Ravensburger takes majority stake in STEIFF
Context
Ravensburger AG has announced the acquisition of a majority stake in Margarete Steiff GmbH, the historic German plush toy manufacturer founded in 1880. The transaction brings together two iconic players in the family entertainment industry and reflects Ravensburger’s strategy of expanding its portfolio through premium brands with strong heritage and international recognition. The acquisition represents a strategic expansion for Ravensburger into the premium toy and collectible segment. By combining Ravensburger’s expertise in puzzles, games and educational content with Steiff’s craftsmanship and distinctive brand identity, the transaction creates a complementary platform for future growth. The partnership offers opportunities to leverage Ravensburger’s distribution network, digital platforms and licensing capabilities to accelerate Steiff’s international development. The combination also enables Ravensburger to further diversify its product offering and explore new opportunities through the creation of products and experiences combining the strengths of both brands. Following completion, the companies plan a phased integration approach designed to preserve Steiff’s artisanal heritage and brand equity while improving operational coordination across areas such as procurement, logistics and administrative functions. This structure aims to maintain Steiff’s reputation for quality while benefiting from Ravensburger’s broader resources and international reach. Over the long term, the combined group intends to strengthen its position in the global premium toy market through new product development, joint marketing initiatives and enhanced customer experiences. Both companies will continue to preserve their distinct brand identities while benefiting from strategic and operational complementarities.
STEIFF, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Steiff GmbH is a historic German manufacturer specialising in premium plush toys and collectible products. Founded in 1880 in Giengen, Germany, the company has built its reputation on exceptional craftsmanship, strong brand heritage and a distinctive identity, most notably through its iconic teddy bear line, which has become a global reference in the toy industry. The company designs, develops, manufactures and distributes a broad portfolio including plush animals, collectible figures and licensed character products. Through a vertically integrated operating model, Steiff maintains close control over key stages of production, from material selection and product development to manufacturing processes, ensuring high standards of quality, safety and durability. Steiff’s manufacturing activities are primarily located in Germany, complemented by selected European operations. This structure enables the company to preserve its specialised production expertise, maintain strict quality controls for children’s products and reinforce its positioning within the premium segment of the consumer goods market.
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Historical Financials (EUR)
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REFERENCES
Revenue range: 50M - 100M EUR
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: steiff
Acquirer: ravensburger