Company acquires 55% equity shareholding in Danish toy distributor, Proxy.
Character Group has shored up its European market access, acquiring a 55% equity shareholding in Danish toy distributor, Proxy.
The move will enable Character to extend its European reach, potentially enabling frictionless access to EU markets post-Brexit.
Proxy sources product through a strong international network of suppliers and partners, including Character Group. All product lines are sold exclusively in the Nordic region (principally Denmark, Sweden, Norway and Finland).
“We are delighted to secure a formal working partnership with the team at Proxy,” said Jon Diver, joint md of Character Group. “Having known and worked with them for a number of years we have recognised that there are many opportunities to enhance our current market positions.
“There are many synergies that we can achieve together, including Proxy being able to take advantage of our Far East infrastructure in terms of sourcing and quality assurance and, on a domestic basis, our in-house marketing and distribution capability. Both teams are of similar mind set and together will be in a better position to grow our businesses.”
Morten Geschwendtner, ceo of Proxy, added: “We have known the Character team for a number of years and have mutual respect for each other’s businesses.
“This partnership allows us to work more closely with a well-respected international toy business and opens new opportunities; we will also benefit from being able to access the wider knowledge and skills of Character as well as its sourcing, purchasing and marketing capabilities.
“We look forward to working with the team at Character, exchanging ideas and initiatives and growing our business further in the coming years.”
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