EVERETT, Wash. & HATTEM, Netherlands–(BUSINESS WIRE)–Funko, Inc. (Nasdaq: FNKO), a leading pop culture lifestyle brand, and Goliath, a private family owned and run global game company, today announced that the companies have entered into an exclusive worldwide license and distribution agreement for Funko’s portfolio of games marketed under the Funko Games brand. As part of the deal, Goliath also acquired the assets of Funko’s board game development studio, formerly known as Forrest-Pruzan Creative, and celebrated board game design team, Prospero Hall. Financial terms were not disclosed.
Under the multi-year agreement, Goliath will be the exclusive worldwide distributor of Funko’s current catalog of games and puzzles and has agreed to collaborate with Funko to develop and distribute new games and puzzles. The agreement includes an initial payment from Goliath, followed by future minimum guaranteed royalty payments for the use of the Funko brand. Additionally, Goliath will acquire Funko’s current inventory of board games and puzzles, as well as rights to intellectual property related to the studio.
“Funko Games is a highly regarded brand that includes hundreds of board games recently created as well as a great portfolio from Forrest-Pruzan. We look forward to bringing the Funko brand and style to the game aisle in new and innovative ways,” said Goliath’s Chief Executive Officer, Jochanan Golad. “With Pressman’s 101 years and Goliath’s 43 years of selling games, we believe we’re a perfect fit to partner with Funko to develop and distribute games on a global level. We plan to commence marketing several key games around the world immediately. We’re especially thrilled about our plan to bring to market a new and exciting game called Bitty Pop!® Chase, which includes Funko’s popular Bitty Pop!® miniature collectible characters.”
Funko Interim Chief Executive Officer, Mike Lunsford, said, “The transaction is designed to keep with our previously stated goal of streamlining our business by focusing on our core assets. We intend to use the proceeds from this transaction to reduce our debt. We believe that Goliath’s size and scale, as well as their intimate knowledge of the global games and toys market, make them a strong partner for Funko in the board game category.”
Goliath plans to showcase many of the Funko board games at the upcoming 2024 toy fairs in London and Nuremberg.
About Goliath:
Goliath was founded in 1980 and is one of the few family-owned global toy and game companies. Goliath is a creator, manufacturer and distributor of a broad range of products with offices in 15 countries and exporting games to over 100 countries. Example brands include Rummikub, Wahu, Sequence, Phlat Ball, Triominos, Gator Golf, Pop the Pig, Doggie Doo, Gooey Looey, Let’s Go Fishin, and The Floor is Lava.
Goliath has seen substantial growth with the acquisitions of Pressman, JAX Games, Endless Games, Tucker Toys in the US, Vivid Toy Group in the UK, Crown & Andrews, Wahu and Colorific in Australia and Elephanta in New Zealand.
Goliath is a global leader in promoted games and operates across all classes of the games category. For more information, please visit www.goliathgroup.com.
About Funko:
Headquartered in Everett, Washington, Funko is a leading pop culture lifestyle brand. Funko designs, sources and distributes licensed pop culture products across multiple categories, including vinyl figures, action toys, plush, apparel, housewares and accessories for consumers who seek tangible ways to connect with their favorite pop culture brands and characters. Learn more at www.funko.com, and follow us on X (@OriginalFunko) and Instagram (@OriginalFunko).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding Funko’s agreements with Goliath, the use of funds from the Goliath transaction, and future product collaboration with Goliath. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Funko’s ability to successfully collaborate with Goliath on future products. These and other important factors discussed under the caption “Risk Factors” in our quarterly report on Form 10-Q for the quarter ended September 30, 2023, and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Contacts
Funko Contacts:
Investor Relations
Investorrelations@funko.com
Media Inquiries:
Emily Zalenski
Emily.zalenski@funko.com
Shawna Lynch
42West for Funko
Shawna_lynch@bhimpact.com
Goliath Contacts:
Media Inquiries:
Kotomi Nanjo
k.nanjo@goliathgroup.com
Donna MacNeil
dmacneil@beaconmediagrp.com