Funko have announced the acquisition of Underground Toys Limited, and have released the following statement heralding the news: –
FUNKO ANNOUNCES ACQUISITION OF UNDERGROUND TOYS LIMITED BUSINESS Transaction to Create Platform for International Growth EVERETT, WA (January 23, 2017) – Funko, one of the leading creators and innovators of licensed pop culture products, announced today that it has completed an agreement to acquire substantially all of the assets of Underground Toys Limited (UTL), a leading creator, manufacturer and distributor of licensed products. Financial terms of the transaction were not disclosed. Founded in 2001 and based in London, UTL 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, Funko and UTL entered into a European distribution agreement whereby UTL exclusively distributed Funko products along with its own range of licensed merchandise to a network of European retailers, including Toys “R” Us, Tesco, ASDA, Carrefour, and FNAC.
Funko’s operation of the EMEA business will be led by Andy Oddie, who will assume the position of Managing Director–EMEA. “We have been Funko’s European distributor for some time now and are excited to join the world’s leader in pop culture licensing,” Oddie said. “Funko and Underground Toys Limited are a natural fit given our shared commitment to high-quality, stylized pop culture products and we see great opportunities to create compelling cross-category pop culture offerings by leveraging our combined skills and experience.”
