Private equity investor Brightstar Capital Partners has taken a majority stake in Bendon Publishing International, the Ashland, Ohio-headquartered mass-market coloring book, craft and activity kit, and educational product specialist with distribution in dollar stores, mass retailers, club stores, supermarkets, and online. The announcement was made on April 22. Founder and CEO Ben Ferguson continues to lead the company and, along with members of Bendon’s management team, retains an ownership stake. River Pines Capital is a co-investor.
After a long period of rapid expansion, Bendon has shown “minimal growth” over the last five years, according to Ferguson. “We’re now entering into a far more strategic, rapid growth phase,” he said. “This gives us fresh capital with a private equity partner that shares the vision we have, which is to grow organically and through acquisition, adding new companies, expanding product lines, and moving into adjacent categories. Our focus is screen-free educational and activity-based products for children.”
Bendon, which holds licenses with the major Hollywood studios, including Disney, Paramount, and Universal, among other IP owners, has been working on several acquisitions that will now go forward, Ferguson said. Past additions to Bendon’s portfolio that have helped propel the company’s growth have included coloring and activity specialist Dalmation Press in 2013; arts and crafts marketer Artistic Studios in 2014; T.S. Shure, a purveyor of educational wooden toys, magnetic playsets, and puzzles, in 2020; and licensed candy and cookie company Primary Colors and commercial printer Craftline Graphics, both in 2024.
Founded in 2001 and celebrating its 25th anniversary this year, Bendon has had significant outside investors since 2003, when Brand Equity Ventures purchased an ownership stake. The Spartan Organization followed in 2007. Private equity firm The Wicks Group acquired the publisher in 2012, selling it to another private equity firm, Irving Place Capital, in 2015. IPC remained the majority owner until the Brightstar transaction.
The investment marks Brightstar’s first acquisition under its new lower middle-market strategy, which focuses on businesses led by founders, families, and entrepreneurs. The company, which has $5 billion in assets under management, has to date specialized in middle-market businesses, with representative examples including Arden University, Best Choice Roofing, and Capstone Nutrition, among others.
Kirkland & Ellis LLP was the legal advisor to Brightstar in the deal, while Portage Point Partners LLP was the financial advisor and Spencer Fane Golenbock the legal advisor to Bendon.