Goliath acquires Aussie toy company
The family-owned company will add STEM, activity and DIY products to Goliath’s portfolio after acquiring Melbourne-based business, Colorific.
Launched in 1990, Colorific is well known for its STEM, craft, activity, preschool and educational toys, and has sold more than 50 million products to over 40 countries.
Managing director, Mark Levi, says they have been looking for a partner for a while to take the business to the next level.
“For some time we have been looking for a partner to replicate the success we have had here in Australia on a global scale,” he says.
“We are excited to have found the perfect match with Goliath, another innovative and highly successful family toy business. We have known the Golad family for many years and have found a good fit between the two businesses.”
Feedback has been positive so far. “We have received many lovely messages from trade contacts and more publicly on LinkedIn. The trade has seen this as a logical step for both organisations—a great fit from a cultural and values perspective both coming from family businesses.”
Levi adds that the main change will be the consolidation of orders from Goliath’s Sydney DC rather than supply from Colorific’s Melbourne DC.
“The acquisition gives Goliath a great portfolio of products to take to the world while providing Colorific scale to be able to continue to develop great products for Australia and the global markets. For Colorific customers it is also great news as they will be able to still deal with an innovative and creative family business and have access to more products they may not already range.”
For Goliath, the acquisition represents a great new chapter in the company’s story, explains Jochanan Golad, Goliath Group CEO.
“With Goliath’s global distribution, we are well placed to bring Colorific’s innovative ranges to the world,” he enthuses.
“We’re extremely excited to grow Colorific’s successful brands such as Build a Bot, Wood WorX, FairyLites, Watch Me Grow and more.”
It’s a win-win for both companies adds Andrew Lee, Goliath director, Australia and New Zealand.
“With Colorific’s innovative R&D division remaining in Melbourne, the acquisition will allow both sides to do what they do best—Colorific to continue to innovate and create great new toys and Goliath to promote, market and sell all over the world,” he says.
“We welcome our new colleagues to the Goliath family and look forward to building a great business together.”
The acquisition is effective immediately.