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Hello Bello has gone bankrupt. The baby brand known for its affordable and eco-friendly products, including vitamins, baby diapers, body care and home essentials, was founded by actors Kristen Bell and Dax Shepard in 2018. In a Chapter 11 filing, the company cited high shipping and production costs as reasons for its insolvency.

“Given macroeconomic trends, including inflation and increased shipping costs, we believe that this course of action is the best path forward to ensure that Hello Bello continues to bring families the highest quality and most environmentally friendly products at affordable prices,” Erica Buxton, the company’s chief executive officer, said in a statement.

Hello Bello, which was backed by the private equity firm VMG Partners, attempted to keep costs down by building its own diaper factory in Waco, Texas, in 2021. As of Monday, Hildred Capital Management has proposed to acquire the company for $65 million.

Hello Bello lists its assets and liabilities between $100 million to $500 million in court papers.

WACO, TEXAS - OCTOBER 26: Dax Shepard (L) and Kristen Bell attend the grand opening of Hello Bello’s first wholly-owned U.S. diaper distribution and manufacturing center on October 26, 2021 in Waco, Texas. (Photo by Rick Kern/Getty Images)

Dax Shepard and Kristen Bell attend the grand opening of Hello Bello’s diaper factory in 2021. Getty Images

Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor LLP are serving as Hello Bello’s legal counsel. Jefferies LLC is serving as investment banker and Emerald Capital Advisors is serving as financial advisor.

Lowenstein Sandler LLP and Alvarez & Marsal North America LLC are serving as legal counsel and financial advisor, respectively, to Hildred Capital Management.