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Canada  + Ontario  + Retail  | 
Unity Acquisitions has completed its court-monitored purchase of Mastermind Toys.

Completed Deal Assures Mastermind’s Future

Mastermind Toys will live on.

Unity Acquisitions has completed its court-monitored purchase of the financially troubled Canadian toy store operator for an undisclosed price. Mastermind now has 48 stores, down from 66, across Canada.

Unity agreed to purchase most of Mastermind’s assets in December. The Ontario Superior Court of Justice Commercial List assigned numerous property leases and other contracts to Unity in conjunction with the deal’s closure.

Toronto-based Mastermind filed for bankruptcy protection under the Companies’ Creditor Protection Act in November and received court permission November 30 to close 18 stores which were not included in the deal.

Unity is owned by prominent Canadian retail investors Joe MimranFrank Rocchetti and David Lui. The company’s portfolio includes Kit and Ace and Casca Footwear stores.

“We are excited about the future of Mastermind Toys and bringing new ideas and an enhanced in-store and online experience to build on the company’s strong fundamentals and unlock growth,” said Mimram, who chairs Unity, in a news release.

Toronto-based Alvarez & Marsal Canada acted as the court-appointed monitor in the transaction.

Photo: JHVEPhoto / Shutterstock.com

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
  • ◦Financing
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