TORONTO — Spin Master Corp., the company behind hit children's TV show Paw Patrol, has signed a deal to buy the Gund stuffed toy brand for US$79.1 million or roughly C$102.5 million.
The Toronto-based company said Monday it is acquiring Gund from Enesco, LLC, a portfolio company of private equity firm Balmoral Funds.
Spin Master said the 120-year-old Gund brand will help diversify its product line and open up opportunities for broader distribution.
"Gund's iconic portfolio of toys has won the hearts — and hugs — of children around the world for more than a century," Spin Master co-chief executive Anton Rabie said in a statement.
"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."
In addition to Paw Patrol, the company's brands also include Hatchimals, Bakugan and Air Hogs.
The Gund acquisition is the company's ninth since its initial public offering in 2015.
The company said it would use its internally generated cash resources and its credit facility to pay for the deal.
It is expected to close on April 1.
Companies in this story: (TSX:TOY)
The Canadian Press