Saban Brands has acquired all company assets and intellectual property of Paul Frank Industries. It will also manage its global licensing program, which includes more than 150 characters.

PFI's chief creative officer Ryan Heuser will maintain his role and will report directly to Elie Dekel, president of Saban Brands. Creative operations will continue to be handled at PFI's current headquarters in Costa Mesa, Calif.

"Paul Frank Industries is one of the world's leading lifestyle properties and we are delighted to add it to our stable of brands," says Haim Saban, chairman and chief executive officer of Saban Capital Group. "Paul Frank Industries has established a unique image that resonates with a wide variety of consumers and we look forward to building on its global success."

In addition, Mossimo Giannulli, a previous owner of PFI, will continue to advise and support the brand on a strategic level. John Oswald, chief executive officer and co-founder, is leaving the company.

PFI is the second acquisition for Saban Brands, which added the Power Rangers franchise in May.