Entertainment

Toymaker Mattel explores sale, has held talks with Apollo, L Catterton, source says

Key Points
  • Toymaker Mattel is exploring a sale and has held talks with buyout firms, including Apollo Global Management Inc and L Catterton, a source familiar with the matter told Reuters on Tuesday.
  • The talks on a possible sale come a few months after the California-based company's chief executive officer, Ynon Kreiz, said Mattel had completed its turnaround plan and was in "growth mode."

In this article

Mattel Chairman and CEO Ynon Kreiz on February 20, 2020 in New York City.
Steven Ferdman | Getty Images

Toymaker Mattel is exploring a sale and has held talks with buyout firms, including Apollo Global Management and L Catterton, a source familiar with the matter told Reuters on Tuesday.

The talks on a possible sale come a few months after the California-based company's chief executive officer, Ynon Kreiz, said Mattel had completed its turnaround plan and was in "growth mode."

In its fourth-quarter results in February, Mattel forecasted full-year profit above analysts' estimates, citing robust demand for its Barbie dolls and other toys that would help the toymaker weather rampant supply chain disruptions.

L Catterton declined to comment. Mattel and Apollo Global Management did not immediately respond to requests for comment.

In January, Mattel won the rights to produce dolls based on Disney royalty like Elsa and Jasmine, snatching back a highly lucrative license from archrival Hasbro.

The Wall Street Journal reported on the potential sale of the toymaker earlier on Tuesday.