Funko, a portfolio company of ACON Investments, has entered into an agreement to acquire Loungefly, a fashion accessories company. ACON acquired Funko from Fundamental Capital in November 2015.
Loungefly designs and sells a wide selection of handbags and fashion accessories under licensed brands that include Disney, Marvel, Star Wars, Sanrio, and Pokémon. Loungefly products are sold through specialty stores, boutiques and department stores nation-wide. The company was founded in 1998 and is headquartered in Los Angeles (www.loungefly.com).
“We have long admired Loungefly and the company’s unique and differentiated collection of accessories and are excited to welcome them to the Funko family,” said Brian Mariotti, CEO of Funko. “As we continue to extend our business into new and existing categories, this transaction provides us with key capabilities in the accessory and handbag category. We see tremendous opportunities to combine their creative design process with our speed-to-market capabilities, expanded distribution channels, and broad license portfolio to deliver accessories to our loyal fans featuring their favorite pop culture icons and characters.”
Funko designs, imports and markets a portfolio of collectible products under licensing agreements with most of the leading creators and marketers of pop culture today. Funko deploys these licenses across several product platforms including vinyl figures, bobble-heads and plush characters. The company’s products are sold through multiple retail outlets including specialty stores, mass-market retailers, e-commerce, international and direct-to-consumer. Funko was founded in 1998 and is headquartered in Everett, WA (www.funko.com).
“As a leader in pop culture consumer products, Funko is the ideal partner for Loungefly’s portfolio of licensed and branded lifestyle accessories,” said Trevor Schultz, founder of Loungefly. “We look forward to working with the innovative Funko team to extend our unique product offering into new channels of distribution and licenses.”
Intrepid Investment Bankers (www.intrepidib.com) is the financial advisor to Loungefly.
© 2017 Private Equity Professional | May 23, 2017
