PlayCore Holdings Inc., a Chattanooga-based designer, manufacturer, and marketer of a broad range of play and recreation products and a portfolio company of Irving Place Capital, has signed a definitive agreement to sell its consumer division, Swing-N-Slide, to Backyard Products.
Backyard Products is North America's largest manufacturer of consumer wood storage sheds, recreational buildings, and installed playsets. The transaction allows PlayCore to continue expanding its commercially focused play and recreation business.
"As a consumer-focused company, Backyard Products has a strong connection with Swing-N-Slide and already has working relationships with many of Swing-N-Slide's accounts. As a result of this transaction, PlayCore will be able to intensify its commercial market focus," said PlayCore Chief Executive Bob Farnsworth.
Banking panel votes on Yellen
The Senate Banking Committee is expected to vote Thursday to approve President Barack Obama's choice of Janet Yellen for chairman of the Federal Reserve and to send the nomination on to the full Senate.
The timing of a vote in the full Senate is uncertain because some senators have said they planned to hold up her nomination as leverage on other matters. But the Senate is eventually expected to approve Yellen's nomination to a four-year term. Yellen, now vice chairman, would succeed Ben Bernanke, who will step down when his second four-year term ends Jan. 31.
Yellen made clear during a confirmation hearing last week that she's prepared to support the Fed's extraordinary efforts to bolster the economy until there are more signs of a sustained rebound in growth.