Riverside Off And Running With Latest Exit Plan
Riverside Agrees to Sell Baby Jogger to Newell Rubbermaid
The Riverside Company has agreed to terms to sell its portfolio company Baby Jogger Holdings to Newell Rubbermaid (NYSE: NWL). Based in Richmond, Virginia, Baby Jogger invented the first three-wheeled jogging stroller in 1984 and today markets a full line of innovative strollers and related accessories that allow busy families to go anywhere.
Baby Jogger is best-known for its popular City Mini, City Select and Summit X3 strollers which feature Baby Jogger’s patented Quick Fold Technology. The company’s long track record of innovation, quality, and safety is bolstered by a robust portfolio of more than 50 patents.
Riverside invested in Baby Jogger in 2012 and partnered with CEO Mark Zehfuss and the management team to further expand the brand’s global reach. That work started with the successful carve-out of Baby Jogger from its parent company, which required building standalone capabilities and adding resources in sales, marketing, e-commerce, finance and IT. Riverside also tapped its network to bring in board members and operating partners with significant experience in infant and juvenile products, consumer products and branding.
The acquisition and integration of the Spanish company NJoy in 2013 was another key part of the growth plan. NJoy expanded Baby Jogger’s product lineup with the addition of the Vue umbrella stroller and, with the stroller’s reversible seat which allows the child to face forward or face the parent, continued Baby Jogger’s track record of introducing innovative and functional products.
“During a relatively short investment period, Riverside and management were able to meet all of our goals for Baby Jogger,” said Riverside Partner Karen Pajarillo. “It is extremely rewarding to have had the chance to work with such a passionate team and help them execute on their global strategy for the company. Today, Baby Jogger products reach active parents in more than 70 countries worldwide.”
Working with Pajarillo on the transaction for Riverside were Principal Meranee Phing, Vice President Drew Flanigan, Associate Connor Danielowski, Operating Partner Michael Thompson, Operating Partner Michael Skelton and Operating Partner Brian Bunker.
Jones Day and KPMG advised Riverside on the transaction.