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Brand of toys to move to Spin Master in company’s latest acquisition.
January 10, 2023
Spin Master, a global children’s entertainment company, has announced it has reached an agreement to acquire the Hexbug brand of toys from the toy company, Innovation First International.
“Spin Master is the business that can really take our years of foundational tech toy innovation to the next level and gain an even greater awareness for the brand here at home and around the world,” says Tony Norman, chief executive officer, Innovation First International.
First entering the market in 2007, Hexbug products feature robotic technology with movement inspired by nature. The line includes more than 100 toys ranging from buildable playsets to battling robots.
“What excites us so much about Hexbug is that the inventors have mastered both the science and the art of bringing creatures to life through technology to deliver truly magical play experiences,” says Anton Rabie, co-founder, Spin Master. “With this acquisition, Spin Master will combine its innovation, global reach and diverse portfolio with Hexbug’s innovative excellence to surprise and inspire kids in new ways.”
“At Spin Master we are focused on reimagining everyday play and are always looking for opportunities to strengthen our innovative portfolio through meaningful acquisitions,” says Max Rangel, global president and chief executive officer, Spin Master. “Hexbug is an evergreen brand with a strong foothold within a niche category, opening an opportunity for Spin Master to own and ultimately grow the popular robotic range’s reach through our expanded global footprint while also leveraging this technology across our broader toy offering.”
Expected to close in February, the acquisition of Hexbug marks Spin Master’s 28th acquisition since the company was founded in 1994 and the 18th since its initial public offering in 2015.
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