Investment firms Crofton Capital LLC and Gladstone Investment Corp. have acquired Schylling Associates Inc., an independent toy and gift designer, manufacturer, and distributor.

Schylling’s product line is known for its contemporary versions of classic toys and collectibles inspired by iconic playthings including jack-in-the-boxes, sock monkeys, and tin robots and vehicles. The Schylling line also includes toys created in partnership with licensed properties, including Thomas & Friends, Uglydoll, Curious George, Babar, and The Wizard of Oz. Schylling also distributes products for brands including Lego, Brio, Lava Lamps, Moshi Monsters, Angry Birds, Sea Monkeys, and Erector. The company’s customer base ranges from major retailers to specialty stores.

Paul Weingard has become president of Schylling Inc. He most recently led product development at Schylling for five years, and brings 30 years of diverse toy industry experience to his 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, Mass. Mark Slusarz, vice president of sales, Jim Leonard, COO, and Tom Schylling, CFO, will also continue in their current leadership roles.