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SOURCE Toy State
Acquisition makes bold R/C statement, strengthens Toy State's growing global footprint
NORWOOD, Mass., May 13, 2014 /PRNewswire/ -- Toy State, a growing global toy company celebrating its 30th anniversary, today announced the first acquisitions in its corporate history. In multiple transactions, Toy State has secured the worldwide rights to Nikko by acquiring the consolidated operations of its Japan and Hong Kong offices. Toy State has also acquired Nikko Entertainment BV, the European arm of this global leader in the radio-controlled (R/C) toy category.
Founded in 1958, Nikko manufactures a robust portfolio of high-quality R/C toys, from custom vehicles, boats and flying items to its strong array of pre-school R/C toys. Nikko's toys are marketed through licensing partnerships with leading global automakers and such brands as Transformers™, Hello Kitty®, Fast & Furious™ and Angry Birds™.
The acquisition will significantly enhance Toy State's global footprint, creating new offices in Amsterdam and Japan, as well as an expansion of its current Hong Kong headquarters. The company's U.S. office is located in Boston, Massachusetts.
"Over the last 30 years, we have grown Toy State into a global player through a relentless focus on quality and innovation," said Simon Cheng, Toy State's CEO and founder. "Nikko's own long history of quality and innovation make it a compelling fit to join the Toy State family.
"This acquisition is a powerful move for Toy State, because it gives us more critical mass in the key global R/C category, and strengthens our already strong retail position."
The strength of the Nikko brand and its distribution network internationally were major factors in Toy State's pursuit of the company. The acquisition will serve as a platform for Toy State's continued expansion into Europe.
In addition to building on Nikko's strong international presence, Cheng said Toy State will utilize its marketing and sales expertise to restore Nikko's U.S. popularity. U.S. R/C toy lovers still fondly recall popular Nikko legacy items such as Turbo Panther and Hercules, as well as current successes including VaporizR.
"The Nikko line of products will significantly enhance our retail offering and footprint, and supercharge Toy State's profile in R/C vehicles," said Andy Friess, Senior VP of Marketing and General Manager of the company's U.S. Operations. "And we couldn't be more thrilled to add Nikko's current licensing relationships to our portfolio. We've enjoyed the benefits of high-impact licensed properties in our current programs, and we're excited to begin developing product with Nikko's roster of iconic brand partners."
Terms of the transaction between the two privately-held companies were not disclosed.
Toy State was surging even prior to the Nikko acquisition. Toy State secured licensing programs with Hot Wheels® and James Bond 007™, to complement its longstanding partnership with Caterpillar®. And, earlier this year, Toy State launched to popular acclaim in Europe a new infant toy line, under the Papillon™ brand.
About Toy State:
For 30 years, Toy State has been an innovator and industry leader in the manufacture of licensed and highly stylized lights & sound and radio controlled vehicles. Founded in 1984, Toy State's core portfolio includes Road Rippers®, Hot Wheels® and James Bond 007™ lights & sound and radio controlled vehicles, as well as Cat® and Cat® Preschool construction toys. Working with the world's leading automakers, and Caterpillar, the leading manufacturer of construction equipment, Toy State products provide hours of enjoyment for kids of all ages. For more information, visit www.toystate.com.
allen & gerritsen
Senior Vice President of Marketing & General Manager of US Operations
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