Iconix Brand Group Inc. has agreed to acquire the Strawberry Shortcake brand from American Greetings for $105 million in cash.
The transaction is expected to close in 30 to 45 days. It comes just as Iconix completed a deal to acquire the North American rights to the Pony brand for $37 million from Symphony Holdings Ltd. through a new subsidiary of which Iconix holds 75 percent and Anthony L&S Athletics 25 percent.
“The entertainment sector is an exciting area of growth for our company,” said Neil Cole, chairman and chief executive officer of Iconix. “Through our Peanuts brand, we have a strong worldwide platform that we believe we can leverage as we add new entertainment properties to our portfolio. With the acquisition of Strawberry Shortcake, we will be expanding this platform as we gain new partnerships with top entertainment companies around the world.”
Introduced 35 years ago, Strawberry Shortcake is global in scope, with revenues split about 50-50 between the U.S. and other markets. In its two largest international businesses, it is marketed as Moranguinho in Brazil and as Charlotte aux Fraises in France.