Toi-Toys says the sale of the company was driven by its desire to focus more on its own brand products while Goliath says it will launch a range of products under the Fun Promotion portfolio.
The company has been creating innovative novelty toys for kids of all ages since 1978 and is best known for the creation of Magic Twisty – a product that to date has sold over 20m units in over 30 countries. Other successful product launches include Ztringz – the rainbow rope, Skippy Dance, Super Balloon and many more.
Commenting on the sale, Rob Rooijackers, CEO of Toi-Toys, said: “As we will be focusing more on products under our own Toi-Toys brand name in the future, we strongly believe Goliath is a better fit to further develop the legacy and brand of Fun Promotion.”
“We are optimistic about the future and we expect impulse products and retail business to be completely back to normal by spring 2022,” added Jochanan Golad, CEO of Goliath. “We will be launching a range of exciting new products under the Fun Promotion portfolio and will further strengthen its excellent in-store marketing strategy and relationships with retailers and distributors.”
Founded in 1980, Goliath is a world leading, privately-owned, international games specialist, and in recent years has been aggressively growing in the toy category with the acquisitions of Tucker Toys, Britz’n’Pieces, Wahu and, most recently, Vivid Toy Group, which it acquired in November 2018 for an undisclosed sum.