Posted on Jul 27, 2012 in Company News
Partnering With POOF-Slinky Management to Continue Rapidly Growing the Business
Greenwich, CT, July 25 — POOF®-Slinky®, Inc., makers of iconic toys under the Slinky®, POOF®, Ideal®, Cadaco® Scientific Explorer and Fuzzoodles® brands, has received a significant investment from Propel Equity Partners, a private equity firm focused exclusively on investing and creating value in leading consumer brands.
Based in Plymouth, Michigan, POOF-Slinky was founded more than 65 years ago. Managed by CEO Ray Dallavecchia Jr. and COO Doug Ferner, the Company has amassed a portfolio of some of the most highly recognizable branded toys, sports balls, educational activity kits, table top and board games and novelty products in the industry. Best known for its classic metal Slinky and Slinky Dog products and POOF foam balls, POOF-Slinky products are sold in more than 35,000 retail outlets. The Company operates two manufacturing plants in Michigan and Pennsylvania and has over 125 employees.
“In what is a fragmented industry, POOF-Slinky has consistently excelled as a leader,” says Michael Cornell, Partner, Propel Equity Partners. “Ray and Doug have put together an impressive stable of authentic toy brands that we believe have tremendous additional opportunities for growth at retail in the $20 billion plus toy market. We are looking forward to applying our expertise in the consumer products category to help POOF-Slinky accelerate organic growth, maximize brand potential, expand U.S. production capacity and make strategic acquisitions.”
Formed in 2012, Propel Equity Partners, formerly MCC Capital Partners, is comprised of Cornell, who was Managing Partner & co-founder of MCC Capital and previously President & CEO of Jarden Branded Consumables Division and President of Loew-Cornell, prior to its sale to Jarden.
Propel Equity Partners is also led by John Belniak, Partner, former Managing Partner and co-founder of MCC Capital and Vice President of Corporate Development at Jarden Corporation; and Robert Farinholt, Partner, who co-founded the investment banking boutique Silver Steep Partners and served in a variety of private equity and investment banking positions with Valency Capital, JPMorgan and the Royal Bank of Canada.
“Propel Equity Partners has a strong track record of partnering with management teams of consumer products companies and providing the capital and expertise needed to help those companies reach new levels of growth and profitability,” says Ray Dallavecchia. “Propel showed particular knowledge and interest in the toy category, and we are looking forward to leveraging the additional resources and building upon our strong existing business.”
POOF-Slinky benefits from some of the most iconic brands in the industry. Slinky is one of the most popular among those and one of the most recognizable toys in the history of the U.S.
Developed in 1943 by naval engineer Richard James as part of work with cushioning devices for warships, it was his wife, Betty who gave it the “slinky” name. The toy debuted at Gimbel’s Department Store in Philadelphia in 1945. Since then, more than 300 million Slinky’s have been sold. The Slinky is still manufactured in Hollidaysburg, Pennsylvania, with the original equipment Richard James built.
About Propel Equity Partners
Propel Equity Partners, LLC, is a private equity firm focused on investment in branded consumer products businesses. Founded in 2012, Propel Equity Partners provides its portfolio companies with strategic and operational support to enable more efficient operations and accelerated sales growth. The firm believes in building value by partnering with existing management teams and by energizing brands and invigorating new product innovation.
For more information visit www.propelequity.com.