Babies' and young children's apparel retailer Carter's has acquired lifestyle brand Skip Hop Holdings from private equity firm Fireman Capital Partners for a sum of $140m.

This all-cash transaction is subject to a working capital adjustment, and includes a potential future payment of up to $10m upon achievement of certain fiscal targets in 2017.

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Skip Hop retails products such as diaper bags, children's backpacks, travel accessories and home gear, as well as hardlines for playtime, mealtime and bathtime for families with young children. These products are distributed in more than 5,000 stores in over 60 countries.

Carter’s chairman and chief executive officer Michael Casey said: “Skip Hop has built a strong reputation for innovative, essential core products for families with young children.

"Carter’s believe we have a wonderful opportunity to leverage our marketing, distribution and supply chain capabilities to enable significant growth for the Skip Hop brand."

“Its product offering nicely complements our Carter’s brand. We believe we have a wonderful opportunity to leverage our marketing, distribution and supply chain capabilities to enable significant growth for the Skip Hop brand."

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The transaction is expected to be accretive to Carter’s fiscal adjusted earnings per share this year, excluding the impact of non-recurring transaction or integration-related expenses.

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Skip Hop founders Michael and Ellen Diamant said: “We believe Carter’s is a terrific cultural fit for Skip Hop, and we look forward to working with Carter’s to drive Skip Hop to its full potential.”

Carter’s portfolio includes the Carter’s and OshKosh B'gosh brands, which are sold at department stores, national chains and specialty retailers, as well as via approximately 1,000 stores owned by the brand across the US and Canada, in addition to its e-commerce platform.