Pokémon Company's Excell Brands acquisition brings U.S. trading card distribution in-house

Feb 18, 2026

Summary

TPCi signed a definitive agreement to acquire Excell Brands, its largest U.S. trading card distributor.

The deal converts a decades-long third-party relationship into vertical ownership of physical distribution.

Excell will maintain its independent approach to serving retail and brand partners beyond Pokémon.

"This reflects our long-term commitment to supporting the Pokémon community and the broader trading card ecosystem"

— Kenji Okubo, President of The Pokémon Company International

TPCi acquires Excell Brands outright, pending regulatory approvals and customary closing conditions.

No deal size, valuation, or earn-out details were disclosed.

Excell is headquartered in Des Moines, Iowa, and operates as a full-service U.S. distribution and category management partner.

Both companies were founded in 1996, framing the deal around a 30-year shared history.

Excell was already TPCi's largest U.S. distributor, so the acquisition removes the wholesale margin layer entirely.

Owning category management gives TPCi direct visibility into retail sell-through and inventory positioning.

The source cites rising expectations around fulfillment and customer experience as a category-level pressure point.

This follows a broader pattern of IP holders vertically integrating distribution to tighten brand control at shelf.

Excell serves multiple trading card and collectible brands beyond Pokémon.

TPCi committed to preserving Excell's independent operating approach for those partners.

Rival TCG brands now route through a competitor-owned distributor, creating strategic tension.

Retail partners gain a better-capitalized distributor with a direct line to the world's highest-grossing card IP.

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