Independent toy designer and manufacturer Schylling Associates has been acquired by the investment firms Crofton Capital and Gladstone Investment Corporation.

Known for its high quality, contemporary versions of classic toys such as jack-in-the-boxes and sock monkeys, the toy company also has a range of licenses including

Thomas & Friends, Uglydoll, Curious George, Babar and Warner Brothers’ The Wizard of Oz. Schylling also distributes a broad line of products for brands including LEGO, BRIO, Lava Lamps, Moshi Monsters, Angry Birds, Sea Monkeys and Erector.

As part of the deal, Schylling’s head of product development, Paul Weingard, will take over as president of the company.

Founder Jack Schylling will assume an advisory role and David Schylling will continue in a business development leadership role.

“We’re extraordinarily excited about Schylling’s future. We see tremendous opportunities for product innovation, brand development and expanded distribution that will fuel continued growth,” says Weingard. “Our new partners bring the capital and complementary resources that will enable us to continue to build on our leadership position of classic fun in the independent toy arena.”

The company headquarters and distribution center will continue to operate in Rowley, Mass., with the rest of the company’s executive team remaining in their current roles, including Mark Slusarz as vice president of Sales, Jim Leonard as chief operating officer and Tom Schylling as chief financial officer.