Mattel, Inc. has completed the acquisition of Hit Entertainment from a consortium of funds led by Apax Partners for $680 million in cash. The company previously announced its proposed acquisition of Hit Entertainment on October 24.
Hit Entertainment announced earlier this week that the company’s President and CEO Jeffrey Dunn, and COO Sangeeta Desai will be leaving the company after the closing of Hit’s acquisition.
Dunn, who has been leading the company since March 2008, when he was appointed by current owner Apax Funds and tasked with restoring the business and preparing it for future sale, will exit immediately. Desai, who became Hit’s COO in 2009, will depart following a short transition period.
Mattel has appointed David Allmark, executive vice president, Fisher-Price, to oversee the Hit portfolio of brands. Former Disney Consumer Products executive Edward Catchpole has been named senior vice president, Hit Brands. Reporting to Allmark, Catchpole will head the U.K. office and orchestrate marketing strategy for global HIT brands.