Key Takeaways
- • IVEST Consumer Partners and Cloverlay have sold Care Bears to Authentic Brands Group, which operates a global portfolio generating $36 billion in annual systemwide retail sales across sports, media, entertainment, and lifestyle properties.
- • Under IVEST and Cloverlay's three-year stewardship (2023–2026), Care Bears quadrupled revenue and is projected to reach $750 million in retail sales by year-end 2026, demonstrating significant operational value creation from the undermonetized asset.
- • Care Bears has generated over $12 billion in cumulative retail sales since inception and achieved 85% global brand awareness, ranking second among peer character brands, with products distributed across more than 190 territories.
- • Transaction valuation was not disclosed, though comparable evergreen character brand Peanuts sold in December 2025 for C$630 million (approximately 23x EBITDA), providing market context for the Care Bears exit multiple.
- • The acquisition reflects Authentic Brands Group's strategy to add legacy intellectual property with demonstrated licensing and merchandising potential to its existing portfolio of iconic global brands.
Summary
IVEST Consumer Partners and Cloverlay have divested Care Bears to Authentic Brands Group, marking the exit of the private-equity stewards three years after acquiring the iconic character property from the Weiss family in 2023. The Weiss family had maintained sole ownership of Care Bears for over four decades prior to the 2023 acquisition.
The transaction underscores substantial operational value creation during IVEST and Cloverlay's ownership period. Under their management, Care Bears increased revenues fourfold and is on track to exceed $750 million in retail sales by the close of 2026. Since its inception, the brand has generated more than $12 billion in cumulative retail sales. Global brand awareness has surged to 85%, positioning Care Bears as the second-ranked character brand among its peer group globally. The brand's distribution footprint expanded significantly, with consumer products and content now available in more than 190 territories, reflecting successful expansion across licensing, retail categories, and sales channels.
Authentic Brands Group, the acquirer, is a leading global platform specializing in sports, media, entertainment, and lifestyle intellectual property. The platform's existing brand portfolio generates more than $36 billion in annual systemwide retail sales worldwide. The company has demonstrated a track record of acquiring and scaling legacy character and entertainment properties.
Deal terms were not publicly disclosed. However, market comparables provide valuation context: Peanuts, a similarly evergreen character brand with substantial licensing reach, sold in December 2025 for C$630 million, representing approximately 23x EBITDA. This multiple framework suggests the scale and market expectations for established character intellectual property with global consumer recognition and merchandising infrastructure.
The Care Bears transaction reflects broader private-equity appetite for acquiring undermonetized cultural assets with substantial brand equity and licensing potential, particularly when partnered with operational expertise and distribution infrastructure capable of unlocking dormant commercial value.
The transaction underscores substantial operational value creation during IVEST and Cloverlay's ownership period. Under their management, Care Bears increased revenues fourfold and is on track to exceed $750 million in retail sales by the close of 2026. Since its inception, the brand has generated more than $12 billion in cumulative retail sales. Global brand awareness has surged to 85%, positioning Care Bears as the second-ranked character brand among its peer group globally. The brand's distribution footprint expanded significantly, with consumer products and content now available in more than 190 territories, reflecting successful expansion across licensing, retail categories, and sales channels.
Authentic Brands Group, the acquirer, is a leading global platform specializing in sports, media, entertainment, and lifestyle intellectual property. The platform's existing brand portfolio generates more than $36 billion in annual systemwide retail sales worldwide. The company has demonstrated a track record of acquiring and scaling legacy character and entertainment properties.
Deal terms were not publicly disclosed. However, market comparables provide valuation context: Peanuts, a similarly evergreen character brand with substantial licensing reach, sold in December 2025 for C$630 million, representing approximately 23x EBITDA. This multiple framework suggests the scale and market expectations for established character intellectual property with global consumer recognition and merchandising infrastructure.
The Care Bears transaction reflects broader private-equity appetite for acquiring undermonetized cultural assets with substantial brand equity and licensing potential, particularly when partnered with operational expertise and distribution infrastructure capable of unlocking dormant commercial value.
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