Acquisition expands Spin Master’s brand portfolio with new plush toy business.
Spin Master has announced the purchase of Gund, the oldest soft toy brand in the United States, from Enesco, a portfolio company of Balmoral Funds, a private equity firm.
Established in 1898, Gund is a leading plush toy manufacturer. Universally known for its iconic Gotta Getta Gund campaign, the brand connects with multiple generations of people.
Anton Rabie, Spin Master co-chief executive officer and co-founder commented: “Gund’s iconic portfolio of toys has won the hearts – and hugs – of children around the world for more than a century. 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.”
Spin Master global president and COO Ben Gadbois added: “Gund further diversifies our product line and opens up significant opportunities for broader distribution. We will also be able to drive international growth leveraging our well-established global infrastructure. Gund introduces Spin Master into the gift business as plush offers a tried-and-true play value for kids to enjoy with their parents during everyday moments.”
The acquisition of Gund marks Spin Master’s 20th acquisition since the company was founded, and the ninth since its initial public offering in 2015. The purchase consideration is US$79.1m, which will be settled utilising Spin Master’s internally generated cash resources and its credit facility. The acquisition of Gund is expected to close on 1st April.
