Alex Brands, a portfolio company of Propel Equity Partners, has acquired toy company Summit Products.
Summit Products is a maker and marketer of toys sold under the brand names Zillionz, Backyard Safari, Covert Force, Test Pilot, and Stink Bugzz. The company was founded in 1995 and is based in Birmingham, AL (www.summittoy.com).
“From Zillionz, which was designed to help children better understand the value of money through play, to Backyard Safari, which celebrates the natural sciences, the brands we are bringing into Alex Brands align perfectly with our core mission,” says Michael Cornell, Chairman and CEO of Propel Equity Partners. “We are a company dedicated to providing high quality, innovative and trend leading toys that encourage exploration, build confidence and introduce valuable skills. These brands – including the emphasis upon learning through creative play – will help us further deliver upon that commitment.”
Alex Brands is a family of brands owned by Propel Equity Partners that includes some of the most iconic brand names in the toy industry, including Alex Toys, Poof, Slinky, Scientific Explorer, Ideal and Zoob. The company is based in Northvale, NJ (www.alextoys.com).
Propel Equity Partners (formerly MCC Capital Partners) invests up to $50 million of equity in branded consumer products businesses with$10 million to $100 million of revenue and adjusted EBITDAs from $2 million to $20 million. The firm was founded in 2012 and is based in Greenwich, CT (www.propelequity.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-19-14
