Spin Master to buy pool toy maker Swimways Corp.
With this acquisition, Toronto-based Spin Master is expanding into the outdoor plastic toy category.
In a bid to grow its business in the outdoor toy market, Canadian toy maker Spin Master Ltd. is buying U.S.-based pool toy maker Swimways Corp. for US$85 million in cash.
“Spin Master is committed to growth through diversification, innovation, expanding our global presence and making strategic acquisitions,” said Ben Gadbois, the Toronto-based company’s president and COO. “With the Swimways acquisition, we can do all of these.”
Gadbois added that Spin Master is “well-equipped” to build out Swimways’ sales through its international network.
The Swimways headquarters would remain in Virginia Beach, Va. It also has a manufacturing and distribution facility in North Carolina, an office in China, and a total of 149 employees. It makes a variety of pool toys including squirt guns, flotation devices, and pool decor.
Earlier this year, Spin Master bought the famous Etch A Sketch and Doodle Sketch brands from The Ohio Art Company.