Spin Master to acquire the HEXBUG brand and portfolio of creative robotic technology
by CM staff
The acquisition is expected to close in February 2023.
Photo: CNW Group/Spin Master.
TORONTO — Spin Master, a global children’s entertainment company, announced it has reached an agreement to acquire the HEXBUG brand of toys from Innovation First International.
First entering the market in 2007, HEXBUG products include robotic technology with movement inspired by nature. HEXBUG products appeal to kids’ interest for remote control and fast-moving creatures that exhibit life-like behavior.
“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, Co-Founder, Spin Master. “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.”
Expected to close in February 2023, the acquisition of HEXBUG marks Spin Master’s 28th acquisition since the company was founded in 1994 and the 18th since its initial public offering in 2015.
“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,” said Tony Norman, CEO at Innovation First International, Inc.
