bye bye......off to china
Maker of Frisbee, Hula Hoop sold to Hong Kong distributor
SAN FRANCISCO (AP) — Wham-O, the maker of vintage toys like the Frisbee, Slip'N Slide and Hula Hoop, has been sold to a Hong Kong distributor that's trying to build a one-stop shop for outdoor fun.
Kids demonstrate Hula Hoop techniques on Art Linkletter's House Party show in 1958.
AP file
Financial terms weren't disclosed, but Cornerstone Overseas Investment is paying less than the $80 million price that Wham-O's previous owners, the Charterhouse Group, sought when it put the toymaker on the sales block in 2004, said James Rybakoff, an investment banker representing Cornerstone.
The deal closed last week, but wasn't announced until Thursday.
Charterhouse paid $20 million to acquire Wham-O in 1997 and hired new management to revive a venerable toy line that had been neglected during the three years the company was owned by industry giant Mattel.