Lionel, the historic model and toy train brand, has been acquired by Round 2, a collectables-focused company owned by Pradesidian Capital. As part of the transaction, a unified home for all of Lionel’s brands has been created.

The newly formed company intends to strengthen its investment in product development and storytelling while enhancing what already works best for each brand and honoring the heritage and authenticity that have defined Lionel for more than a century. To accomplish that goal, the leadership and product teams behind both brands will remain in place.

The acquisition closed on March 2. Transaction details were not disclosed.

Lionel is one of the most beloved and historic names in American collecting, with a history of craftsmanship that deserves thoughtful stewardship,” said Richard Barry, CEO of Lionel Brands Group. “We’re proud to be the custodians of this iconic, fan-first brand as we combine it with Round 2’s fan-first portfolio to invest in new products, better storytelling, and more ways to show up for fans and collectors.”

“True heritage like Lionel’s is both rare and powerful,” said Jason Drattell, Praesidian Capital Founder and Managing Partner. “Combining the strength of Lionel’s legacy with Round 2’s fan-favorite products allows us to build a stronger platform for the communities that have kept these brands for generations while increasing our ability to invest in long-term growth.”