Spin Master is set to enter the water and outdoor category thanks to its latest acquisition of Swimways Corporation.
Boasting a range of toys, games and sporting goods for the pool and beach, the Swimways’ collection also offers a line of licensed pool toys from a number of entertainment franchises.
"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,” said Ben Gadbois, president and COO of 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.”
The purchase price for the acquisition by Spin Master will be satisfied by $85 million in cash on closing.
David Arias, corporation president at Swimways, added: “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.
“We share a spirit of innovation, expertise in maximising licensing partnerships and a commitment to quality that will provide a strong foundation for growth moving forward."