Funko Acquires High-End Collectible Company Mondo
June 13 2022 - 8:30AM
Business Wire
Popular vinyl records, screen-printed
fine-art posters, and collectible figures are available on
Mondoshop.com
Funko, Inc. (“Funko,” or the “Company”) (Nasdaq: FNKO), a
leading pop culture lifestyle brand, today announced it has
acquired Mondo, a high-end pop culture company that creates vinyl
records, posters, soundtracks, toys, apparel, books, games and
other collectibles.
Mondo was founded in 2001 by Rob Jones and Tim League and was a
subsidiary of Alamo Drafthouse Cinema prior to the acquisition by
Funko.
“Mondo’s devoted fan base and high-end pop culture collectibles
make it the perfect complement to Funko’s current portfolio of
brands. By leveraging our international distribution and licensing
network, we feel well-positioned to expedite the growth of the
Mondo brand,” said Chief Executive Officer Andrew Perlmutter. “It’s
an exciting opportunity to couple Mondo’s already stellar product
assortment and aesthetic with Funko’s massive property
library.”
Based in Austin, Texas, Mondo is best known for its
limited-edition vinyl records and screen-printed posters, which
focus on bringing art back to music and cinema through
collaborations with acclaimed artists.
Funko continues to invest in its strategic growth initiatives of
maximizing the core business, diversifying the revenue base,
growing its Direct-to-Consumer (DTC) channel, and extending its
reach into international markets.
Financial terms of the deal were not disclosed, and the Company
does not expect the acquisition to have a material impact on its
financial performance in 2022.
ABOUT FUNKO Headquartered in
Everett, Washington, Funko is a leading pop culture lifestyle
brand. Funko designs, sources and distributes licensed pop culture
products across multiple categories, including vinyl figures, board
games, action toys, plush, apparel, housewares and accessories for
consumers who seek tangible ways to connect with their favorite pop
culture brands and characters. Learn more at https://funko.com/,
and follow us on Twitter (@OriginalFunko) and Instagram
(@OriginalFunko).
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including statements regarding the expected impact of
the Mondo acquisition on the Company’s financial performance and
the benefits of the Mondo acquisition. These forward-looking
statements are based on management's current expectations. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause Funko's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, the following: any
failure to successfully integrate or realize the anticipated
benefits of acquisitions or investments; risks related to the
impact of COVID-19 on our business, financial results and financial
condition; Funko's ability to execute its business strategy; its
ability to maintain and realize the full value of its license
agreements; economic downturns and changes in the retail industry
and markets for its consumer products; Funko's ability to maintain
relationships with retail customers and distributors; Funko's
ability to compete effectively and manage its growth; fluctuations
in gross margin; dependence on content development and creation by
third parties; the ongoing level of popularity of Funko's products
with consumers; Funko's use of third-party manufacturing; risks
associated with Funko's international operations and geographic
concentration of operations; and the possibility or existence of
global and regional economic downturns. These and other important
factors discussed under the caption "Risk Factors" in Funko's
quarterly report on Form 10-Q for the quarter ended March 31, 2022
and its other filings with the Securities and Exchange Commission
could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release. Any such forward-looking statements represent management's
estimates as of the date of this press release. While Funko may
elect to update such forward-looking statements at some point in
the future, it disclaims any obligation to do so, even if
subsequent events cause its views to change. These forward-looking
statements should not be relied upon as representing Funko's views
as of any date subsequent to the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220613005023/en/
Media Contact Jessica
Piha-Grafstein Senior Director, Corporate Communications & PR
at Funko jessicap@funko.com Investors investorrelations@funko.com
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