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 Cuddledown of Maine
A Coastal Ventures Limited Partnership Portfolio Company
Christopher Bradley, President
Portland, Maine
www.cuddledown.com
Ellen Manson founded Cuddledown of Maine in 1973. By 1985, Cuddledown sales had grown to $1.2 million, exceeding Manson's comfort level and leading her to sell the business. Under new ownership, however sales declined until a family investor group headed by Christopher Bradley purchased Cuddledown in August 1988 and began turning the company around.
Under Bradley's management, Cuddledown needed an infusion of capital for its new phase of growth, but the company's existing debt level made traditional sources of financing hard to access. Recognizing the strength of the company and its potential to create high-quality jobs in Maine, Coastal Ventures worked to secure $1.2 million in financing for Cuddledown, in coordination with Atlantic Bank, the Small Business Administration, and the Finance Authority of Maine. By 1998, Cuddledown needed additional capital and CEI's CDVC fund, Coastal Ventures, LP came through with a $300,000 equity investment. In addition, Coastal Ventures assisted in hiring a chief financial officer for Cuddledown by doing the initial screening and supplying a list of the most promising candidates. In May of 2000 Coastal Ventures I invested an additional $250,000 to further boost growth.
Currently, Cuddledown has achieved sales of $22 million per year. It employs 82 people, and expects to add many more positions in the next few years. All employees receive a benefits package, including a health insurance plan. Wages and working conditions are also excellent and there is very little turnover.
Coastal Ventures, LP Profile
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