Randolph-based maker of toy, art and stationery products Cra-Z-Art has acquired an Indiana puzzle company to bolster its offerings in the toy market.
The deal for Lafayette Puzzle Factory, based in Lafayette, Indiana, gives Cra-Z-Art entry into a market segment that grew 10.8 percent last year, the company said. Lafayette, which was established in 2008, has seen double-digit sales growth over the last few years, Cra-Z-Art added.
“Cra-Z-Art is very excited to be acquiring Lafayette Puzzle Factory,” Chairman Lawrence Rosen said in a prepared statement. “They make a truly quality product and it’s a perfect fit for our company, alongside our arts and crafts, activities and adult coloring lines. It brings us back to our heritage when we successfully competed in this segment. Puzzles are also an increasingly vibrant and growing area, and we hope to continue to build on that.”
The company’s puzzles are sold in major retail outlets globally, Cra-Z-Art said.
“We are delighted to be joining the Cra-Z-Art family, and look forward to seeing our extensive line of great puzzle products grow with the help of their design and marketing expertise,” J.P. Clauson, Lafayette’s president, said in a statement.
Financial terms of the deal were not disclosed.