Spin Master has completed the previously-announced acquisition of 100% of Cardinal Industries, one of the oldest privately-held game and puzzle companies in the United States. This makes Spin Master the second-largest games company in the U.S.
The purchase price was satisfied by $50 million in cash. Spin Master will also pay up to an additional $19.5 million over five years based on Cardinal’s EBITDA. The acquisition was financed through Spin Master’s existing credit facility.
