Spin Master to Acquire the HEXBUG® Brand and Portfolio of Creative Robotic Technology
Spin Master Corp. ("Spin Master") (TSX: TOY), a leading global children's entertainment company, today announced it has reached an agreement to acquire the HEXBUG brand of toys from award-winning toy company, Innovation First International, Inc.
First entering the market in 2007, HEXBUG products feature robotic technology with ingenious movement inspired by nature, giving kids a whimsical and imaginative play experience. HEXBUG products appeal to kids' innate love for remote control and fast-moving creatures that exhibit fascinating life-like behavior. With over 100 different toys that range from buildable playsets to battling robots, HEXBUG products bring fun and excitement to robotics and foster children's creativity to fuel hours of imaginative playtime.
"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," said Anton Rabie, Spin Master's Co-Founder. "With this acquisition, Spin Master will combine it's 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," said Max Rangel, Spin Master's Global President & CEO. "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."
"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," said Tony Norman, CEO at Innovation First International, Inc.
Expected to close in February 2023, 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.