Toronto-based Spin Master Corp., a children's entertainment company, has acquired Virginia Beach-based Swimways Corp. and formed an outdoor business segment.
Swimways makes a wide variety of toys, games and sporting goods for the pool, beach and backyard. Its gross sales last year were about $90 million.
“This will allow Swimways and its brands to grow and expand by harnessing Spin Master's global infrastructure," Swimways President David Arias said in a statement. “We share a spirit of innovation, expertise in maximizing licensing partnerships and a commitment to quality that will provide a strong foundation for growth moving forward."
Arias’ family has owned the company for more than two decades.
