Spin Master struck an agreement to buy Gund from giftware supplier Enesco for $79.1 million, strengthening its hand in plush and bringing it into the gift business for the first time. The acquisition is expected to close April 1.

The deal would end Gund’s 10 years as a division of Enesco, which itself was purchased by the private equity firm Balmoral Funds in 2015. Gund Pres. Bruce Raiffe, who has been president since 1993, will remain with the company. Gund and its 50-75 employees will remain based in Edison, NJ,  Spin Master CFO Mark Segal told us.

According to the Gund’s web site, it has more than a dozen licenses, including those for Grumpy Cat (2013), Pusheen (2014) and Peter Rabbit and a series of Studio Ghibli anime characters including My Neighbor Totoro, Spirit Away and Kiki’s Delivery Service. There is little overlap between Gund’s licenses and those maintained by Spin Master,  says Segal. Among the major additions to Spin Master’s license roster will be Pusheen, says Segal.  Gund also has had a Sesame Street license since 2003.

The addition of Gund will give Spin Master a “solid platform” for expanding into  specialty gift categories, the company said.

“Gund further diversifies our product line and opens up significant opportunities for broader distribution,” Spin Master Chief Operating Officer Ben Gadbois said in a statement. “We also will be able to drive international growth, leveraging our well-established global infrastructure.” More than 30% of Spin Master’s annual revenue comes from international markets, while Gund generates “far less” of its $65 million in annual revenue from those markets, says Segal.

Contact:

Spin Master Corp., Ben Gadbois, Chief Operating Officer, 416-364-6002, beng@spinmaster.com