Rivenrock Capital has acquired educational toy manufacturer Small World Toys, after it filed for bankruptcy in August.
The new company’s CEO will be former president, John Nelson, who left the firm two years ago.
John Matisse will return as chief operating officer; David Adams will serve as CFO while Howard Bennett will take on the position of President. Eddy Goldwasser, who founded the firm 45 years ago, will serve as a consultant and board member.
Goldwasser said: “With this new entity, I’m proud to say the company is better capitalised than it ever has been in its history”.
The new team plans to re-establish itself in the industry.
Nelson said: “We know to succeed, we must deliver safe, innovative, specialty products when the customers need them. The faster we accomplish this objective, I believe the sooner we can regain the confidence of our customers and suppliers. If we can do that, we’ll regain respect and be back in the business of being successful again”.
The firm has continued to ship and deliver its products from China with the financial support from creditor Laurus Master Funds and supervision from Charles Moffit.
Nelson added: “In fact, we will be visiting factories in the next 30 days to strengthen our relationships with our strategic vendors and share with them our plans for the future”.