Gladstone Investment buys majority stake in McFarlane Toys

Gladstone Investment, a listed business development company, acquired a majority stake in McFarlane Toys, a Tempe, Arizona, designer of action figures and statues based on licensed films, video games, comics and sports leagues. Terms were not disclosed.

PE Professional reported that McFarlane licenses characters from entertainment studios, video game publishers, sports organizations and other rights holders and turns them into collectible figures. The lines run from DC Multiverse, Marvel, Transformers and Teenage Mutant Ninja Turtles to game-based figures for Call of Duty, Fallout, World of Warcraft, Diablo IV and Warhammer 40,000. The company also makes league figures for the NFL, NBA, MLB, NHL and UFC, anime lines including Demon Slayer and BLEACH, and its own Spawn range. It sells through national and specialty retailers, domestic and international distributors, e-commerce sites and its own direct-to-consumer business.

For advisors whose clients hold Gladstone Investment shares, the stake adds majority equity ownership in a licensed consumer-products company to the BDC. The stake's performance is tied to McFarlane's licensing partnerships and retailer relationships.

Todd McFarlane, the founder, and CEO Stephan Tetrault remain meaningful shareholders alongside Gladstone and will stay active in the business. "Our partnership with Gladstone represents an exciting opportunity to accelerate our growth, expand our global reach, and continue diversifying our product portfolio," Tetrault said.

U.S. toy sales rose 6% in 2025, returning to growth, according to Circana, with average selling prices up 4% and units up 3%. Toys priced from $30 to $69.99 were the fastest-growing price band, up 18%, and collectibles and licensed products outperformed the market. Grand View Research expects the U.S. action figure market to reach $3.1 billion by 2033, growing 5.6% a year from 2026.