Propel Equity Partners acquires assets of Summit Products
Propel Equity Partners, a private equity firm focused on investing and creating value in consumer brands, has acquired substantially all of the assets of Summit Products.
The assets of Summit Products, which include Backyard Safari, Zillionz, Covert Force, Test Pilot and Stink Bugzzz brands, will be incorporated into the Alex Brands family of toy brands.
In a separate transaction, Propel Equity Partners has also acquired CitiBlocs, a line of precision cut wood construction blocks. CitiBlocs will also be incorporated into Alex Brands. CitiBlocs builds upon the presence of Alex Brands in the construction category, which already includes Ideal Frontier Logs, Amaze N’ Marbles, Kinderblocks and Fiddlestix, as well as the Zoob line.
Alex Brands is a family of brands owned by Propel Equity Partners that includes Alex Toys, Poof, Slinky, Scientific Explorer, Ideal and Zoob.
“From Zillionz, which was designed to help children better understand the value of money through play, to Backyard Safari, which celebrates the natural sciences, the brands we are bringing into Alex Brands align perfectly with our core mission,” says Michael Cornell, chairman and CEO of Propel Equity Partners. “We are a company dedicated to providing high quality, innovative and trend leading toys that encourage exploration, build confidence and introduce valuable skills. These brands – including the emphasis upon learning through creative play - will help us further deliver upon that commitment.”
The collective Alex Brands portfolio, sold worldwide, includes more than 2,000 products spanning the diverse categories of games, science kits, preschool and infant toys, construction sets, craft activity kits, art supplies, bath toys, Made in the USA foam sports balls, and the iconic Slinky.
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