TORNANTE AND MADISON DEARBORN ANNOUNCE NEW NAME - THE BAZOOKA COMPANIES, INC. - FOR FORMER DIVISIONS OF TOPPS COMPANY
Successful Sale of Topps Sports and Entertainment Business to Fanatics Leaves Candy and Gift Cards Poised for Growth
04 Jan, 2022, 11:15 ET
NEW YORK, Jan. 4, 2022 /PRNewswire/ -- Michael D. Eisner's Tornante Company and Madison Dearborn Partners (MDP) announced today that, after completing the sale of the Sports and Entertainment division of Topps, Inc. to Fanatics, the confections and gift cards divisions of the company will now be called The Bazooka Companies, Inc.
The company will continue, with Michael Brandstaedter as chief executive officer, to sell candy under the brand name Bazooka Candy Brands in a division led by Tony Jacobs and gift cards in a division led by Jeff Mickeal.
"We are thrilled to move forward with our strong confection and gift cards businesses, to continue to be partners with Madison Dearborn, which has been an incredible, long-term partner, and with our outstanding corporate and divisional managements," Eisner said.
In discussing the Sports and Entertainment division that will now be owned by Fanatics under the Topps name, Eisner said, "The strong emotional connection between Topps collectibles and consumers of all ages – built through 70 years of tradition, starting with the Shorin family – will make it a jewel in the Fanatics portfolio," said Michael Eisner, owner of the Tornante Company. "Michael Rubin is the perfect entrepreneur to lead this company forward. Like any crown jewel, I and my partners at Madison Dearborn will miss our many years of ownership where we grew a highly profitable business through strategic licensing partnerships, global expansion, and digital transformation. We're proud of what the Topps team has accomplished, and we look forward to seeing what Michael and his team do to continue growing the Topps collectible business while staying true to its iconic history and relevance to consumers."
"Over the past decade it has been a thrill to not only further build the existing businesses, but also create new lines of business in the portfolio," Brandstaedter said. "We have been fortunate to have worked with a terrific group of licensors and a tremendous community of manufacturers, distributors, retailers and collectors, all of whom have been valued partners. I wish the talented Sports & Entertainment team great success, and I am excited to continue to collaborate with the extraordinary group of professionals to drive the dynamic Confections and Gift Cards businesses to new heights."
Executive Chairman Andy Redman said, "We are very excited for the continued innovations coming from the company. The two divisions generated more than $250 million of revenue in 2021 – so we are very well positioned for the future. With Tony's leadership, our candy division has a rapidly expanding e-commerce business, an exciting list of new products, and robust consumer demand. Under Jeff's leadership, our gift cards business represents nearly every major digital brand, and our services are increasingly able to cover all our partners' needs."
In addition to continued ownership of The Bazooka Companies, Tornante will have the rights to produce movies and television shows of certain Topps properties such as MechWarrior/BattleTech and Garbage Pail Kids.
SOURCE Tornante Company
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