Hong Kong toy company Grand Toys International Ltd. is scooping up Wham-O Inc., maker of outdoor toys like Frisbee, Slip 'N Slide and Hula Hoop, for $35 million from Cornerstone Strategic Management Ltd.
Like a Frisbee, the 60-year-old Wham-O has been thrown from owner to
owner since private equity firm Charterhouse Group International Inc.
bought the former unit of Mattel Inc. for $20 million in 1997. Four
add-on acquisitions expanded the company's products suite to include
Slip 'N Slide, Hula Hoop, Morey Boogie Boards, Snow Boogie sleds and BZ
Pro Boards as well as Frisbees. In 2004, Charterhouse found no takers
for its $80 million price tag when it tried to auction Wham-O off. The
company was sold to Cornerstone in 2006 for an undisclosed amount that
fell below the earlier $80 million asking price.
While there
will be a change of control at Wham-O, the toymaker won't be straying
too far from its former owner. Cornerstone is owned and controlled by
Raylin Hsieh, the wife of major Grand Toys shareholder, Jeff Hsieh. -
George White
See press releaseSee Deal.com story on Charterhouse sale
