Alleghany-backed Jazwares completed the acquisition of a majority stake in Kelly Toys and Kelly Amusement.

Alleghany-backed Jazwares, a toy and consumer products company, completed the acquisition of a majority stake in Kelly Toys and Kelly Amusement, manufacturers of plush toys in the US. Financial terms were not disclosed. "Kellytoy has established a strong position and a proven expertise in the plush toy market through a range of proprietary brands, including its best-selling Squishmallows® line. In February 2019, we entered into a strategic partnership with Kellytoy to reinvigorate and expand distribution of Jazwares' Russ BerrieTM brand, which we acquired in 2018. After working successfully together for over one year, we believe it is time to integrate and expand our partnership with Kellytoy, which will allow both companies to more fully leverage their strengths, positioning the combined entity as a leading supplier in the global plush market," Judd Zebersky, Jazwares Chief Executive Officer and President.