Alleghany Capital Corporation Announces Jazwares' Acquisition Of Wicked Cool Toys
NEW YORK, Oct. 1, 2019 /PRNewswire/ -- Alleghany Capital Corporation ("Alleghany Capital"), a wholly-owned subsidiary of Alleghany Corporation, today announced that its subsidiary, Jazwares, LLC ("Jazwares"), a leading toy and consumer products company, has acquired Wicked Cool Toys Holdings, LLC ("WCT" or the "Company"). Headquartered in Bristol, Pennsylvania, WCT is a rapidly growing toy company that designs, develops, and produces licensed and owned properties, including plush, action figures, fashion accessories, and games.
Judd Zebersky, Chief Executive Officer and President of Jazwares, commented, "Led by Michael Rinzler, Jeremy Padawer, and Thomas Poon, WCT has built an impressive reputation in the industry for spotting on-trend licenses, reinvigorating nostalgic brands, and collaborating with inventors to develop new products. We are thrilled to partner with WCT and its talented employees, leveraging the Company's offices in Pennsylvania, California, and Hong Kong. WCT will operate as a division of Jazwares and day-to-day operations will not be impacted by this transaction."
Michael Rinzler, Co-President and Founding Partner of WCT, stated, "We are excited to join Jazwares and the Alleghany Capital family of companies. Jazwares is a perfect strategic and cultural fit for WCT, driven by the vision and leadership of Judd and Laura Zebersky. In addition, we believe that Alleghany Capital's long-term investment horizon and strategy of supporting entrepreneurial companies such as Jazwares and WCT will accelerate our combined growth potential." Jeremy Padawer, Co-President and Partner of WCT, added, "Jazwares' product development expertise, global reach, and extreme passion for play will allow us to break new ground together in the toy industry and beyond."
David Van Geyzel, President and Chief Executive Officer of Alleghany Capital, added, "The WCT transaction is the fourth acquisition by Jazwares since Alleghany Capital's original investment in the company in 2013 and is consistent with Jazwares' strategy of supplementing organic growth with strategic acquisitions. We look forward to supporting Jazwares and WCT as they pursue numerous opportunities within the global toy market."
Ballard Spahr LLP acted as legal counsel to Jazwares. Baird advised WCT on the transaction and Eckert Seamans Cherin & Mellott, LLC acted as legal counsel to WCT.
About Alleghany Capital Corporation
Alleghany Capital Corporation owns and manages a diverse portfolio of middle market businesses for its parent company, Alleghany Corporation (NYSE: Y). Alleghany Capital's industrial businesses include: (i) Precision Cutting Technologies, Inc., a holding company focused on the machine tool and consumable cutting tools sectors through Bourn & Koch, Inc., Diamond Technology Innovations, Inc. and Coastal Industrial Distributors, LLC (dba CID Performance Tooling); (ii) R.C. Tway Company, LLC (dba Kentucky Trailer), a manufacturer of custom trailers and truck bodies for several niche end markets; (iii) WWSC Holdings, LLC, a structural steel fabricator and erector for commercial, industrial, and transportation infrastructure projects; and (iv) Wilbert Funeral Services, Inc., a provider of products and services for the funeral and cemetery industries and precast concrete market. Alleghany Capital's non-industrial businesses include: (i) Concord Hospitality Enterprises Company, a hotel management and development company; (ii) IPS-Integrated Project Services, LLC, a provider of design, engineering, procurement, construction management, and validation services for the pharmaceutical and biotechnology industries; and (iii) Jazwares, LLC, a global toy, entertainment, and musical instrument company. For additional information about Alleghany Capital Corporation, please visit www.alleghanycc.com.
About Jazwares, LLC
Jazwares is a global leader in consumer products, including toys, musical instruments and kid-friendly consumer electronics. With over 22 years of design, development, and manufacturing expertise, Jazwares is an award-winning company with a progressive focus on identifying new trends and transforming them into high value product for kids of all ages. Jazwares is headquartered in Sunrise, Florida, and its products can be found on five continents and in over 85 countries. Jazwares' portfolio includes properties such as Fortnite™, First Act™, Russ Berrie™, Roblox™, Peppa Pig™, and many more. Jazwares' goal is to invent toys and related products that are new to the marketplace, featuring the brands kids want at affordable prices. For more information about Jazwares, please visit www.jazwares.com.
About Wicked Cool Toys Holdings, LLC
Wicked Cool Toys was founded in 2012 to make playtime the most fun ever. The team is expert at creating unique and innovative products that surprise, delight, and bring smiles to the faces of kids ages 1 to 101. Iconic brands such as Pokémon (ex-Asia), Cabbage Patch Kids®, HALO® and Micro Machines® have turned to Wicked Cool Toys to be their global master toy partner. The award-winning company is also behind some of the most whimsical and category-defying products you'll see on store shelves today including Blinger™, a new glam styling tool, Hank's Twisted Challenge™, and Lunch Pets™. For more information about WCT, please visit www.wickedcooltoys.com.
SOURCE Alleghany Capital Corporation
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