Small World to acquire Imagiix
Staff -- Kids Today, 6/1/2005
Culver City, Calif.— Toy manufacturer Small World Kids, parent company of Small World Toys, has agreed to acquire the assets of Cincinnati-based infant and preschool toy manufacturer Imagiix in exchange for $200,000 and 500,000 restricted shares of the company's common stock.
As part of the deal, Small World will acquire the rights to Imagiix's licenses for Jay Jay the Jet Plane and Garfield. Imagiix's four product lines, which in addition to the licensed items also include Milestones and Scushies, will be integrated into Small World Toys' portfolio of brands, including recently acquired Neurosmith.
"Small World Toys create products that grow with children as they grow," said Debra Fine, CEO of Small World Kids. "We have built our company by developing and acquiring high growth product lines and companies that give us a competitive advantage in categories such as education, role playing, imaginative and active play, room environments and games. We believe that Imagiix's unique products will help increase our growth in the multibillion dollar toy market."
Jon Larrick, founder and CEO of Imagiix, will continue working for Small World Toys to develop new products, Fine said.
"Small World Toys is the right place for our award-winning product lines and licenses," Larrick said. "They have an incredible management team, outstanding distribution channels, and the manufacturing capabilities that I believe will have an enormous impact on revenue and growth for Imagiix brands."
