Mattel to Acquire HIT, Owner of Thomas & Friends and Bob the Builder
Posted on October 24, 2011
Thomas & Friends, Barney and Bob the Builder will soon be joining Barbie at Mattel. Mattel announced it has entered into an agreement to acquire HIT Entertainment for $680 million in cash from a consortium led by Apax Partners funds. HIT is one of the largest independent owners of preschool intellectual property. HIT's portfolio includes Thomas & Friends, Barney, Bob the Builder, Fireman Sam and Angelina Ballerina. Mattel expects the transaction to close in the first quarter of 2012.
Robert A. Eckert, chairman and chief executive officer of Mattel, said in a statement, "Mattel is the right home for Thomas & Friend. This powerhouse brand is joining the ranks of such iconic brands as Barbie, Hot Wheels, Fisher-Price and American Girl. Thomas & Friends routinely ranks among the world's leading preschool toys."
Thomas & Friends is the premier brand in the HIT Entertainment portfolio. The brand is the #1 licensed preschool property in the world, with television programming, home entertainment products, toys and other consumer products. Mattel currently markets many Thomas & Friends toy products under a license from HIT Entertainment which extends through 2014.
Jeffrey Dunn, HIT President and CEO, says, "Mattel is a wonderful steward of brands and a great home for the outstanding properties HIT has developed and grown, including Thomas & Friends. It is fitting that the world's premier toy company should become the owner of the world's premier pre-school property."