Funko has announced today that they have completed a deal to acquire substantially all of the assets of Underground Toys Limited, a leading creator, manufacturer and distributor of licensed products. The London based UTL was founding in 2001 and has licensed deals with Star Wars, Doctor Who, Marvel, WWE and DC Comics. Funko and UTL had a distribution agreement dating back to January 2014, making UTL the exclusive distributor for Funko products to European retailers including Toys "R" Us, Tesco, and more.
"Over the last two years our relationship with Underground Toys Limited has resulted in an extensive increase in the distribution of our products throughout Europe," said Brian Mariotti, CEO of Funko. "This transaction will expand upon our already successful relationship and fully unite Funko with the Underground Toys Limited team to support and advance our 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."
Andy Oddie, who will assume the position of Managing Director–EMEA (Europe, the Middle East, Africa). 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."
The purpose of the acquisition appears to be to create a platform for international growth.