Spin Master is including to its toy chest once more.
The Toronto-based firm stated Tuesday it’s going to pay $50 million for Rubik’s Cube, the long-lasting recreation that has captivated and counfounded customers because it was invented greater than 40 years in the past.
Hungarian inventor created the sport of colored blocks that should be sorted in 1974 earlier than it launched globally in 1980 and went on to promote lots of of thousands and thousands of items.
Indoor distractions akin to puzzles and video games have develop into one of many quickest rising segments within the toy business this yr, as COVID-19 associated lockdowns have individuals all over the world spending extra time at house.
“Our games division has continuously grown over the past decade and is a cornerstone of Spin Master’s diversified portfolio,” CEO Anton Rabie stated. “The addition of the legendary Rubik’s Cube to our roster of games is a historic moment and we are honored to continue the legacy.”
Founded by three buddies in 1994, Spin Master went public on the TSX and shortly started an aggressive technique of buying different toy manufacturers.
In addition to these nostalgic manufacturers, Spin Master additionally owns trendy manufacturers akin to Paw Patrol and Hatchimals.
The deal is the 12th acquisition since Spin Master went public 5 years in the past.