Cdn. toy manufacturer to be acquired by Unity Acquisitions Inc.
By Plant Magazine
Business Operations Electronics acquisitions financing manufacturing risk salesUnity will purchase the majority of Mastermind Toys store locations and see a significant portion of employees continuing with the business.
TORONTO — Mastermind GP Inc. and Mastermind LP, an independent specialty toy and children’s book retailer in Canada, announced that it has entered into an asset purchase agreement with Unity Acquisitions Inc., a company owned by Canadian retailers Joe Mimran, Frank Rocchetti and David Lui.
Under the terms of the transaction, Unity will purchase the majority of Mastermind Toys store locations and see a significant portion of employees continuing with the business. “Mastermind Toys is a beloved Canadian retailer with a loyal customer base driven by quality, curiosity and play,” said Joe Mimran. “The acquisition aligns with Unity’s strategy to enhance and grow extraordinary Canadian brands. We are thrilled to have the opportunity to work with the team at Mastermind Toys and take the brand and the business to the next level.”
The transaction is subject to certain closing conditions, including approval from the Ontario Superior Court of Justice in the Company’s ongoing proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). The transaction is expected to close in January 2024.
Holiday sales and promotions continue at all Mastermind Toys locations. Mastermind Toys is also introducing an extended holiday return and exchange policy for purchases made online and in-stores, other than at the 18 stores conducting liquidation sales.
On November 30, 2023, Mastermind Toys obtained Court approval to conduct liquidation sales at 18 of its store locations. The liquidation sales commenced December 1, 2023, and continue through the holiday season. The liquidating stores are not part of the transaction described above and are not included in the extended holiday return policy.
