As part of the deal announced today, Spin Master will acquire the Hexbug brand of toys and its portfolio of creative robotic technology.
First entering the market in 2007, Hexbug products feature robotic technology with ingenious movement inspired by nature, giving kids a whimsical and imaginative play experience. Hexbug products feature creatures with life-like behaviour, with over 100 different toys that range from buildable play sets to battling robots.
“What excites us so much about Hexbug is that the inventors have mastered both the science and the art of bringing creatures to life through technology, to deliver truly magical play experiences,” said Anton Rabie, Spin Master’s co-founder. “With this acquisition, Spin Master will combine its innovation, global reach and diverse portfolio with Hexbug‘s innovative excellence to surprise and inspire kids in new ways.”
“At Spin Master we are focused on reimagining everyday play and are always looking for opportunities to strengthen our innovative portfolio through meaningful acquisitions,” said Max Rangel, Spin Master’s global president & CEO. “Hexbug is an evergreen brand with a strong foothold within a niche category, opening an opportunity for Spin Master to own and ultimately grow the popular robotic range’s reach through our expanded global footprint while also leveraging this technology across our broader toy offering.”
Tony Norman, CEO at Innovation First International, said: “Spin Master is the business that can really take our years of foundational tech toy innovation to the next level and gain an even greater awareness for the brand here at home and around the world.”
Expected to close in February 2023, the acquisition is Spin Master’s 28th since the company was founded in 1994 and the 18th since its initial public offering in 2015.