Both companies will continue to debut products separately at both retail and industry events, such as Toy Fair.
NORTH AMERICA–Toy and novelty company Basic Fun! has acquired the assets of Pennsylvania-based construction toy company K’Nex.
Through the acquisition, each company will continue to release and debut products separately, at retail and industry events including Toy Fair. Upon completion, the companies’ products will come together under one umbrella.
“We are very pleased to be adding this incredible iconic toy brand into our platform,” says Jay Foreman, chief executive officer, Basic Fun! “The K’Nex story is a great American toy story in every way–from its inception as a toy invention, to its unique manufacturing profile, to being recognized by consumers and the trade as a distinctive construction platform in one of the most challenging categories in the toy industry.”
The acquisition will also see Basic Fun! continue to manufacture K’Nex rods and connectors in Pennsylvania under a long-term agreement with The Rodon Group, and continue to operate the K’Nex office and distribution center in Hatfield, Penn.
“K’Nex was invented by Joel Glickman, one of the company’s founders, and our family has been operating this business for over 25 years,” says Michael Araten, chief executive officer, K’Nex. “It’s time for us to connect this wonderful brand and its innovative product line with new owners whom we expect will take K’Nex to new heights over the next 25 years. We are proud to have built an iconic brand that has inspired creativity in millions of children, young and old, all over the world.”
Basic Fun! and K’Nex toys are available at a host of brick-and-mortar retailers, as well as online, worldwide.