Toymaker Mattel explores sale, has held talks with Apollo, L Catterton – source
2022.04.27 19:55
FILE PHOTO: The Mattel company logo is pictured at the entrance of the Montoi plant in the municipality of Escobedo, Mexico March 15, 2022. REUTERS/Daniel Becerril
By Greg Roumeliotis
(Reuters) – Toymaker Mattel Inc (NASDAQ:MAT) is exploring a sale and has held talks with buyout firms, including Apollo Global Management (NYSE:APO) Inc and L Catterton, a source familiar with the matter told Reuters on Tuesday.
The talks on a possible sale come a few months after the California-based company’s chief executive officer, Ynon Kreiz, said Mattel had completed its turnaround plan and was in “growth mode”.
In its fourth-quarter results in February, Mattel forecasted full-year profit above analysts’ estimates, citing robust demand for its Barbie dolls and other toys that would help the toymaker weather rampant supply chain disruptions.
L Catterton declined to comment. Mattel and Apollo Global Management did not immediately respond to requests for comment.
In January, Mattel won the rights to produce dolls based on Disney royalty like Elsa and Jasmine, snatching back a highly lucrative license from archrival Hasbro Inc (NASDAQ:HAS).
The Wall Street Journal reported https://on.wsj.com/3Ko2h2a on the potential sale of the toymaker earlier on Tuesday.
