GREENWICH, CT, May 18, 2015 - Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, announced today the signing of a definitive agreement to acquire PlayPower Holdings, Inc., a leading global provider of play, sport and recreation facilities and equipment, from Apollo Investment Corporation (NASDAQ: AINV). The transaction is expected to close in the second quarter of 2015. Terms of the transaction were not disclosed.
PlayPower, headquartered in Huntersville, NC, with sales primarily in North America and Europe, is one of the leading manufacturers of commercial playground equipment in the world. PlayPower sells its commercial playground equipment under such highly recognized brand names as Miracle Recreation Equipment, Little Tikes Commercial, Hags Play, and Soft Play. The Company's USA SHADE & Fabric Structures segment produces modular shade structures sold in both playgrounds and other settings and its EZ Dock segment sells floating dock systems and lifts for boats and personal water craft.
David Simon, Managing Director of Littlejohn said, "We believe this is an excellent time to sponsor the PlayPower acquisition and partner with management to drive innovation in the products as well as further investments in manufacturing and supply chain efficiencies."
Joe Copeland, CEO of PlayPower, commented, "We are excited to partner with Littlejohn because they are ideally capable to support our next phase of growth and development. They have studied and understand our space and we are pleased with their desire to see us complete additional strategic acquisitions."
Gibson Dunn & Crutcher provided legal advice to Littlejohn in connection with the transaction.
About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based private equity firm investing in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach. The firm is currently investing from Littlejohn Fund V, L.P., which has $2 billion in capital commitments. For more information, visit www.littlejohnllc.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC