Mellon Bank Corp.'s Mellon Ventures Inc. unit has made a $3.5 million subordinated debt investment in Minnetonka Brands Inc., Eden Praire, Minn., the Pittsburgh-based banking company said this week.

Minnetonka, which markets children's toiletries under the Sesame Street and Looney Tune brand names, plans to grow through acquisition, Mellon said.

Mellon Ventures managing director Charles Billerbeck has been elected to Minnetonka's board of directors.

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