Spin Master is powering up to take its entertainment brands into the robot toy category with the purchase of Hexbug from Innovation First International. The sale is expected to close in February, and it marks Spin Master’s 28th acquisition since the company launched in 1994.
Based in Toronto, Innovation First launched its Hexbug toy line in 2007 with an assortment of five robotic beetles for kids ages three and up. The range now features more than 100 products, ranging from more mechanical insects, to customizable RC cars and branded playsets. It currently sells in North America through Walmart, Target and Best Buy.
Once the acquisition closes, Spin Master plans to distribute the Hexbugs brand internationally, and will also leverage the technology to move other IPs in its portfolio into the robot toy category, said global president and CEO Max Rangel in a release.
Rangel told Kidscreen last month that acquisitions will be a major part of Spin Master’s long-term growth strategy as the company aims to expand its business in toys, entertainment and digital games. In 2022, the company bought Canadian puzzlemaker 4D Brands International and Swedish game developer Nørdlight.