)
The world's fastest-growing toy company Jazwares has acquired leading Australian full-service toy distributor Big Balloon for an undisclosed sum, in a move that will see the Melbourne-based company's co-founder Chris Loverso step into the role of managing director of Jazwares Australia.
Founded in 2010, Big Balloon has already worked with Jazwares - a Florida-headquartered subsidiary of Warren Buffet's Berkshire Hathaway - for eight years, distributing its brands including Bum Bumz plush toys and Cocomelon for preschoolers.
Big Balloon and Jazwares distribute several other brands in common such as Pokémon, Marvel Spidey and Dino Ranch. Big Balloon also handles products from Cabbage Patch Kids, Fireman Sam, MicroMachines, Peppa Pig and more.
Since it was established, Big Balloon has developed a reputation for championing big and small brands through to retail success via an extensive network of partnerships with major and independent players.
"The Australian toy market is a $1.7 billion industry. The acquisition of Big Balloon is an investment in our future global growth with a solid partner in the Australian market," says Jazwares founder and CEO Judd Zebersky.
"Chris Loverso is an excellent manager and we are fortunate to have him and his entire team become a part of the Jazwares family.
"Jazwares Australia will have a major impact on the toy industry in the long-term, with the team’s laser focus on Jazwares’ brands and business, adding value to all retail partners and consumers."
Jazwares senior vice president of international sales and marketing Arthur Ferreira says the group will build on the relationship's foundations to further strengthen local relationships with established global licensing partners, providing a closer connection to the end consumer.
"And we will continue to work closely with our third-party distribution partners around the world to consistently deliver results."
Loverso says the deal is a natural evolution for both their businesses with an alignment of leadership, culture and mutual passion for brands.
"As team members, not just partners, we will be able to add our extensive experience and expertise in the Australian marketplace to add value and continue to grow the market-leading Jazwares brands and the long-serving partners we proudly represent in Australia," Loverso says.
)
)
)
)
)
