Mattel announced today that it completed the acquisition of Hit Entertainment from a consortium of funds led by Apax Partners for $680 million in cash.
Hit Entertainment is one of the largest independent owners of pre-school intellectual property. Its portfolio includes Thomas & Friends, Barney, Bob the Builder, Fireman Sam and Angelina Ballerina.
Mattel previously announced its proposed acquisition of Hit Entertainment on October 24th, 2011.
The acquisition combines Mattel’s global marketing, distribution and brand management capabilities with Hit Entertainment’s global programming and licensing expertise to accelerate growth of the combined portfolio.
"Mattel is thrilled to welcome the Hit Entertainment talent to our family under the direction of Fisher-Price executive vice president, David Allmark,” said Bryan Stockton, chief executive officer of Mattel.
"This acquisition supports our strategy to own, develop and grow world-class brands, further igniting the momentum behind our innovative toys and consumer products in the marketplace."
"This is indeed a momentous day for Mattel, especially Fisher-Price," said Allmark. "I am very excited about the prospects ahead for the collective Fisher-Price and Hit Entertainment brand portfolio. Each business has complementary capabilities – the combination of which presents a dynamic future."
The Thomas & Friends brand is the premier property in the Hit portfolio. Created over 65 years ago, the brand has grown into the number one licensed pre-school toy property in the world, with television programming, home entertainment products, toys and other consumer products available across the globe. It joins Mattel’s brand portfolio which includes Barbie, Hot Wheels, Fisher-Price and American Girl.