Spin Master acquires Gund
Spin Master purchases plush brand Gund from Enesco
Spin Master has acquired Gund from Enesco for $79.1m (£57.1m).
The purchase brings the US's oldest soft toy brand into Spin Master's portfolio and is the ninth acquisition since the Canada-based toy company launched its IPO in 2015. The deal is expected to close 1 April 2018.
As well as taking on the company and its portfolio, Gund's former owner, Bruce Raiffe, will also join Spin Master.
Anton Rabie, Spin Master Co-Chief Executive Officer and Co-Founder, said: "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's 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 plush toy category grew 6 per cent worldwide in 2017, according to NPD*, and Spin Master says the purchase of Gund will give it a solid platform from which to expand into the infant toy and specialty gift categories.
Spin Master Global President and COO Ben Gadbois explained: "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."
Enesco CEO Todd Mavis is pleased that the iconic Gund brand will be in good hands, with the resources to maximise its global consumer appeal. "We've really enjoyed working with the entire Gund team and wish them continued success in their new partnership with Spin Master," said Mavis.
*NPD, Jan-Dec 2017