Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Mamaloot is a daily deal site that focuses on families in the Chicago area.
Santa Monica, CA) January 5, 2011 – FamilyFinds.com , an online daily deal site exclusively focused on services and experiences for families, announced today that it has acquired Mamaloot – the leading daily deal site focused on families in the Chicago market. On the heels of FamilyFinds’ recent entry into the Los Angeles market, today’s announcement underscores the company’s continued growth in and core focus on the family space. Mamaloot will begin operating under the FamilyFinds name starting today.
As local businesses seek to connect directly with the ‘chief purchasing officers’ - aka moms - and consumers continue to demand value from their favorite neighborhood merchants, FamilyFinds provides an invaluable resource by helping families find and discover the best local deals and experiences. FamilyFinds saw in Mamaloot an authentic business developed by their Founders Bo Johnson and Lindsay Cohen, real mom entrepreneurs and experienced Internet professionals who will stay on in management roles with FamilyFinds. Mamaloot quickly and successfully built their brand around what its founders actively do for their own families: find great experiences and values.
“We are expanding across the country in a rapidly growing market, so the opportunity to add both a presence in a top market and experienced, passionate team members makes sense,” said Matt Coffin, chief executive officer, FamilyFinds. “The team at Mamaloot had a similar idea when they launched as we did; provide great deals across local communities to the families that seek them out.”
FamilyFinds offers daily deals from hidden gems to popular places; restaurants and snacks, theater and attractions, kids activities and classes, spas and fitness, kids clothing, toys and products and hundreds of other family-friendly merchants. The online resource also allows consumers to discover new places to visit, ideas for local family adventures and other value-added content that takes them from deal to experience. The acquisition of Mamalooot gives the company a head start in Chicago.
“This marks the first of our growth expansion plans into key markets nationwide,” said Brian Barnum, president, FamilyFinds. “Now reaching all of Los Angeles and Chicago allows us to provide millions of families with up to 90% off at places they shop, eat and play, as well as offer inspirational ideas on fun things to do with family.”
Evidenced by recent activity in the space -- Google bidding for Groupon; Amazon investing in Living Social; Facebook and its ‘Deals’ entry – this industry presents an enormous opportunity. FamilyFinds, which is strongly differentiated from industry competitors by its dedicated focus on families, has tapped one of the most sizeable and powerful buying audiences, moms. There are 75 million moms in the United States representing more than $4 trillion in purchasing power*, and with families always seeking ways to save money, the company finds itself strongly positioned for building a large and important business in the daily deal and family market.
The company plans additional market roll out over the coming year. For more information on FamilyFinds, please visit www.familyfinds.com or email firstname.lastname@example.org.