TORONTO, June 10, 2015 (GLOBE NEWSWIRE) -- Spin Master Ltd., a global leader and one of the top five U.S. toy manufacturers, has announced that it has entered into an agreement to purchase 100% of Cardinal Industries Inc., one of the oldest privately-held toy companies in the United States. The acquisition enables Spin Master to expand its award-winning selection of games, puzzles and licensed products. Cardinal will continue to operate as an independent entity, while benefitting from Spin Master's global scale and infrastructure.
"Cardinal has been a recognized leader in games and puzzles for more than 60 years and Spin Master looks forward to building on that legacy in the years to come" says Ben Gadbois, Spin Master's Global President. "We are so proud that the team's hard work and our reputation as a trusted partner have put us in a position to add such a well-respected company to the Spin Master family. As Spin Master continues to grow, we are eager to work with companies who, like us, have never forgotten their entrepreneur spirit – this spirit is what makes Cardinal such a great partner."
Based in Long Island City, New York, Cardinal offers consumers a wide range of classic games, innovative puzzles and contemporary and evergreen licensed products for game and puzzle lovers of all-ages. Cardinal's team of industry professionals will stay headquartered in Long Island City, ensuring the DNA of Cardinal will remain core to the Cardinal brands. Though the company will operate independently, Cardinal will now benefit from additional support provided by Spin Master team members from across the globe. President Joel Berger will remain at Cardinal's helm for many years, continuing to guide the company founded by his father, Les Berger, in 1948.
"The Cardinal legacy in the game and puzzle business dates back over 60 years and we now look forward to joining the Spin Master family," says Joel Berger, Cardinal's President. "There is no one I would trust more than Spin Master to carry on the traditions and year on year growth that Cardinal has experienced."
"With a culture rooted in hard work, business savvy and entrepreneurship, the Cardinal team and their fine selection of games and puzzles will seamlessly integrate into the Spin Master family," says Anton Rabie, Spin Master's Chairman and Co-CEO. "This acquisition strengthens our award-winning games portfolio and we are excited to help Cardinal extend its brand to new markets and new consumers."
The transaction is expected to be completed in early October 2015.
For additional information please contact:
Vice President, Global Marketing Communications
Spin Master Ltd.
Vice President, Risk Management and M &A
Spin Master Ltd.
About Spin Master Ltd.
Spin Master is a leading global children's entertainment company that creates, designs, manufactures and markets a diverse portfolio of innovative products, brands and entertainment properties. Spin Master is best known for award-winning brands including Bakugan Battle Brawlers™, 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 and its current hit PAW Patrol, which is broadcast in over 160 countries and territories globally. Spin Master employs over 850 people with offices in Canada, United States, France, Italy, United Kingdom, Bratislava, Germany, Holland, Mexico, China, Hong Kong and Japan.
About Cardinal Industries, Inc.
Cardinal has grown to become one of America's top signature board game and puzzle companies, offering more than four hundred items including traditional games such as dominoes, checkers and poker sets, as well as an extensive line of licensed games and lenticular, wood and basic puzzles. An industry leader with worldwide reach, Cardinal products can be found throughout North America, Europe and Australia. Cardinal has excelled in the licensed puzzle and game arena working with Disney, Marvel, Nickelodeon, Sanrio, Twentieth Century Fox, NBS, Warner Bros, Sesame Street, HIT Entertainment, Lucas among others. Cardinal games and puzzle have won many awards, including the LIMA International Licensing Award for Best Film, Television or Entertainment Licensee for work on the Twilight Saga trivia game, TOTY award nominations for several items and many Vendor of the Year awards from Toys "R" Us.
Forward-Looking Statements & Information
This press release contains "forward-looking information" within the meaning of applicable securities laws and are based on the expectations, estimates and projections of management of the parties as of the date of this press release unless otherwise stated. The use of any of the words "will", "expects", "continues", "expand" and "extend" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward-looking statements and information concerning: the anticipated benefits of the acquisition to Spin Master and Cardinal; the expansion of Spin Master's product selection; the successful integration of Cardinal; the anticipated timing of closing of the acquisition; the future operations and management of Cardinal; and the expansion of Cardinal's brand.
In respect of the forward-looking statements and information concerning the anticipated benefits and completion of the acquisition, the anticipated timing for completion of the acquisition, Spin Master and Cardinal have provided such in reliance of certain assumptions that they believe are reasonable at this time.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the failure to realize the anticipated benefits of the acquisition and to successfully integrate Spin Master and Cardinal; Readers are cautioned that the foregoing factors are not exhaustive.
The forward-looking statements and information contained in this press release are made as of the date hereof and the parties undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
CONTACT: Joshua Tucker Global Communications Manager
Source:Spin Master Ltd.