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.”

Founded in 1900 by Joshua Lionel Cowen in New York City, Lionel Trains began as an electric novelties company before becoming the dominant name in toy train manufacturing. Its robust line of Standard Gauge and O gauge trains helped define the golden age of toy trains in America during the early 20th century. After World War II, Lionel sets became a fixture under Christmas trees across the country, cementing the brand’s cultural legacy and providing the launchpad for many to enter the hobby of model railroading.

The company faced financial struggles in the late 1960s and 1970s, and the Lionel name has changed hands multiple times since 1969. In 1986, control of the brand returned to train enthusiasts when it was acquired by Detroit businessman and collector Richard Kughn, launching a revival focused on higher-quality reproductions and new products for collectors and operators alike. Singer-songwriter Neil Young has held a minority stake in Lionel since 1995.