Foley & Lardner LLP represented Kids2, Inc. in its acquisition of Summer Infant, Inc., doing business as SUMR Brands (NASDAQ: SUMR). Kids2 is a global purpose-driven company with a portfolio of world-renowned brands including Baby Einstein®, Ingenuity®, and Bright Starts® that designs solutions to help early-stage parents and families. SUMR Brands is a leader in premium infant and juvenile products.
Under the terms of the definitive agreement, Kids2 will acquire all of the issued and outstanding common stock of the company for cash. This acquisition provides Kids2 the opportunity to further scale globally by leveraging its existing brand platform strength and adding new adjacent categories from SUMR Brands’ portfolio. Additionally, its global supply chain will be complemented by SUMR Brands’ capabilities, which will allow Kids2 to drive wider global distribution.
The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2022, upon which SUMR Brands will become a privately held company and its common stock will no longer be listed on the Nasdaq Capital Market.
The Foley team was led by Partner Susan Pravda and included Partners Gabor Garai and Paul Broude, Senior Counsel Christopher Bourne and Nicholas Faleris, and Associates Megan Fouse and Ellie O’Neill.