Spin Master acquires Perplexus brand Spin Master acquires Perplexus brand
2017-12-01 10:09 ET - News Release
Mr. Ben Gadbois reports
SPIN MASTER ANNOUNCES ACQUISITION OF INNOVATIVE BRAND PERPLEXUS
Spin Master Corp. has acquired one of the world's most innovative toys -- Perplexus. Co-invented in 2001 by teacher and artist Michael McGinnis and Klitsner Industrial Design Group of San Francisco (KID Group), and manufactured by Busy Life LCC, Perplexus has become famously popular for its ingenious sculptural designs, wide appeal and various levels of challenge. Spin Master has distributed Perplexus since 2013 and with this recent transaction, Spin Master will now own the global rights to the Perplexus brand.
"We continue to see growth within our games and puzzles business segment and this strategic acquisition further emphasizes our position as a leader," said Ben Gadbois, Spin Master's global president and chief operating officer. "Perplexus is already inherently innovative and it will further benefit from our world-class team of experts as we continue to place an emphasis on disruptive ways to enhance our games portfolio."
Spin Master recently announced the expansion of its games and puzzle related inventor relations team, welcoming world-class talent Ben Rathbone and Scott Brown. The expansion of this team builds upon Spin Master's increased presence in the games and puzzles supercategory, the No. 1 growth category globally in 2016 as measured by the NPD Group, to match the strategy that has allowed Spin Master to develop a leadership position with inventors in the toy industry.
"We recognize that games and puzzles are a specialty area distinct from toys, and that's why having a dedicated team is vital to our continued growth," said Anton Rabie, Spin Master's co-chief executive officer and co-founder. "Spin Master is renowned for our inventor partnerships. We are focused on growing our games inventor community with innovative ideas from around the world that help drive growth for this important evergreen category."
Spin Master closed the acquisition of Perplexus on Nov. 30, 2017, at a purchase price of just over $9-million (U.S.) plus annual performance-based payouts over the next five years. This announcement continues Spin Master's efforts to build its games offering. In recent years, Spin Master has grown its games and puzzles business segment through the acquisitions of Cardinal Games, EG Games and Marbles. Amongst Spin Master's impressive games portfolio is its recent launch, Soggy Doggy. According to the NPD Group, Soggy Doggy is the No. 2 item in the games and puzzles supercategory.
* Source: The NPD Group/U.S. retail tracking service/dollar sales.