Black Sea Fund I Investment Fund acquires 70 pct. from D-Toys, the largest independent manufacturer of children’s games in Romania


Black Sea Fund I, an investment fund dedicated to the acceleration of small and medium-sized enterprises in Romania with a capital of over 43 million euros, announces the acquisition of a 70% stake in D-Toys, the largest local manufacturer of children’s puzzles and games. The value of the transaction is confidential.

The takeover of the majority package involves the extension of the management team which will ensure the succession planning of the company.

D-Toys is a company founded by Tibor Fustos in 2001, which achieved a turnover of four million euros last year, being the largest independent producer of puzzles and educational games in Romania.

The company produces educational games, board games and puzzles dedicated to children between 3 and 14 years old, among the most famous brands in the portfolio being Jocul Autostrăzilor, Animale din România, Alias, Capitalism Original, Șapte dintr-o lovitură , Bătălie Navală, Dacii i Romanii.

D-Toys has a modern factory with 90 employees in Sfântu Gheorghe, but the company is also present in the distribution segment in Romania, Germany and France.

The new management aims to focus in the coming years on increasing online sales, developing in markets such as Germany, Austria, Switzerland and increasing production and creative capacity. to meet the needs of the public in targeted international markets.

Tibor Fustos, D-Toys Founder: “We are very proud of the efforts of the entire team that have transformed us into the leading local manufacturer of children’s puzzles and games. This transaction with Black Sea Fund will allow us to rapidly develop the company and the product line, improve the innovation process and massively increase the awareness of our products in Romania, Germany, Austria and Switzerland. The arrival of Alex Bute and the new management team, their extensive international experience and their enthusiasm to join our company, make him an ideal partner to build on the existing base ”.

Alex Bute, the future CEO: “It is an honor to follow Tibor, who has had an impressive career, building from the ground up both D-Toys and the company team. I am proud and excited to be the next CEO of D-Toys. It’s an interesting time in the market. Our customers are less interested in cheap imports from China and have started looking for entertainment, quality and innovation. We are ideally placed to serve them in Europe and beyond, being one of the few integrated producers in the EU. I am also excited to build an even stronger culture to serve our customers by increasing our current workforce by over 40% in the years to come. “

Arin Ion, Black Sea Fund Partner I Cooperative UA, added: “Tibor has had an extraordinary career as the founder of D-Toys, contributing with his team to the success of the company for over 20 years. During this time, D-Toys has grown into the largest local producer of puzzles and games, the company has tripled its revenues, expanded its presence nationally and regionally, and significantly expanded its product portfolio. We are delighted that Alex Bute has joined forces to lead a new leadership team and a great company both nationally and internationally.

Smoked Dogwood, Black Sea Fund Partner I Cooperative UA: “We have been very impressed with how Tibor and his team have been able to grow the business and believe this partnership can be the start of a fantastic growth story. D-Toys is a company with remarkable evolution, which evolves in a favorable commercial environment and its flagship products are very well positioned in the local market. D-Toys is also the right platform for potential acquisition targets that we will be actively monitoring over the coming period. We look forward to contributing to the further development of the company and to working closely with Tibor and his team.

Black Sea Fund I was assisted in this operation by bpv Grigorescu Ștefănică, while D-Toys by Saxum Corporate Finance and Schoenherr & Asociații.

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