Last Updated on December 23, 2019 by Danielle
Spin Master announced plans to purchase 120-year-old toy maker Gund for $79 million.
Spin Master, the Toronto-based company behind PAW Patrol, Hatchimals, Air Hogs, Zoomer, and Meccano, announced plans to purchase Gund, the beloved 120-year-old stuffed animal toy brand, for $79.1 million.
Spin Master is purchasing Gund from Enesco, LLC in an effort to further diversify its portfolio of toys and seek opportunities for broader distribution.
According to Spin Master’s co-CEO, Anton Rabie, “Gund’s iconic portfolio of toys has won the hearts – and hugs – of children around the world for more than a century.”
“We are thrilled to welcome Gund former owner and industry veteran Bruce Raiffe into the Spin Master family as our values closely align. We are focused on preserving Gund’ excellent reputation, rooted in quality product and cherished memories that last a lifetime.”
Interestingly, this latest acquisition is Spin Master’s ninth since its IPO in 2015. According to reports, Spin Master will utilize internal cash resources as well as its credit facility to pay off this deal, which is expected to close by April 1st.
Source: The Star