Following the release of its preliminary earnings for 2021 last week, Spin Master has sold off pieces of its outdoor business.
Comfort Research, the Michigan-based company behind the Big Joe brand of bean bag chairs and pool floats, acquired Spin Master’s 268,000-square-foot manufacturing plant and a 90,000-square-foot distribution center in Tarboro, North Carolina. The company also acquired select product lines from Spin Master’s outdoor portfolio including the Swim Noodle and Aquaria brands that were previously sold under Spin Master’s SwimWays label.
“This acquisition immediately expands our portfolio of swim products to meet the significant growth in demand from our customers and end consumers,” says Comfort Research CEO, Jeff Werner.
The company says that in addition to supplying products to major retailers, its direct-to-consumer channel is growing and the acquisition gives it access to technologies that it previously did not have.
The facility in North Carolina is capable of producing more than 18 million units each year.
Comfort Research’s acquisition includes Aquaria’s proprietary “Aqua Cell” technology that resists weather, aging, ultraviolet rays, and water absorption, and the Mega Noodle and Aqua Rider Squirter lines.
The terms of the deal were not disclosed at this time.
Spin Master will report its formal earnings for Q4 and full-year 2021 on Feb. 28.
