Jakks secures GE Capital financing
Toy maker Jakks Pacific secured a $75 million credit facility from GE Capital.
The nine year old company based in Malibu, Calif., plans to use proceeds for working capital, capital expenditures and general corporate purposes as needed.
“We have a broad and robust portfolio this year comprised of evergreen categories, popular new licensed properties and organic brands. We continue to implement our strategy of product innovation and international growth, combined with a tight rein on operating costs,” said Jakks co-founder and CEO Stephen Berman. “With the traction of our turnaround and product flow coming out of 2013 and heading into 2014, the credit facility commitment will provide financial flexibility to our capital structure. We appreciate GE Capital’s understanding of our business and with their support, we should be positioned well for profitability in 2014 and beyond.”
According to GE Capital’s chief commercial officer, “Jakks has a distinctive business model that enables it to succeed in the highly competitive and seasonal toy industry. We specialize in working closely with clients to support their business objectives and continue their development.”