Saturday, May 25, 2013
YARMOUTH - Luxury bedding company Cuddledown Inc. has been acquired by American Capital Ltd.'s Potpourri Group Inc., a specialty catalog company.
Bobby Hipsher fills a comforter with down in 2011 at the Cuddledown Inc. factory on Canco Road in Portland.
Staff file photo by Gordon Chibroski
Terms of the deal were not disclosed. American Capital, a publicly traded private equity firm, said the transaction was completed in December. Officials at Cuddledown, which got its start in Yarmouth, did not immediately return calls seeking comment.
The deal marks the second acquisition of a Maine company by the Potpourri Group in recent months. In June, it acquired FetchDog, a dog accessories catalog and Internet site co-founded by actress Glenn Close and her husband, David Shaw.
Cuddledown, which began in 1973 as a family-owned firm selling down comforters directly to friends, has expanded its product line to include 30 styles of pillows, cashmere blankets, slippers, sleepwear, clothing and home decor.
Cuddledown has a catalog and website, as well as stores in Yarmouth and Freeport. It also has a wholesale business to sell to other retailers, as well as a hospitality arm that sells to hotels and resorts. It still makes comforters, pillows and featherbeds by hand, according to its website.
"Cuddledown's product offering and merchandising expertise in the high-end bedding market makes the company an excellent addition to (Potpourri Group's) diverse product mix and will give (the company) the opportunity to expand into the bedding product sector," said Brian Graff, American Capital senior vice president and senior managing director.
American Capital first invested in Potpourri Group in 2005.
Potpourri Group, based in Chelmsford, Mass., is a catalog company that has 13 brands catering primarily to women. It offers a Nature's Jewelry catalog; a needlepoint catalog, The Stitchery; and the Back in the Saddle catalog for horse enthusiasts, among others.
Potpourri Group's portfolio "caters to one of the largest, fastest-growing and attractive demographics in the country: middle- to upper-middle-income female baby boomers. The addition of Cuddledown adds valuable diversification to PGI's current merchandise mix, and its similar customer demographics are expected to promote future growth," said Helen Yang, a principal with American Capital's buyouts group.
Staff Writer Jessica Hall can be contacted at 791-6316 or at: