Texas Toy Company To Buy Ace Novelty

Play-By-Play Toys & Novelties Inc. of San Antonio said today it has agreed to acquire most of the assets of Ace Novelty Co. Inc. of Bellevue for about $44 million in cash and debt.

Play-By-Play said it also will assume some of Ace's liabilities.

The Texas supplier of stuffed toys featuring licensed children's entertainment characters and corporate trademarks will take over Ace's operations, including four warehouse-and-distribution centers in Bellevue, Los Angeles, Chicago and Burnaby, B.C.

Ronald Mayers, Ace president, will head Play-By-Play's Ace subsidiary.

Ace, with sales of $66 million last year, holds licenses to Warner Bros.' Looney Tunes characters and others.

Play-By-Play had sales of $50 million in its fiscal year ended July 31. It has licenses with Disney Enterprises Inc., Warner Bros. and several others in the entertainment-character business.

The deal is subject to a number of conditions but is expected to close this month.