Irvine-based ThreeSixty Group Inc. acquired the FAO Schwarz brand from Toys ‘R’ Us Inc. in Wayne, N.J on undisclosed terms.
ThreeSixty designs, manufactures and distributes consumer products under its brands that include Sharper Image, Discovery Kids, Smithsonian and Animal Planet.
“We are humbled to have an opportunity to build upon the iconic heritage of FAO Schwarz,” said Kirk McLean, co-founder of ThreeSixty.
FAO Schwarz’s flagship store, located on Fifth Avenue in New York, closed in July 2015, six years after the brand was acquired by Toys ‘R’ Us. The retail chain will continue to carry FAO products at its stores and online.
ThreeSixty was founded in 1999 and has been majority owned since 2015 by private equity firm AEA Investors LP in New York.
“We have been focused on developing a strategy to acquire complementary businesses and consumer brands,” Mike Roberts, co-founder of the company, said in a statement. “The acquisition of FAO Schwarz marks the first of many opportunities we see ahead to expand our platform both organically and through acquisition as we strive to deliver more differentiated product offerings to our retail partners.”