Toronto-based toy and entertainment company Spin Master has acquired the activity brand Orbeez from California indie manufacturer Maya Toys.
Aimed at kids five and up, Orbeez are soft, squishy water beads that begin as seeds and change into a round form when water is added to them. Consumers can use the beads to make art, or they can be used as feet and hand massagers (considered a pampering product). Spin Master has not disclosed the financial details of the deal. Orbeez prices vary from US$5.99 for a pack of beads to US$34.99 for the Ultimate Soothing Spa, which product, on Maya Toys’ website.
Spin Master’s acquisition of the brand comes amid a decline in its own activities, games, puzzles and plush segment. That category dropped 8.5% this year to US$152.4 million, according to Spin Master’s Q3 2019 report, due to lower sales of games and puzzles and weakness in its Bunchems line, according to Spin Master. Other products in its activity category include Kinetic Sand, Cool Maker, GO GLAM and Nail Stamper. Overall, the company’s revenue dropped 11.6% to US$548.1 million for Q3 2019.
The new acquisition is Spin Master’s twenty-first since it was founded in 1994, and its eleventh since its initial public offering in 2015, according to the company. In the past few years, the company has been rapidly growing its offerings with new acquisitions: In 2018 the company grew its plush line with the acquisition of the collectible Fuggler line, and it also bought the US plush manufacturer Gund. The year before, it grew its outdoor segment by acquiring the flying disk brand Aerobie and the product and licensing assets of bankrupt brain game retailer Marbles.