Woodbridge Closes Smethport-Patch Deal
September 2, 2008
New Haven, Connecticut – September 2, 2008 – Woodbridge, LLC. is pleased to announce the sale of its client, Smethport Specialty Co., to Patch Products Inc. The transaction, which closed on August 30, 2008, creates a dynamic blend of products and resources for two innovative toy companies.
Smethport Specialty Co., located in Smethport, Pennsylvania, has been in business since 1923, and its primary products include educational games and activity sets. One of its best known products is the Wooly Willy® classic toy. Patch Products is a manufacturer and marketer of family entertainment products headquartered in Beloit, Wisconsin.
Ernest Bower, Woodbridge’s dealmaker for the transaction, said, “The combination of these companies continues to underscore the crucial role that the right acquisition can play in realizing strategic growth objectives.”
Woodbridge marketed Smethport to thousands of potential buyers across the U.S., as well as to buyers in several European countries. The deal closed within six months from the time the company was brought to market.
Said Rob Daggett, chairman of Smethport Specialty Co. in a recent announcement by Patch, “Patch Products has marketing capabilities and resources that will benefit Smethport through increased exposure, and Smethport will lend its history and creative expertise in the specialty market to develop new products that will appeal to a wide range of consumers.”
Woodbridge, LLC., an innovative, marketing-driven M&A firm, was founded in 1993 to provide divestiture and acquisition services to middle market companies.