Private equity firm Propel Equity Partners has acquired toy brands from Summit Partners LLC, and CitiBlocs, in two separate transactions.
Summit Products owns the Backyard Safari, Zillionz, Covert Force, Test Pilot and Stink Bugzzz children's toy brands. CitiBlocs makes a line of wood construction blocks. Terms of the transactions were not disclosed.
Propel will merge all of the brands into Alex Brands, a company that already owns a group of toy makers. Alex owns Alex Toys, Poof, Slinky, scientific Explorer, Ideal and Zoob brands. The PE firm formed Alex after it bought Poof-Slinky in July 2012, Fundex Games in December 2012, Alex Toys in May 2013, and Zoob in September 2013.
Propel, headquartered in Greenwich, Connecticut, focuses on investing in branded consumer products businesses. Aside from the firm's toy companies, Propel also owns Specialty Knives & Tools.