M&A advisory for toys & games companies
Toys and games M&A is dominated by a small group of strategic acquirers - Hasbro, Mattel, Spin Master, Lego, MGA, Moose, Jazwares - alongside PE platforms building portfolios across plush, collectibles and hobby. Buyers underwrite on the durability of IP, the breadth of distribution and the credibility of evergreen categories beyond a single product cycle.
The strategic pool is Hasbro, Mattel, Spin Master, MGA, LEGO and Bandai Namco, alongside Moose, Jazwares, Tomy and the major Asian toy groups, plus mid-market sponsors active in plush, collectibles and hobby roll-ups. Diligence reads IP durability and evergreen category fit before financials, because the entire question is whether the brand survives the next product cycle. Flow has direct access to the corp dev teams across this set.
Flow team has relevant sector experience and has worked with toys and games companies across traditional toys, plush and collectibles, games and puzzles, hobby and craft, and licensed and IP-driven products.
"Toys & games" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing toys & games M&A targets
Revenue
Gross margin
Contribution margin after trade
Q4 revenue concentration
Full-price sell-through
Markdown & chargeback rate
Wholesale share
Licensing & royalty cost
Days inventory outstanding
Repeat purchase rate
Advertising as % of revenue
Toys & games valuations in May 2026
Public toys & games comps trade at 1.4x EV/Revenue. Median revenue multiple across toys & games M&A deals was 2.9x in the last 12 months.
1.4x
Median EV/Revenue as of May 2026 for public toys & games companies
4.2x
POP MART is the highest valued public toys & games company based on EV/Revenue (excluding outliers)
2.9x
Median EV/Revenue across toys & games M&A deals in the last 12 months
-
Median EV/Revenue across toys & games VC rounds in the last 12 months
Key recent toys & games M&A deals
$318M acquisition of Mattel163 by Mattel was the largest toys & games M&A transaction completed in the last year.
See all toys & games M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Feb-26 | Mattel163 |  | Mattel163 is a game developer and publisher specializing in classic and mobile titles based on Mattel toys and games properties. | Mattel | $318M | 2.1x | |
Mar-26 | ATM Gaming |  | ATM Gaming develops and publishes social and party board games including card and tabletop titles. These products emphasize humor, conversation, and interaction for casual group play at gatherings or family events. Simple mechanics and quick sessions make the games accessible across player groups. | Asmodée | $212M | 3.6x | |
Jul-25 | S | Shenzhen Yiqi Culture |  | - | QuantaSing | $54M | - |
Feb-26 | SCALEXTRIC |  | SCALEXTRIC sells electric slot cars and digital race cars for online competition. | Purbeck Capital Partners | $29M | - | |
Aug-25 | Singing Machine Company | | Singing Machine Company is a Coconut Creek-headquartered manufacturer of consumer karaoke systems listed on Nasdaq under MICS. Incorporated in 1983, it produces home entertainment products including Bluetooth-enabled machines, microphones, and song libraries with over 10,000 tracks. The company distributes through major retailers like Walmart and Amazon across North America and Europe. | Stingray | $4.5M | - | |
Nov-25 | HiTOY |  | HiTOY is a Hong Kong-based brand offering trendy toys and collectibles for children and young adults. The company designs playful figures, playsets, and accessories inspired by pop culture, distributed through e-commerce sites and retail stores in Asia. Its lineup includes limited-edition series and collaborative products with entertainment franchises. | TOP TOY | $1.0M | - | |
Apr-26 | Bendon | | Bendon is a Cincinnati-based publisher of children’s activity books, puzzles, and toys featuring licensed characters from Disney, Warner Bros., and Nickelodeon. Products include titles with Sofia the First, Batman, Dora the Explorer, Spider-Man, Barbie, Scooby-Doo, Elmo, Garfield, and Hello Kitty, distributed to retailers across North America. The company focuses on affordable, high-volume print runs for mass-market outlets like Walmart and Target. | Brightstar Capital Partners | - | - | |
Apr-26 | Quality Plush | | Quality Plush is a Phoenix-based supplier of licensed and generic plush products to amusement and redemption industries. | Pipeline Games | - | - | |
Apr-26 | W | Wings Holding |  | Wings Holding owns toy retail brands including Lobbes.nl and Thimble Toys. | Intertoys | - | - |
Mar-26 | American Plastic Toys | | American Plastic Toys manufactures toys in the United States. | Gracious Living | - | - | |
Mar-26 | Lionel | | Lionel designs and imports model railroads and toy trains. | Round 2 | - | - | |
Feb-26 | W | Wooly Willy | | Wooly Willy is a classic magnetic drawing toy featuring a bald cartoon character on a metal board where users draw facial features using a magnetic stylus and iron filings. Originating in the mid-20th century, the toy remains a staple in children's play for its simple, mess-free creativity. | ArtCreativity | - | - |
