Patch purchases Smethport Specialty
By Staff -- Playthings, 8/13/2008 8:23:00 AM
BELOIT, Wis.—Game maker Patch Products has entered into a definitive agreement to acquire the assets of Smethport Specialty Co., the privately held 85-year-old toymaker, for an undisclosed sum.
“Smethport Specialty Co. creates a strong strategic fit with Patch Products and will expand its manufacturing, sales and distribution operations for specialty products worldwide,” said Fran Patch, Patch Products’ chairman and CEO. “By combining Smethport’s product development and specialty market expertise with Patch Products’ existing marketing and distribution capabilities, we expect to enhance our presence in the educational and toy industry.”
Smethport is best known for its Wooly Willy magnetic game. Its assets also include the Lauri brand of educational products and activity kits, which the company purchased in 2003, as well as its proprietary lines of travel games, magnetic playsets, board games and educational items. Patch Products is primarily known as a publisher of family and adult board games, card games, puzzles and collegiate-licensed foam sports toys.
“This [agreement] presents an excellent opportunity for Smethport Specialty to expand into markets and product lines that traditionally we have not pursued,” said Rob Daggett, Smethport’s chairman. “Patch Products has marketing capabilities and resources that will benefit Smethport through increased exposure, and Smethport will lend its history and creative expertise in the specialty market to develop new products that will appeal to a wide range of consumers. This is just a great blend of products and resources for both companies.”
Post-purchase, operations at Smethport’s facility in Smethport, Pa., are expected to continue.
“One aspect that makes this so advantageous is the continuity of operations,” said Scott Cavagnaro, Smethport’s president. “Patch Products will achieve a seamless transition, and Smethport Specialty will gain access to additional resources while still maintaining its present operations.”
