Spin Master to acquire Hexbug from Innovation First
Spin Master has reached an agreement to acquire the Hexbug brand of toys from Innovation First International.
With over 100 different toys that range from buildable playsets to battling robots, Hexbug’s portfolio of products feature robotic technology with movement inspired by nature.
“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.”
Max Rangel, Spin Master’s Global President and CEO, added: “At Spin Master we are focused on reimagining everyday play and are always looking for opportunities to strengthen our innovative portfolio through meaningful acquisitions.
“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.”
Tony Norman, CEO at Innovation First International, said: “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.”
Expected to close in February 2023, the acquisition of Hexbug marks Spin Master’s 28th acquisition since the company was founded in 1994.
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