Funko to acquire a London toy company
Published 1:30 am Monday, January 23, 2017
EVERETT — Toys and collectibles maker Funko announced on Monday that it has agreed to acquire Underground Toys Limited, a London-based creator, manufacturer and distributor of licensed products.
Terms of the deal were not disclosed.
Underground Toys, founded in 2001, is a provider of award winning toys and entertainment products under licensed brands that include Star Wars, Doctor Who, Marvel, WWE and DC Comics.
In January 2014, the two companies entered into an angreement where Underground Toys exclusively distributed Funko products along with its own range of licensed merchandise to a network of European retailers.
That deal has led to an “extensive increase” in distribution for Funko products throughout Europe, said Brian Mariotti, CEO of Funko, in a statement. By acquiring Underground Toys, Funko will expand its international growth strategy.
“We are excited to apply our unparalleled creative design and speed-to-market capabilities to drive continued growth in the business and position ourselves to capitalize on the tremendous opportunities ahead,” Mariotti said.
Funko is based in Everett and has plans to open a new headquarters in downtown this year in a five-story building at 2802 Wetmore Ave., which in the past has been Trinity Lutheran College as well as Bon Marche and Macy’s.
