Character Group swoops for Chill Factor slushy business

Toys firm Character Group is buying the business and assets of the Chill Factor branded range of drink chilling bottles and slushy.

In a market update, the Oldham-based group said it had exchanged contracts for the acquisition.

Character Group has been involved with the brand since 2013 and is its exclusive distributor in the UK and Scandinavia.

The acquisition is being made by the Group’s subsidiary Character Promotions from Toys”R”Us ANZ (formerly Funtastic), an Australian hobby and toy company listed on the Australian Securities Exchange.

The total purchase price of US$ 1.31m (£940,000) is payable in cash on completion, which is provisionally scheduled for 16 July 2021.

The assets comprise the Chill Factor international patents and trademarks as well as designs and related intellectual property, associated moulds and tooling for production, inventory, the customer lists, outstanding orders, and goodwill of the business.

No employees or any interests in leased or freehold property are being acquired as part of this acquisition.

Jon Diver, joint managing director, said: “We know the Chill Factor brand well, having represented and nurtured it in the UK since 2013.

“The innovative way that it can turn fruit drinks to slushy treats in under a minute has proved time and time again to be a favourite with families and children.

“This is an attractive addition to our own-brand portfolio, and we see the potential for significant development of the product offering and for growth in sales for this range.

“It is also a great project to deliver to our product design teams and to further demonstrate and expand our international distribution capabilities.”