Alex Brands acquires Shrinky Dinks
FAIRFIELD, N.J. — Alex Brands has acquired toy brand Shrinky Dinks for an undisclosed amount.
Shrinky Dinks joins the Alex Brands’ portfolio, which includes Alex Toys, Poof, Slinky, Scientific Explorer, Ideal, Zoob, Backyard Safari, Zillionz and Citiblocs.
Shrinky Dinks offers a wide variety of products and play patterns based upon plastic sheets that can be cut, colored and then shrunken and hardened into an endless amount of original designs. Shrinky Dinks has been providing decades of fun since its invention in 1973.
Alex Brands historically licensed the Shrinky Dinks brand for use in the Alex Toys product line.
“Our selection of Shrinky Dinks licensed kits has been an important and successful part of our product line,” stated Neil Friedman, president and CEO of Alex Brands. “This acquisition is a great opportunity to further leverage the Shrinky Dinks brand and play pattern across many of our toy lines. We are also proud to add yet another Made in the USA offering to our product portfolio.”
Alex Brands is a portfolio company of private equity firm Propel Equity Partners. Propel Equity Partners acquired Poof-Slinky in July 2012, Fundex Games in December 2012, Alex Toys in May 2013, Zoob in September 2013, and Summit Products and Citiblocs in May 2014.
Target announces new leadership roles
Pictured L-R: Casey Carl and Jeff Jones
MINNEAPOLIS — Target chairman and CEO Brian Cornell, who took the helm earlier this year, is making a string of executive changes to help fuel the retailer's digital transformation and enhance the guest experience.
“Today’s organizational announcements reflect our continued focus on the guest and our goal of delivering an extraordinary experience to ensure that Target not only meets but exceeds our guests’ expectations. With these changes, we are even better positioned to continue to drive the momentum in our business in 2015 and beyond,” stated Cornell.
Casey Carl, president, omnichannel and SVP, strategy, will assume the role of chief strategy and innovation officer. With this move, Carl joins Target’s leadership team, reporting to Cornell. In addition, the retailer is creating a center of excellence under Carl’s leadership to accelerate and strengthen its data, analytics and business intelligence capabilities. This effort will be led by Paritosh Desai in the new role of SVP, enterprise data, analytics and business intelligence.
To further drive the growth of mobile and e-commerce, Jason Goldberger has been named president, Target.com and mobile. Goldberger joined Target two years ago from Gilt, where he launched a new Gilt Home website and grew the business by more than 40%,. His background also includes eight years at Amazon. In addition, Dawn Block has been promoted to SVP, Target.com and mobile merchandising.
Jeff Jones, chief marketing officer, will take on the added responsibility of leading Target’s work in architecting the guest experience across all channels and touchpoints. Jones will create and lead a new guest center of excellence, designed to enable the organization to develop a greater sense of advocacy and empathy for the guest in all of its business decisions.
To more closely align Target’s corporate social responsibility efforts and support of the communities in which it does business, Laysha Ward, president, community relations, becomes EVP, chief corporate social responsibility officer. Ward’s expanded organization will include the community relations, global affairs and sustainability teams, as well as Target Foundation.
John Hulbert has been named VP, investor relations, and will continue to build engagement among investors and the financial community.