UNITY ACQUISITIONS INC. COMPLETES ACQUISTION OF MASTERMIND TOYS
TORONTO, Jan. 15, 2024 /CNW/ - Unity Acquisitions Inc. ("Unity") announced today that it completed its previously announced acquisition of the majority of the business and assets of Mastermind LP ("Mastermind Toys") through its wholly owned subsidiary, Mastermind Toys Inc. Mastermind Toys is the largest independent specialty toy and children's book retailer in Canada serving customers across 48 stores. The transaction was implemented through proceedings under the Companies' Creditors Arrangement Act.
As a result of the acquisition, Mastermind Toys' business moves forward under new ownership with a promising future. The transaction preserves over 600 jobs and creates opportunities to strengthen the brand and its competitiveness in the evolving Canadian retail landscape.
"This is an exciting day for Mastermind Toys and the exceptional team across Canada who are dedicated to the company's success," said Joe Mimran, Chairman of Unity. "We are passionate about the iconic retail brand, and we look forward to continuing to provide leading toys, books and new unique products that ignite imagination and play. We are excited about the future of Mastermind Toys and bringing new ideas and an enhanced in-store and online experience to build on the company's strong fundamentals and unlock growth."
Fasken Martineau DuMoulin LLP advised Unity on the transaction. Davies Ward Phillips & Vineberg LLP advised Mastermind LP. Alvarez & Marsal Canada Inc., acted as the Court-appointed monitor and Bennett Jones LLP acted as legal counsel to the monitor.
Mastermind Toys is Canada's Authority on Play and is the country's largest specialty toy and children's book retailer, with 48 stores coast-to-coast and a wonder-filled website. It has a proud 39-year heritage of being an educational toy store, supporting kids, parents, grandparents, educators and gift givers by offering a curation of toys and books that help with the development of a child's mind, body and expression. Its purpose is to inspire generations of lifelong learners through the power of play, with a philosophy that "Play is Kids' Work."
Unity was founded in 2023 and is owned and operated by David Lui, Joe Mimran, and Frank Rocchetti, three individuals who bring a wealth of knowledge, industry expertise, and a deep-rooted passion for retail. Unity is a leader in the retail industry and is known for its expertise in driving innovation, expansion, and success for the brands in its portfolio, including Kit and Ace and Casca Footwear.
For further information:
Henrietta Poon at [email protected]
SOURCE Unity Acquisitions Inc.
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