Fun Shack, which designs, makes and sells costumes through Amazon, other online retailers and in over 200 shops, was founded by Jeffrey Fearnley and Harvey Felstone in Leeds in 2008. It had grown its annual revenues to £3 million and has 12 staff.
The shareholders were looking to retire and realise their investment, and engaged FRP to find the right buyer and advise on the sale.
The assignment required FRP to identify a buyer that understood the shift in fancy dress sales from traditional bricks and mortar stores to online, and exploit the opportunities this change presented.
Our team identified AFG Media (AFG) as the perfect buyer for the business. The company, which has its headquarters in Edinburgh, is the manufacturer and online retailer behind MorphCostumes, which makes and distributes the popular ‘Morphsuit’. AFG fully appreciated the changing route to market, and were themselves looking to diversify their business offering and accelerate their own growth strategy.
It plans to export Fun Shack’s costumes through its existing international distribution channels – targeting Australia, Canada, France, Germany, Italy, the Netherlands, Spain and the United States – and an established network of more than 200 shops, as well as online via Amazon and other retailers.
Adrian Gare said: “We were pleased to advise on the deal which will give Fun Shack access to AGF Media’s established overseas audience, and the infrastructure to quickly take their business to the next level.”
The deal will give Fun Shack access to AGF Media’s established overseas audienceAdrian Gare Corporate Finance