Toy maker Spin Master buys Gund
Spin Master said the 120-year-old Gund brand will help diversify its product line away from plastic toys and open up opportunities for broader distribution.
Toronto-based plastic toy maker Spin Master Corp. has signed a deal to buy the Gund stuffed toy brand for US$79 million (Cnd$102 million).
In a statement, Spin Master said it is acquiring Gund from Enesco LLC, a portfolio company of private equity firm Balmoral Funds.
Spin Master said the 120-year-old Gund brand will help diversify its product line and open up opportunities for broader distribution.
“Gund’s iconic portfolio of toys has won the hearts – and hugs – of children around the world for more than a century,” Spin Master co-chief executive Anton Rabie said in a statement. “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’s excellent reputation, rooted in quality product and cherished memories that last a lifetime.”
The deal is expected to close on April 1.
Spin Master’s other toy brands include Etch A Sketch, Bakugan, and Paw Patrol.