 1987 and sells its products in retailers including Babies R Us.
“The potential of the combined business is exciting to us,” said Michael Levin, current CEO of Kids Line.
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