posted on September 16, 2014
(Beloit, WI) By Beloit Daily News
Patch Products, the Beloit toy and entertainment company with national reach, has been sold.
Topspin Partners, a private equity firm with headquarters in New York City, has acquired the Beloit company from its founders, brothers Fran and Bryce Patch.
The Patches say the company will remain headquartered in Beloit, where the plan is to grow jobs.
“Finding the right long-term partner took several years, but selling to Topspin ensures that jobs will remain in Beloit,” Fran Patch said. “More importantly, Patch will grow in Beloit and create the potential for even more jobs.”
According to a press release, the Patch management team — including CEO Bob Wann — will remain intact.
“We are excited to have topspin as our partner going forward,” Wann said. “It was very apparent from all of our discussions that Topspin shares the same excitement and support for the strategic vision we have for Patch. This, combined with the additional financial resources they can provide, will trigger further expansion and growth for Patch.”
Patch Products was founded in 1985 and has grown from a small local puzzle and game manufacturer to a company that designs, manufactures and distributes games, children’s puzzles, preschool toys, creative activities and teaching tools across the nation. Patch has been among the fastest growing toy companies in the industry.
Topspin is based in suburban New York and is a private equity firm with a history of investing in profitable and established lower middle-market businesses. The firm invests across a number of industries including business and information services, health and wellness, leisure, food and beverage and security.
“The growth Patch has seen in recent years is a result of its diverse, multi-category product line and its distribution in both mass and specialty retailers,” Stephen Lebowitz, managing director at Topspin, said. “We are excited to have found this outstanding company and are looking forward to supporting its management team and building upon its strong foundation.”
For more information on Topspin, go to the company’s website (www.topspinpartners.com).