Toronto, Canada-based toy and entertainment company Spin Master has acquired US plush manufacturer Gund from Enesco for US$79.1 million.

Established in 1898, Gund has created plush products for classic franchises like Peter Rabbit (pictured) and newer brands including Cartoon Network’s We Bare Bears.

Spin Master’s expansion into the infant toy and specialty gift category comes as plush products continue to grow in popularity. In fact, market research firm The NPD Group reported that the global plush toy category grew by 6% last year. In addition, Spin Master’s global president and COO, Ben Gadbois, said in a statement that the purchase will let the company tap into new opportunities for broader distribution.

Expected to close on April 1, the Gund deal will be finalized using a mix of cash and credit, and it marks Spin Master’s ninth acquisition since its 2015 initial public offering. The company expanded its games division with the purchase of the Perplexus toy brand in December 2017, just months after it bought the assets of bankrupt brain game retailer Marbles. In July 2017, Spin Master snapped up outdoor toy company Aerobie as it continues to build on the outdoor business segment it established with the acquisition of Swimways in 2016.