Round 2 Acquires Lionel, Forms New Lionel Brands Group

Lionel, the model railroad brand that Joshua Lionel Cowan and Harry C. Grant built from a New York City workshop in 1900, has a new corporate home. Round 2 Holdings, a portfolio company of private equity firm Praesidian Capital, closed its acquisition of Lionel LLC on March 2, 2026, and the combined operation will move forward under the name Lionel Brands Group. Richard Barry steps in as CEO of the newly formed group.

The deal pulls together two distinct corners of the hobby world. Lionel brings its century-plus model railroading legacy and Lionel Racing, which holds the title of Official Diecast of NASCAR. Round 2 adds a roster of collector-focused brands that includes AMT, MPC Model Products, Mini Metals, Johnny Lightning, Racing Champions, and Big Country Toys. Praesidian, which acquired Round 2 in 2021, describes itself as a firm with a particular affinity for enthusiast-driven consumer brands with loyal communities.

Barry framed the combination in terms of stewardship as much as strategy. "Lionel is one of the most beloved and historic names in American collecting, with a history of craftsmanship that deserves thoughtful stewardship," he said. "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."

Praesidian Founder and Managing Partner Jason Drattell pointed to the rarity of Lionel's brand equity. "True heritage like Lionel's is both rare and powerful," Drattell said. "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."

Praesidian partner Kevin Burke added that the geographic breadth of both brands' followings made the consolidation a logical step. "Lionel and Round 2 each have deep connections with hobbyists and collectors around the world," Burke said. "Bringing these businesses together under Lionel Brands Group creates an exciting opportunity to build on that heritage while continuing to invest in product innovation and the enthusiast communities that make this industry so unique."

Operationally, the leadership and product development teams at both companies will remain in place. The stated priorities for Lionel Brands Group center on product innovation, licensing partnerships, and expanding distribution across hobby, specialty retail, and collector channels. Financial terms of the transaction were not disclosed.

Lionel's corporate headquarters remain in Concord, NC. The brand has passed through multiple ownership groups across its 126 years, with rock star Neil Young ranking among the more notable prior owners. Under Praesidian's backing, Round 2 now positions the combined platform as what it calls "a bigger, fan-first home for the brands and categories collectors care about most," with an eye toward adjacent product categories and shared fandom across trains, model kits, die-cast, and racing.