Alex Brands engages in the production and sale of toys, foam sports balls, educational activity kits, games, science kits, precision cut wood construction blocks, art supplies, magic sets, outdoor and nature products, and novelty products for infants, toddlers, and tweens in the United States and internationally. It provides its products for baby, bath time, preschoolers, pretend play, spa, fashion, jewelry, and active play applications. The company was founded in 2014 and is based in Fairfield, New Jersey.Alex Brands is a portfolio company of Connecticut-based Propel Equity Partners.
CORPORATE HIGHLIGHTS
7/25/2018: Sells Juratoys to French investment firm
8/23/2016: Major recall of choking hazard toy started.
According to a report in The Record, Fred Keller, who became president in May 2013 after Alex Toys was acquired by Connecticut-based private equity firm Propel Equity Partners, has left the company.
BDC Credit Reporter View
BDC CREDIT REPORTER VIEW
Only THL Credit (TCRD) has exposure, which is reducing. The remaining debt is carried at a slight discount to book but the two tranches of equity remain valued at zero, now for multiple quarters. We're guessing that some of the proceeds for the debt repayment may be coming from the sale of toy lines by the Company and its PE parent. A French toy line - owned since 2015- was sold in the summer of 2018. In any case, the outlook for full recovery on debt - though not necessarily on equity - remains promising"
Updated: November 10, 2018.
INVESTMENT HIGHLIGHTS
IIIQ 2018: Repaid $15mn of Term Loan.
IVQ 2017: Repaid $5mn of Term Loan.
6/2016: Additional $0.800mn in common equity advanced.
12/2015: Added to Watch List due to common stock write-down.
6/2015: Term Loan increased to $30mn, with same maturity. $1mn invested in common equity.
6/2014: TCRD exposure initiated with $17mn second lien Term Loan, due 2019.