WOONSOCKET – Summer Infant Inc. has completed its acquisition of Kiddopotamus & Co., a manufacturer of infant nursery, travel and feeding accessories, the company said this week. The purchase price was not disclosed.

The transaction, which closed April 18, was financed with a combination of cash and borrowing, Summer Infant said. In connection with the deal, the company increased its borrowing capacity to $50.0 million – from the previous $34.0 million – replacing its existing $30.0 million line of credit at Bank of America with $36.0 million in working capital and a $10.0 million acquisition credit line, and keeping its $4.0 million real estate loan.

“Kiddopotamus represents another valuable addition to the Summer Infant team and product portfolio,” Summer Infant CEO Jason Macari said in a statement yesterday afternoon. Last year, the Stilwell, Kan.-based company posted sales of $13.0 million on products including its SwaddleMe infant blankets, Snuzzler adjustable head and body support and TinyDiner portable placemats.

Company co-founders Chris Snedeker and Kristen Peterson will continue to manage the business, which will be incorporated into Summer Infant operations.

“We are very pleased to have Chris Snedeker and Kristen Peterson join our company, as their operational and product development experience at Kiddopotamus and industry expertise will contribute greatly to our team,” Macari said. “Over the past 10 years, Kiddopotamus has grown its product offering and emerged as a brand of choice within its key categories. We plan to build on this solid foundation by leveraging our vast distribution network and solid retail customer relationships to expand its product reach and take its operations to the next level.

“Looking ahead,” he added, “the acquisition of Kiddopotamus, along with the recent addition of Basic Comfort [READ MORE], broadens our brand presence in several key high-growth categories, including infant nursery, travel and feeding accessories. We expect the acquisitions of these companies – which generated combined revenues of approximately $23.0 million in 2007 – to significantly contribute to our sales growth in 2008 and beyond.

“Similar to our recent Basic Comfort acquisition, we also anticipate realizing meaningful cost synergies, and expect the acquisition of Kiddopotamus to be accretive in 2008.”

Summer Infant Inc. (Nasdaq: SUMR, SUMRU, SUMRW) – formerly KBL Healthcare Acquisition Corp. II – is the parent of Summer Infant (USA) Inc., Summer Infant Europe Ltd. and Summer Infant Asia Ltd. (collectively, the “Summer Infant Operating Companies”), which design and make audio-video monitors, safety gates, bed rails, infant thermometers, booster and potty seats and other infant and toddler products. To learn more, visit www.summerinfant.com. For more information about Kiddopotomus & Co., visit www.kiddopotamus.com.