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.
View original
content:http://www.prnewswire.com/news-releases/alleghany-capital-corporation-announces-jazwares-acquisition-of-wicked-cool-toys-300929189.html
SOURCE Alleghany Capital Corporation