Investment Group Buys FUNimation for $24 million

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FUNimation has new owners.

The anime importing company has been sold for $24 million cash by the Navarre Corporation to an investment group lead by FUNimation president and CEO Gen Fukunaga and includes John A. Kuelbs.

Under the deal, Navarre has agreed to act as FUNimation’s exclusive distributor in the United States and will be the company’s logistics and fulfillment services provider.

“We have a great history with Navarre and we thank everyone there for their longstanding support throughout the last five years,” said  Fukunaga. “It is due to Navarre’s logistical expertise and wide distribution network that we were able to grow our company into the anime industry’s market share leader. Though it will no longer be our parent company, Navarre will continue to distribute our product and we look forward to working with them for years to come. We are very excited about our new partners all of whom understand our vision and will help us develop our initiatives in physical product, digital entertainment and other growth areas.”

“This transaction ends a comprehensive sales process undertaken over the last year. As previously discussed, FUNimation’s future strategies and associated risks to execute them are not in line with Navarre’s strategic direction,” said Reid Porter, chief operating officer of Navarre Corporation. “Most importantly, this sale allows us to now provide even greater focus on executing against our long-term strategic objectives.”

As exclusive distributor, Navarre will leverage its more than 25-year history as a leading distributor for computer software, home entertainment media, consumer electronics and accessories.