Spin Master buys robot toy brand Hexbug
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Hexbug currently produces more than 100 products.
Toronto-based toy maker Spin Master Corp. has acquired the Hexbug brand of robot toys from Innovation First International.
The financial terms of the deal have not been disclosed.
Also based in Toronto, Innovation First launched its Hexbug toy line in 2007 with an assortment of five robotic beetles for kids ages three and up. The range now features more than 100 products, ranging from more mechanical insects, to customizable RC cars and branded playsets. It currently sells in North America through Walmart, Target, and Best Buy.
Once the acquisition closes, Spin Master plans to distribute the Hexbugs brand internationally, and will also leverage the technology to move other IPs in its portfolio into the robot toy category, said global president and CEO Max Rangel in a Dec. 10 news release.
The sale is expected to close in February, and it marks Spin Master’s 28th acquisition since the company launched in 1994.