Funko, backed by Acon Investments LLC, has purchased Underground Toys Ltd. in a move to expand its global presence. Acon invested in the buyer in 2015.

Underground Toys, based in London and founded in 2001, makes toys and houseware products under the licensed Star Wars, Marvel, DC Comics and World Wrestling Entertainment Inc. (NYSE: WWE) brands. The target and Funko had a European distribution agreement since 2014.

“This transaction will expand upon our already successful relationship and fully unite Funko with the Underground Toys Limited team to support and advance our international growth strategy,” says Funko CEO Brian Mariotti.

Funko, located in Everett, Washington, makes action figures, apparel and household accessories. The company licenses several entertainment and media brands including: Game of Thrones, the Walking Dead, Star Wars, Walt Disney Co. (NYSE: DIS), the National Football League and Harry Potter.

Acon is a private equity firm that manages about $5.3 billion in capital. The firm has offices in Washington, D.C., Los Angeles, Mexico City and São Paulo. Some of its investments include: Amfora Packaging, Biomatrix Specialty Pharmacy, Citla Energy and Fiesta Mart.

In some other recent retail deals, Falconhead Capital LLC and M3 Outdoor Investments purchased wakeboard maker Kwik Tek; L Catterton has agreed to buy pool supplies company Leslie’s Holdings; and Newell Brands Inc. (NYSE: NWL) has agreed to sell its Rubbermaid consumer storage business to United Solutions.

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