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SARASOTA — An investment group led by Sarasota entrepreneurs David Chessler, Eric Baird and retired professional golfer Greg Norman has purchased Laser Pegs Ventures LLC, a Sarasota-based toy company.
The entity acquired all assets and the patent portfolio of Laser Pegs, reorganizing the company under a group called Laser Pegs Investment Holdings, according to a statement. The company will keep its name and its headquarters at 8304 Consumer Court, the statement adds. Terms of the deal were not disclosed.
Chessler and Norman own an investment fund called the Great White Shark Opportunity Fund. Their investments include real estate, golf technology ventures and businesses with less than $25 million in revenue, according to the fund's website. Chessler and Baird, along with Sarasota businessman Jesse Biter, acquired Main Plaza in downtown Sarasota, home of the Hollywood 20 movie theater, for $18.1 million last year.
With Laser Pegs, the group is investing “in the expansion of Laser Pegs as it explores opportunities in expansion of the company's core product lines, new product categories and also acquisition and joint ventures with other toy companies both domestically and internationally,” the statement says. The expansion efforts will begin this weekend at the Toy Fair in New York, where the company will introduce new products.
Laser Pegs has also created an advisory board featuring Jeffrey Kennis, CEO of Enchanted Moments and a board member with Toy Industry Association Inc., and Ron Zabel, CEO of Bushnell and previously the L'eggs brand of Hanes at Sara Lee.
Founded in 2006, Laser Pegs created the Original Lighted Construction Set, a light-up toy set that resembles Legos. Jon Capriola, the company's founder, “went to pursue other interests and will no longer play a role in the company,” the statement says.
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