Transaction Extends Business into New Accessories Categories
EVERETT, Wash. May 23, 2017— Funko, LLC, a leading pop culture consumer products company, announced today that it has entered into an agreement to acquire Loungefly, a premiere contemporary fashion accessories company. Financial terms of the transaction were not disclosed.
Founded in 1998, and based in Southern California, Loungefly designs and sells a wide selection of unique 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.
“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.”
Trevor Schultz, founder of Loungefly commented, “As a leader in pop culture consumer products, Funko is the ideal partner for Loungefly’s portfolio of licensed and branded lifestyle accessories. We look forward to working with the innovative Funko team to extend our unique product offering into new channels of distribution and licenses.”
Funko is a leading creator and innovator of licensed pop culture products to a diverse range of connected consumers. The Company designs, sources and distributes high-velocity collectible products across multiple categories and recently announced the acquisition of certain assets of London-based Underground Toys Limited (UTL), a leading creator, manufacturer and distributor of licensed products.
Hogan Lovells US LLP is serving as legal counsel to Funko. Intrepid Investment Bankers LLC is serving as financial advisor and Greenberg Glusker Fields Claman & Machtinger LLP is serving as legal counsel to Loungefly.
About Funko
Headquartered in Everett, WA, Funko is a leading pop culture consumer products company. Known for its whimsical, fun and unique products that enable fans to express their affinity for their favorite “something”—whether it is a movie, TV show, video game, musician or sports team, Funko infuses its distinct designs and aesthetic sensibility into one of the industry’s largest portfolios of licensed content over a wide variety of product categories, including figures, plush, accessories, apparel and homewares. Funko’s Pop! Vinyl is one of the most popular stylized vinyl collectibles on the market, selling millions of figures to collectors around the world. In 2015, Funko received a majority investment from ACON Investments, L.L.C, a diversified international private equity firm. Learn more at https://funko.com/, and follow us on Twitter (@OriginalFunko) and Instagram (@OriginalFunko).
About Loungefly
It all started in a small warehouse in 1998, Loungefly has become a design driven lifestyle accessory brand. Constantly striving to be innovative and aiming to inspire. Based in Southern California, Loungefly is available in specialty stores, boutiques and department stores nation-wide. Loungefly designs and sells a wide selection of unique licensed bags, and accessories including Disney, Marvel, Star Wars, Sanrio and Pokémon.
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via
http://www.actionfigureinsider.com/funko-announces-acquisition-of-loungefly/
Daniel Pickett
