Md.'s Blackstreet buys crib-seller Simplicity
Reading-based crib seller Simplicity Inc. has been taken over by Maryland-based Blackstreet Capital Partners, a year after a massive federal recall.
Simplicity Inc., which had been owned by Reading's Waldman family, has been taken over by Blackstreet Capital Partners, LLC, an $88 million private equity investor in Bethesda, Maryland.
Blackstreet bought Simplicity, which designs, imports and sells cribs. The Waldmans "will still have a role in the company", said Blackstreet managing director Aldus Chapin II.
Simplicity cribs were recalled by the Consumer Product Safety Commission last year after it said three babies were killed by gates that buyers installed upside down. Notice here.
Blackstreet set up an affiliate, SFCA Inc., to buy Simplicity's debt and foreclosed on the company. Blackstreet will keep Simplicity's management team in Reading, the firm said in a statement. Read it here.