Massachusetts-based indie toy company Schylling Associates has been acquired by investment firms Crofton Capital and Gladstone Investment Corporation.

Schylling designs contemporary versions of classic toys and collectibles and also holds licensing partnerships with brands like Thomas & Friends, Uglydoll, Curious George, Babar and Warner Bros.’s  The Wizard of Oz. The company also distributes a range of products for LEGO, BRIO, Lava Lamps, Moshi Monsters, Angry Birds, Sea Monkeys and Erector (now owned by Spin Master).

With news of the acquisition, Paul Weingard has become president of the company. He most recently led product development at Schylling for five years and brings with him more than 30 years of toy industry experience to the new role. Founder Jack Schylling is assuming an advisory role focused on providing creative support. David Schylling will continue in a business development leadership role.

The company headquarters and distribution center will continue to operate in Rowley, Massachusetts.