News

Canada's Spin Master buys one of the oldest toy companies in the U.S.

TORONTO – Canadian toy maker Spin Master Ltd. is buying one of the oldest privately held toy companies in the United States for an undisclosed price.

The target company, New York-based Cardinal Industries, has been making games, puzzles and licensed products for more than 60 years.

Spinmaster says Cardinal will continue to operate as a separate company headed by the son of the company’s founder, but benefit from Spin Master’s scale. The Canadian company, which is also privately held, doesn’t give our sales figures but bills itself as the fifth-largest toy maker in the world and the largest in Canada.

Cardinal, meanwhile, makes more than 400 products, including dominoes, checkers and poker sets along with games licensed from Disney, Marvel, Nickelodeon and others.

The transaction is expected to close in early October.

Spin Master is best known for a range of toys including Bakugan Battle Brawlers, Air Hogs and Zoomer Dino. It employs more than 850 people around the world, including those at its headquarters in Toronto.