April 6, 2018
Purchase will mark the toy company’s fifth acquisition in the past year.
Spin Master has announced it will acquire Swimways, a water and outdoor sports product manufacturer, for $85 million.
As part of the acquisition, Spin Master will form a new outdoor business segment, which will be led by Swimways’ leadership team from its current headquarters.
In addition to the purchase price, the transaction will close with up to $8.5 million payable over 4 years based on Swimways’ sales growth. In 2015, Swimways’ gross sales were approximately $90 million.
“Spin Master is committed to growth through diversification, innovation, expanding our global presence and making strategic acquisitions. With the Swimways acquisition, we can do all of these,” says Ben Gadbois, president and chief operating officer, Spin Master. “We are well-equipped to significantly grow Swimways’ brands both domestically and internationally through our strong retail relationships and global sales network, while leveraging our internal innovation expertise and our network of inventors around the world to develop new products.”
Headquartered in Virginia Beach, Va., Swimways currently includes a portfolio of toys, games and sporting goods for the pool, beach and backyard. These products are sold under the brands Swimways, Kelsyus and Coop and include pool category licenses from a number of entertainment franchises.
“We’re excited to join the Spin Master family today. This will allow Swimways and its brands to grow and expand by harnessing Spin Master’s global infrastructure,” says David Arias, president, Swimways. “We share a spirit of innovation, expertise in maximizing licensing partnerships and a commitment to quality that will provide a strong foundation for growth moving forward.”
The purchase of Swimways marks Spin Master’s fifth acquisition since its Initial Public Offering in July 2015. Other acquisitions include Cardinal Industries, Editrice Giochi, Etch a Sketch and Doodle Sketch from The Ohio Art Company and digital app companies Toca Boca and Sago Mini from Bonnier Group.
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