Funko, Inc. (“Funko,” or the “Company”) (Nasdaq: FNKO), a leading pop culture lifestyle brand, today announced it has acquired Mondo, a high-end pop c
EVERETT, Wash.--(BUSINESS WIRE)--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.
“It’s an exciting opportunity to couple Mondo’s already stellar product assortment and aesthetic with Funko’s massive property library.”
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.
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).
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.