Livingstone Deals a Winning Hand to Fundex Games
Livingstone’s Consumer team is pleased to announce that its client, Fundex Games Ltd has sold certain assets, including the worldwide manufacturing, distribution, and marketing rights to the Phase 10® product line, to Mattel, Inc., the worldwide leader in the design, manufacture, and marketing of toys, games, and family products. Terms of the deal were not disclosed.
Fundex was founded in 1986 by game industry veterans Pete and Chip Voigt. The Voigts licensed and launched Phase 10® as Fundex’s first product. Through product extensions and deliberate distribution expansion, the Phase 10® brand steadily grew into the second best selling commercial card game in the world.
“The sale of Phase 10 to Mattel is the culmination of over 20 years of work by Fundex to build the popularity of the card game around the world,” said Steve Miles, Partner at Livingstone Chicago. “Proceeds from the sale will provide Fundex with the necessary capital to support and grow its remaining broad portfolio of games and puzzles.”
Since inception, Fundex has emerged as a leading developer and value-added distributor of board games, card and dice games, puzzles, and outdoor recreational products. These products are marketed through a global retail distribution network that comprises the world’s top retailers, including Wal-Mart, Walgreens, Toys “R” Us, Target, and Amazon.
Livingstone worked with Fundex to evaluate a range of corporate finance alternatives and develop this transaction to maximize value for the Company’s shareholders. Post-close, Fundex will continue to market and distribute its comprehensive portfolio of over 300 products including licensed titles from powerful brands such as Mattel, Hasbro, Sesame Street, and Peanuts.
The sale to Mattel confirms Livingstone’s expertise in the Toys, Games and Licensing markets, having also concluded deals for Hasbro, Blues Clothing, Kinnerton and Ubisoft.