FOR IMMEDIATE RELEASE
LITTLEJOHN & CO. BACKED PLAYPOWER® ACQUIRES PLAYWORLD®
Huntersville, NC, August 29, 2016 - PlayPower, Inc., a global leader in the recreation industry, today announced it acquired Playworld, a major commercial playground equipment manufacturer based in Lewisburg, Pennsylvania.
"The acquisition of Playworld creates a significant growth opportunity for the PlayPower organization," said Joseph Copeland, CEO of PlayPower. "We will leverage the scale of our global business with the strengths of Playworld, including product innovation and manufacturing excellence."
Matthew Miller, current Playworld CEO, will assume the role of President, North America Play at PlayPower, reporting to Copeland. He will be responsible for ensuring the continued growth and protecting the unique strengths of key PlayPower brands in North America, including Miracle®, Little Tikes® Commercial, Playworld®, SoftPlay® and EZ Dock®.
"This is a seminal event for Playworld, our employees and our distributors," said Dale Miller, founder and chairman of Playworld. "Over the last 45 years, our family and dedicated team members and partners built a company of which we are immensely proud. Joining PlayPower provides access to resources that will enable us to build upon that success and ensure Playworld remains the competitive business it is today for decades to come."
David Simon, Managing Director at Littlejohn, said, "The acquisition of Playworld reflects our desire to grow and invest in PlayPower. Playworld complements PlayPower's existing Miracle and Little Tikes Commercial brands and the addition of Playworld's talented executive team and distribution network to the PlayPower organization should drive significant value creation. We are also excited about Matt Miller joining us as a partner and leader in the business and look forward to completing future acquisitions together."
"PlayPower values Playworld's play advocacy work and is committed to investing in the future of play. Together, we will advocate for the value of play in societies around the globe," said Copeland.
PlayPower will maintain its primary North American manufacturing facility in Monett, Missouri while Playworld's Lewisburg operation will continue producing products for the Playworld brand. Additionally, Matthew Miller is making an investment in PlayPower and will join Joe Copeland on its Board.
About PlayPower®, Inc.
PlayPower is a global leader in the recreation industry. The company is headquartered in North Carolina, with manufacturing facilities in Missouri, Pennsylvania, Texas, Sweden and the United Kingdom. PlayPower brands include Miracle® Recreation, Little Tikes® Commercial, Playworld®, Soft Play®, HAGS®, EZ Dock® and USA ShadeTM. PlayPower's vision is To Inspire the World to Play through its mission of Creating Outstanding Play Environments for All Ages and Abilities. More information is available at www.playpower.com. PlayPower is a portfolio company of Littlejohn & Company, LLC and is actively seeking add-on acquisitions.
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