TORONTO — Spin Master Corp. has signed a deal to buy stuffed toy brand Gund for US$79.1 million or roughly C$102.5 million.
The Toronto-based company is acquiring Gund from Enesco LLC, a portfolio company of private equity firm Balmoral Funds.
Spin Master says the 120-year-old Gund will help diversify its product line and open up opportunities for broader distribution.
The company’s brands already include Paw Patrol, Hatchimals, Bakugan and Air Hogs.
The Gund acquisition is the company’s ninth since its initial public offering in 2015.
The deal is expected to close on April 1.
Companies in this story: (TSX:TOY)
The Canadian Press