Toys, Toys and More Toys...
Martin LLP is pleased to announce that its client, Cardinal Industries, Inc., has been acquired by Spin Master Ltd. (TSX: TOY), a leading global children's entertainment company. Martin LLP served as legal counsel to Cardinal and its two shareholders in connection with the sale of Cardinal to Spin Master's US subsidiary, Spin Master US Holdings, Inc. The initial purchase price was $50 million in cash, with up to an additional $19.5 million in cash payable based on Cardinal's EBITDA over a period of five years after closing.
Cardinal was one of the oldest privately-held game and puzzle companies in the United States, with North American revenue in excess of $50 million in 2014.
Martin LLP also represented a privately - held toy company in the sale of substantially all of its assets to a strategic acquiror for a cash payment as well as the purchase of inventory and a percentage of net sales of certain products sold during a period following the closing of the sale.
John T. Capetta, a veteran M&A attorney at Martin LLP, worked on both transactions with colleague Maria Vanhees. John is also head of the private equity practice at Martin LLP , where he focuses on the representation of funds, portfolio com panies and management in private equity transactions.
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