Halo Innovations, the Minnesota-based maker of the SleepSack wearable blanket for infants, has been acquired by a California-based private equity firm that owns the well-known line of "Aden + Anais" baby blankets and sleepers.
In a deal announced Monday, Halo Innovations is being acquired for undisclosed terms by Aden + Anais, which itself is owned by consumer-goods investor Swander Pace Capital.
Minnetonka-based Halo Innovations was started 22 years ago by William Schmid, who left a former job and founded the company after his daughter died in her crib from SIDS, or Sudden Infant Death Syndrome, at 9 weeks old.
Halo Innovations is known for its line of SleepSack wearable blankets, which replace loose blankets in a crib that can cover a baby's face and interfere with breathing. The company also makes the Halo Bassinest swivel sleeper, which lets a baby safely sleep next to the parents' bed at night. Halo's products are sold at retailers including Target, Babies 'R' Us, and Wal-Mart.
"Halo is the ideal addition to our company," said Raegan Moya-Jones, founder of Aden + Anais, in a news release. "We have a long-standing history of providing products that stand for safety and high quality, and as longtime admirers of Halo, we believe this acquisition represents an exciting next step for our combined businesses."
Aden + Anais is known most broadly for its baby sleeping bags, swaddles and burpy bibs made of muslin, a soft and durable cotton fabric with an open-weave pattern that allows for airflow and reduces the risk of overheating.
The news release said Aden + Anais and Halo products are available in more than 15,000 retail stories in the U.S. and internationally. The companies will continue to market under their respective brands.
Aden + Anais owner Swander Pace Capital, with offices in San Francisco and New Jersey, has raised investments of more than $1.8 billion cumulatively over 20 years to fund dozens of companies that produce what it calls "growth-oriented, middle-market consumer products" companies in North America and the U.K.
