Spin Master to Take Over HEXBUG® Brand
A renowned provider of children’s entertainment, Spin Master Corp. (“Spin Master”) (TSX: TOY), has announced today that it has achieved a deal to purchase the HEXBUG toy line from Innovation First International, Inc., a recipient of numerous awards.
HEXBUG toys, which first appeared on the market in 2007, use robotic technology with inventive movement that is inspired by nature to provide children with a quirky and creative play experience. Products by HEXBUG appeal to children’s natural fascination with remote controls and swiftly moving critters that display interesting lifelike behavior. HEXBUG goods encourage children’s imagination to spark hours of creative play by offering over 100 distinct toys, ranging from battle robots to buildable playsets.
According to Anton Rabie, co-founder of Spin Master, what fascinates them about HEXBUG is that the creators have mastered both the science and the art of using technology to bring creatures to life in order to provide truly spectacular play experiences. In order to surprise and amaze children in fresh ways, Spin Master will combine its innovation, worldwide reach, and extensive portfolio with HEXBUG’s.
According to Max Rangel, Global President & CEO of Spin Master, the company is committed to rethinking everyday play and is constantly exploring ways to expand its unique portfolio through strategic acquisitions. Since HEXBUG is an enduring brand with a solid market position in a specialized market, Spin Master has the chance to acquire it, leverage this technology throughout our entire line of toys, and ultimately enhance the popularity of the popular robotic range.
According to Tony Norman, CEO of Innovation First International, Inc., Spin Master is the company best positioned to advance our decades of foundational tech toy innovation and raise brand awareness both domestically and internationally.
The acquisition of HEXBUG by Spin Master, which is anticipated to occur in February 2023, will be the company’s 28th since its founding in 1994 and its 18th since its initial public listing in 2015.
Regarding Spin Master Spin Master Corp. (TSX: TOY) is a top global provider of children’s entertainment. Its three creative divisions—Toys, Entertainment, and Digital Games—create extraordinary play experiences. Spin Master is a global toy licensee for various well-known concepts and is best recognized for award-winning brands like PAW Patrol®, Bakugan®, Kinetic Sand®, Air Hogs®, Hatchimals®, and GUND®. These brands are distributed in more than 100 countries.
About HEXBUG. In 2007, HEXBUG products made their debut in the toy market with the intention of introducing young children to robotics in a positive way. The realistic bug-like characteristics of its micro robotic animals initially drew attention. The company now offers more than 100 distinct toys, ranging from battling robots to buildable playsets. With their cutting-edge technology, HEXBUG products continue to inspire creativity in children and adults of all ages.
About Innovation First. International information Subsidiaries of privately held company Innovation First International include HEXBUG, VEX Robotics, and RackSolutions. The business was established on the tenet that simple, attractive goods and solutions require innovation to be incorporated early in the design process. Innovation First, a pioneer in the fields of technology, robotics, and STEM education, started off by making electronics for autonomous mobile ground robots.