IVEST Consumer Partners and Cloverlay have agreed to sell Care Bears to Authentic Brands Group, exiting the iconic character brand roughly three years after acquiring it from the Weiss family in 2023. The sale marks a significant return for both firms in the character licensing space.

Under their ownership, Care Bears revenue grew fourfold while brand awareness reached 85% globally, ranking second within its peer group. The brand now distributes products and content across more than 190 territories and projects retail sales exceeding $750 million by 2026. This transformation from children's entertainment to consumer products licensing validates their investment approach.

IVEST operating partner Mark Matheny said the team successfully commercialized what he called "extraordinary cultural equity" that had been underdeveloped for decades. Cloverlay managing partner Jeff Collins described the asset as an "intangible and misunderstood intellectual property" with asymmetric upside potential, fitting their strategy of targeting assets outside traditional private equity allocations.

The deal underscores mounting interest in evergreen character intellectual property, evidenced by Peanuts selling for $441 million in December 2025 at roughly 23 times EBITDA. Licensing-led character assets continue commanding premium valuations from both strategic and financial buyers.