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May 17, 2022

The Black Sea Fund I investment fund acquires 70% of D-Toys, the largest independent manufacturer of children’s games in Romania

The new management aims to expand in countries such as Germany, Austria, Switzerland


 D-Toys is the producer of Jocul Autostrăzilor, Animale din România, Dacii și Romanii

  • The company produces games for children between 3-14 years old
  • Plans: focus on online, international development and increased production
  • Increase the number of employees by 40% in the coming years

Black Sea Fund I, an investment fund dedicated to accelerating small and medium enterprises in Romania with a capital of over 43 million euros, announces the acquisition of a 70% stake in D-Toys, the biggest local manufacturer of puzzles and children’s games. The value of the transaction is confidential.

The takeover of the majority package involves the extension of the management team who will ensure the succession planning of the company.

D-Toys is a company founded by Tibor Fustos in 2001, that last year had revenues of four million euros, being the largest independent producer of puzzles and educational games in Romania.

The company produces educational games, board games and puzzles dedicated to children between 3 and 14 years, among the most famous brands in the portfolio being Jocul Autostrăzilor, Animale din România, Alias, Capitalism Original, Șapte dintr-o lovitură, Bătălie Navală, Dacii și Romanii.

D-Toys has a modern factory with 90 employees in Sfântu Gheorghe, but the company is also present in the distribution segment in Romania, Germany and France.

The new management aims to focus in the coming years on increasing online sales, developing in markets such as Germany, Austria, Switzerland and increasing production and creative capacity to meet the needs of the public in the targeted international markets.

Tibor Fustos, the founder of D-Toys: “We are very proud of the efforts of the entire team that transformed us in the leading local manufacturer of puzzles and children’s games. This transaction with Black Sea Fund will allow us to rapidly grow the company and the product range, to improve the innovation process and massively increase the notoriety of our products in Romania, Germany, Austria, and Switzerland. The arrival of Alex Bute and the new management team, their in-depth international experience and their enthusiasm to join our business, make them an ideal partner to build on the existing foundation”.

Alex Bute (photo), the future CEO: “It is an honor to follow Tibor, who has had an impressive career, building from scratch both D-Toys and the team of the company. I am proud and excited to be the next CEO of D-Toys. This is an interesting time in the market. Our customers are less interested in the cheap imports from China and started to look for entertainment, quality and innovation. We are ideally positioned to serve them in Europe and beyond, being one of the few integrated producers in the EU. I am also excited to build an even stronger culture to serve our customers by expanding our current workforce by over 40% in the coming years.”

Arin Ion, partner of Black Sea Fund I Cooperative UA, added: “Tibor had an extraordinary career as the founder of D-Toys, contributing together with his team to the company’s success for over 20 years. During this time, D-Toys became the largest local producer of puzzles and games, the company has tripled its revenues, expanded its presence nationally and regionally and significantly expanded its product portfolio. We are thrilled that Alex Bute has joined forces to lead a new management team and a great business both nationally and internationally.”

Cornel Fumea, partner of Black Sea Fund I Cooperative UA: “We were very impressed with the way Tibor and his team managed to develop the company and we are sure that this partnership can be the beginning of a fantastic growth story. D-Toys is a company with a remarkable evolution, which operates in a favorable business environment and its core products are very well positioned on the local market. D-Toys is also the right platform for potential acquisition targets that we will actively monitor in the coming period. We look forward to contributing to the future development of the company and working closely with Tibor and his team.”

Black Sea Fund I was assisted in this transaction by bpv Grigorescu Ștefănică, while D-Toys by Saxum Corporate Finance and Schoenherr & Asociații.



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