Jan-26 | Crazy Aaron | | Crazy Aaron's produces Thinking Putty and sensory craft kits designed for tactile learning and play among children and adults. | Goliath | - | - | |
Dec-25 | Endstate | | Endstate is a footwear brand embedding NFC chips in sneakers to link physical pairs with NFT digital twins. Owners unlock token-gated experiences like metaverse access, exclusive events, and collaborator drops. Each shoe's proprietary encoding ties the chip to blockchain assets for seamless physical-digital interactions. Endstate markets to Web3 communities through limited-edition releases. | Alliance Entertainment | - | - | |
Nov-25 | Microdesigns | | Microdesigns is a supplier of licensed brick-built exhibit models replicating iconic buildings and sports venues. Based in the United States, the company constructs large-scale LEGO-compatible displays for museums, trade shows, and corporate events. Notable projects include models of stadiums like Yankee Stadium and architectural landmarks such as the Empire State Building. Microdesigns holds official licenses from MLB, NFL, and building owners to ensure accurate representations in public exhibitions. | Youtooz | - | - |
Most active buyers of toys & games companies
Alliance Entertainment, Purbeck Capital Partners and Brightstar Capital Partners are the most active acquirers of toys & games companies in the last three years.
See all toys & games acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Alliance Entertainment | | Alliance Entertainment Holding Corp is a distributor of music, movies, and consumer electronics. It offers products consisting of vinyl records, compact discs, DVDs, Blu-rays, and video games. The company serves customers of every size, providing a suite of services to resellers and retailers around the world. The company has two divisions: Alliance Home Entertainment, which offers full-service support across production, marketing, and retail execution. and Alliance Authentic, which focuses on licensed collectibles and branded merchandise, including partnerships with Handmade by Robots, Master Replicas, and Weta Workshop. | EndstateHandmade by RobotsGameFly | 2 | |
P | Purbeck Capital Partners | | Purbeck Capital Partners is a UK-based family office that invests in brand growth, capital allocation, and operational improvements. | SCALEXTRIC | 1 |
Brightstar Capital Partners | | Brightstar Capital Partners is a New York-based private equity firm targeting control investments in North American middle-market companies within industrial, business services, and consumer sectors. The firm manages over $2 billion in assets, executing proprietary deals through operator-led value creation in portfolio companies like Whitcraft and EnviroScience. Brightstar Capital Partners leverages industry networks for add-on acquisitions and operational improvements. | BendonAnalyte HealthKZF Design+1 | 1 | |
Pipeline Games | | Pipeline Games develops and manufactures redemption, crane, and merchandiser games. The firm aids operators in boosting performance via superior machines, merchandising strategies, and support services. | Quality Plush | 1 | |
Stingray |  | Stingray Digital is a Montreal, Quebec-headquartered media company specializing in interactive music services. Its portfolio includes Stingray Music for digital audio channels, The Karaoke Channel for TV and online karaoke, Stingray360 for business music subscriptions, Concert TV for video-on-demand concerts, and Galaxie audio service partnering with CBC/Radio-Canada. | Singing Machine CompanyTuneInDMI Music & Media Solutions+1 | 1 | |
Youtooz | | Youtooz is a U.K.-headquartered collectibles company producing over 500 vinyl figures of internet memes, YouTubers, musicians, and licensed IPs like Among Us and SpongeBob since its 2019 launch, shipping worldwide to fans. | Microdesigns | 1 | |
Gracious Living | | Gracious Living is a Canadian manufacturer and importer of resin furniture, outdoor accessories, storage, and organization solutions. | American Plastic Toys | 1 | |
QuantaSing | | QuantaSing is a Shanghai-based e-learning platform offering affordable courses for adult learners in personal development and professional skills. The company provides accessible online education content tailored for everyday improvement. | Shenzhen Yiqi Culture | 1 | |
Intertoys | | Intertoys is a Netherlands-based toy retail chain operating 413 stores including 113 franchises domestically, plus 27 in Germany and 6 in Belgium. It stocks action figures, board games, dolls, and educational toys from brands like LEGO and Hasbro. | Wings Holding | 1 | |
PlayMonster | | PlayMonster is a Bellevue, Wisconsin-headquartered designer, manufacturer, and marketer of tabletop games, children's puzzles, preschool toys, and educational activity sets. The company manages brands like Twister Moves, Fashion Angels, and Alex Toys. | Taco vs BurritoAnn WilliamsBriteBrush+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across toys & games and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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