Now second-largest games company in US
TORONTO, Oct. 2, 2015 /CNW/ - Spin Master Corp. ("Spin Master") (TSX: TOY), a leading global children's entertainment company, today announced that it has completed the previously-announced acquisition of 100% of Cardinal Industries Inc., one of the oldest privately-held game and puzzle companies in the United States, with North American revenue in excess of $50 million in 2014.
The purchase price was satisfied by $50 million in cash. Spin Master will also pay up to an additional $19.5 million over five years based on Cardinal's EBITDA. The acquisition was financed through Spin Master's existing credit facility.
About Spin Master
Spin Master is a leading global children's entertainment company that creates, designs, manufactures and markets a diversified portfolio of innovative toys, games, products and entertainment properties. Spin Master is best known for award-winning brands including Bakugan ™, Air Hogs®, Spin Master Games™ and the 2015 Toy of the Year, Zoomer™ Dino. Since 2005, Spin Master has received 58 TIA Toy of The Year ("TOTY") nominations with 14 wins across a variety of product categories. Spin Master has been recognized with 11 TOTY nominations for Innovative Toy of the Year, more than any of its competitors. Spin Master is among a limited number of companies that not only develop and produce global entertainment properties, characters and content, but also monetize that content through the creation, sale and licensing of products. To date, Spin Master has produced five television series, including 2007 hit series Bakugan Battle Brawlers™ and its current hit PAW Patrol, which is broadcast in over 160 countries and territories. Spin Master employs over 850 people globally with offices in Canada, United States, France, Italy, United Kingdom, Slovakia, Germany, the Netherlands, Mexico, China, Hong Kong and Japan.
SOURCE Spin Master Corp.
For further information: Investors: Mark Segal, Executive Vice President and Chief Financial Officer, 416-364-6002, ext. 2333: [email protected]; Media: Tara Tucker, Vice President, Marketing & Communications, [email protected]