The latest wave of mergers and acquisitions continues with news that Mighty Mojo Inc. has acquired Cortex Toys.
Mighty Mojo Toys launched during Toy Fair New York with plans to offer a variety of licensed products, including party-in-a-box, pool inflatables, watches, and more across other categories beginning next year.
“The acquisition of Cortex Toys is the first of many we have planned,” says Arash Moghaddam, president of Mighty Mojo. “Category expansion combined with securing new licenses is a key driver to our growth strategy.”
Cortex Toys is a manufacturer and distributor of toys based in Rome, Georgia. The company was founded by Dr. John Cowan, a neurosurgeon, and produces a variety of plush toys, games, puzzles, and novelty products. Cortex Toys markets the Door Fort, and serves as the exclusive U.S. distributor for NightBuddies, as well as iFLEX, a patented, bacteria-resistant flexible phone and tablet stand. Additionally, the company holds licenses for Arthur from Marc Brown and PBS Kids and Booba by 3D Sparrow Studio. Cortex says that it has pending licensing deals with ViacomCBS for Nickelodeon properties, including JoJo Siwa and SpongeBob Squarepants. Cortex made its debut at Toy Fair New York in 2018.
As part of the deal, Arash Moghaddam will serve as president of both Mighty Mojo and Cortex Toys with Ariel Moghaddam serving as vice president of operations, and Jill Duggan of Product Route LLC tapped to serve as vice president of product development and sales.
“Today’s consumer has ever-changing needs and we are committed to developing inventive products that are on-trend and value-driven,” says Duggan.
Products from Cortex Toys are currently sold at Amazon, Walmart, and specialty retailers. Mighty Mojo and Cortex maintain warehouses on both coasts.
“We are fully equipped to meet the complex logistics needs of national retailers through our drop ship and direct store delivery capabilities,” says Ariel Moghaddam.
Earlier this year, Mighty Mojo hired industry vet Caryl Liebmann to serve as vice president licensing and business development. She immediately signed deals for Tetris, Doug the Pug, Pete the Cat, Bloodshot, Mr. Puppy, and Boxy Girls, and others, in addition to inking a deal with Spin Master for the Etch A Sketch brand. New partnerships are expected to be announced in the months ahead.