On March 6, 2007, Topps (TOPP) announced it agreed to be acquired for $9.75 per share in cash in a transaction valued at $385.4 million. The maker of trading cards and confections (Ring Pop, Push Pop, Bazooka gum, etc.) will be acquired by the Tornante Company and Madison Dearborn Partners. The Tornante Company was founded in 2005 by Michael Eisner it is privately held.
Topps was founded in 1938. Although it was always a chewing gum company, Topps didn’t start selling the products it would become best known for until after the war. Following World War II, the company developed Bazooka Bubble Gum. In 1951, Topps added baseball cards.
The company had annual sales of $298.84 million in fiscal 2006. Topps derives roughly half of its total revenue from each of its two business segments 49.1% from confections and 50.9% from entertainment.
Total sales have been stagnant for some time now. Sales actually declined slightly during 2005 and 2006. Although sales have grown over the last twelve months (to over $300 million), the company is still far short of the $439.3 million in net sales it registered six years ago.
That recent high water mark was set...
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