Image Comics Founder/Spawn Creator Todd McFarlane Sells McFarlane Toys

Posted in: Collectibles, Comics, Image, McFarlane Toys | Tagged: Gladstone Investment, spawn, todd mcfarlane

Image Comics Founder/Spawn Creator Todd McFarlane Sells McFarlane Toys

Image Comics co-founder Todd McFarlane sells most of his McFarlane Toys action figure company to Gladstone Investment

Published Sat, 07 Nov 2026 08:55:10 -0600
by Rich Johnston
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Article Summary

• Todd McFarlane sells a majority stake in McFarlane Toys to Gladstone Investment, with terms undisclosed.
• McFarlane and CEO Stephan Tetrault retain minority ownership and will stay active in strategy and growth.
• Founded in 1994 after Todd McFarlane split from Mattel, McFarlane Toys reshaped the collector action figure market.
• Spawn, DC Multiverse, HALO, sports and horror lines helped make McFarlane Toys a major collectibles brand.

Gladstone Investment Corporation has bought a majority stake in McFarlane Toys, the collectable action figure company founded in 1994 by Todd McFarlane, Image Comics co-founder, creator of Spawn, and co-creator of Venom and Angela. Gladstone provided both debt and equity financing to close the deal, with financial terms left undisclosed. It is stated that co-owners Todd McFarlane and Stephan Tetrault retain meaningful minority ownership and will continue to play active roles in guiding strategy and growth.

McFarlane Toys has spent three decades making highly detailed licensed figures and statues across comics, film, video games, anime and sports. The company sells through national retailers, speciality stores, distributors, e-commerce and its own direct-to-consumer channel. Bleeding Cool has covered its output extensively over the years, (indeed, I've interviewed him a few times about all sorts, I've bought a fair few examples, and have my Bag Of Izes on my desk right now), from the initial Spawn universe figures, the long-running DC Multiverse line (winding down ahead of Mattel taking over the licence) to Marvel, HALO, US sports, Mortal Kombat and various other properties.

McFarlane Toys, a subsidiary of Todd McFarlane Productions and headquartered in Tempe, Arizona. came as a result of Todd McFarlane pursuing a toy license for his Spawn comic books at Image Comics. He reached a deal with Mattel and a promotional Hot Wheels Spawnmobile, but disagreements over the level of detail, paint applications, articulation, and more led Todd to pull back the rights and start his own company.

Initially and nose-tweakingly named Todd Toys, he changed its name to McFarlane Toys in 1995 after Mattel issued pressure over the trademark on Todd, the younger brother of Barbie. The first products were a 1994 Spawn line of six figures, Spawn, Medieval Spawn, Violator, Overt-Kill, Clown, and Tremor, plus accessories such as the Spawn Alley playset and Spawnmobile. These figures stood out for their intricate sculpting, individual paint applications on spikes and details, durable, collector-friendly packaging, and the inclusion of a mini-comic. They targeted older fans and collectors rather than young children, and eventually everyone else changed to match.

Building on the success of Spawn, McFarlane Toys rapidly expanded into licensed properties across film, music, sports, video games, and television. Key early lines included Movie Maniacs with highly detailed horror and sci-fi figures of icons such as Freddy Krueger, Jason Voorhees, Michael Myers, Leatherface, and characters from The Terminator and other films. Partnerships with Kiss, tied to the Psycho Circus era, as well as figures of Ozzy Osbourne, Alice Cooper, Rob Zombie, and others added music figures, with NHL, MLB, NFL, NBA, and later NASCAR following. Other licenses included The Simpsons, Soulcalibur, Metal Gear Solid, HALO, Fortnite, DC Multiverse, and original or collaborative projects such as works with Clive Barker and H.R. Giger. The 30th anniversary in 2024 even saw a Todd McFarlane figure. Stephan Tetrault, a longtime industry executive, joined the ownership group and later served as CEO in 2018.

Todd McFarlane said, "When I started McFarlane Toys, the goal was to give fans and collectors products with a level of detail and creativity that stood apart. That commitment remains at the heart of our business. We are excited to partner with Gladstone Investment and the new opportunities this partnership will create, as we continue developing new products, supporting our licensing partners, and delivering the quality and creativity our fans expect."

Stephan Tetrault, Chief Executive Officer and co-owner, added, "We have built a strong foundation of talented people, valued licensing partnerships and longstanding retail relationships," said Stephan Tetrault, Chief Executive Officer and co-owner of McFarlane Toys. "Our partnership with Gladstone represents an exciting opportunity to accelerate our growth, expand our global reach, and continue diversifying our product portfolio. With Todd's creative vision, our talented team, and Gladstone's experience and resources, we are exceptionally well positioned for the next chapter of McFarlane Toys."

Michael Cueter, Managing Director at Gladstone Investment, framed the purchase as consistent with the firm's focus on lower middle market founder- and management-owned businesses, saying, "McFarlane Toys has established a differentiated collectibles business through its well-recognized brand, distinctive design capabilities and deep relationships with leading licensors and retailers," said Michael Cueter, Managing Director at Gladstone Investment. "We believe the company's passionate collector following, experienced team, and ability to bring new properties and product formats to market creates a compelling foundation for continued growth. We are excited to partner with Todd, Stephan, and the broader McFarlane Toys team as they build on the company's legacy and pursue the next phase of growth."

Erika Highland, President of Gladstone Investment, added "McFarlane Toys represents another strong example of Gladstone Investment's strategy of partnering with successful founder- and management-owned lower middle market businesses," said Erika Highland, President of Gladstone Investment. "This investment represents our dedication to our ultimate goal of investing in quality companies that will produce stable income for dividends to our shareholders, as well as longer-term capital appreciation, through our significant equity ownership, resulting in capital gains."

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