A baby jogger stroller retails for about $500. Photos courtesy of Baby Jogger.
A local company known for its baby strollers fetched a big-boy price tag in a deal announced Monday.
Baby Jogger, headquartered in northern Henrico County, is being sold by its private equity owner in a pending $210 million deal.
Consumer goods conglomerate Newell Rubbermaid is buying the company from The Riverside Co., a Cleveland-based private equity firm that acquired the stroller maker two years ago. Newell Rubbermaid also owns baby products brands Graco and Aprica.
The deal marks a quicker-than-expected exit for Riverside. It purchased Baby Jogger from locally based Dynamic Brands for an undisclosed sum, and Karen Pajarillo, a partner with the firm, said it hadn’t been actively looking to sell the brand when Newell came calling.
“We had grown a lot faster than we anticipated, and I think a lot of folks took note of that,” she said. “(Newell Rubbermaid) had done their own homework, and they approached us.”
Pajarillo said The Riverside Group had worked to build Baby Jogger’s presence on the international market and expand the company’s sales from 50 countries to 70. Baby Jogger is expected to hit $90 million in sales in 2014, the company said.
Pajarillo said the company would not comment on the return it expects to recoup from its investment in Baby Jogger.
“We’ve owned this business for just a little over two years, so it’ll be a nice return for our investors,” she said.
Under Riverside’s ownership, Baby Jogger operated largely as an independent operation. It has kept its headquarters at 8575 Magellan Parkway, and company head Mark Zehfuss stayed on after Riverside took over.
Zehfuss could not be reached for comment on the deal.
The company today has about 50 employees locally, Pajarillo said. Its local operations include product development, sales, marketing and other functions.
As for its future presence here under new ownership, Newell Rubbermaid company spokesperson Nicole Quinlan said in an email, “At this time, Baby Jogger will operate in its current location and there will be no immediate changes.”
She said additional details will be available after the completion of the deal, which is expected before the end of the year.
A baby jogger stroller retails for about $500. Photos courtesy of Baby Jogger.
A local company known for its baby strollers fetched a big-boy price tag in a deal announced Monday.
Baby Jogger, headquartered in northern Henrico County, is being sold by its private equity owner in a pending $210 million deal.
Consumer goods conglomerate Newell Rubbermaid is buying the company from The Riverside Co., a Cleveland-based private equity firm that acquired the stroller maker two years ago. Newell Rubbermaid also owns baby products brands Graco and Aprica.
The deal marks a quicker-than-expected exit for Riverside. It purchased Baby Jogger from locally based Dynamic Brands for an undisclosed sum, and Karen Pajarillo, a partner with the firm, said it hadn’t been actively looking to sell the brand when Newell came calling.
“We had grown a lot faster than we anticipated, and I think a lot of folks took note of that,” she said. “(Newell Rubbermaid) had done their own homework, and they approached us.”
Pajarillo said The Riverside Group had worked to build Baby Jogger’s presence on the international market and expand the company’s sales from 50 countries to 70. Baby Jogger is expected to hit $90 million in sales in 2014, the company said.
Pajarillo said the company would not comment on the return it expects to recoup from its investment in Baby Jogger.
“We’ve owned this business for just a little over two years, so it’ll be a nice return for our investors,” she said.
Under Riverside’s ownership, Baby Jogger operated largely as an independent operation. It has kept its headquarters at 8575 Magellan Parkway, and company head Mark Zehfuss stayed on after Riverside took over.
Zehfuss could not be reached for comment on the deal.
The company today has about 50 employees locally, Pajarillo said. Its local operations include product development, sales, marketing and other functions.
As for its future presence here under new ownership, Newell Rubbermaid company spokesperson Nicole Quinlan said in an email, “At this time, Baby Jogger will operate in its current location and there will be no immediate changes.”
She said additional details will be available after the completion of the deal, which is expected before the end of the year.