Praesidian Capital-Backed Round 2 Acquires Lionel, Forming Lionel Brands Group

Combination Brings Together Two Iconic Hobby Industry Platforms

OKLAHOMA CITY, March 10, 2026 /PRNewswire/ -- Praesidian Capital ("Praesidian"), a private equity firm focused on investing in lower middle market companies across multiple industries, today announced that its portfolio company Round 2 Holdings ("Round 2") has completed the acquisition of Lionel LLC ("Lionel"), one of the most recognized brands in the global hobby industry.

Following the transaction, the combined organization will operate under the Lionel Brands Group name, bringing together Lionel's iconic model train heritage with Round 2's portfolio of hobby and collectibles brands. The platform will focus on product innovation, licensing partnerships, and expanding distribution across hobby, specialty retail, and collector channels.

Founded in 1900, Lionel has been synonymous with model railroading for more than a century and remains one of the most iconic brands in American toy and hobby history and Lionel Racing is the Official Diecast of NASCAR. Round 2 is a leading designer and marketer of hobby products including model kits, die-cast vehicles, slot cars, and farm toys serving a loyal and enthusiastic base of hobbyists and collectors.

Praesidian invests across a range of sectors including consumer products, specialty manufacturing, and business services. The firm has long maintained an affinity for enthusiast-driven consumer brands and businesses with strong heritage and loyal customer communities.

"Lionel is a brand that has inspired generations of hobbyists and collectors," said Richard Barry, CEO of Lionel Brands Group. "Bringing Lionel together with Round 2 creates a unique platform within the hobby industry that combines heritage brands, passionate enthusiast communities, and deep product development capabilities. We look forward to continuing Lionel's tradition of innovation while expanding opportunities across Lionel Brands Group."

Jason Drattell, Founder and Managing Partner of Praesidian Capital, commented: "Lionel represents one of the most storied brands in the hobby industry, and we are excited to support Round 2 in bringing these two exceptional businesses together. The formation of Lionel Brands Group highlights our commitment to partnering with strong management teams to build leading companies across the sectors in which Praesidian invests."

Tom Duffy, Partner at Praesidian Capital, added: "This transaction would not have been possible without the extraordinary support and commitment of our partners. We are especially grateful to our limited partners, advisors, and the management teams whose collaboration, trust, and dedication were instrumental in bringing this transaction to completion. We look forward to continuing that partnership as Lionel Brands Group builds on the shared legacy of these iconic brands."

Kevin Burke, Partner at Praesidian Capital, added: "Lionel and Round 2 each have deep connections with hobbyists and collectors around the world. 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."

Transaction Advisors

Ice Miller LLP served as legal counsel to Praesidian Capital and Round 2 Holdings. Consensus served as a buyside financial advisor in connection with the transaction.

About Praesidian Capital

Praesidian Capital is a private equity firm focused on investing in lower middle market companies across multiple industries, including consumer products, specialty manufacturing, and business services. Praesidian partners with management teams to build market-leading businesses through strategic acquisitions, operational improvements, and long-term growth initiatives. For more information, visit www.praesidian.com.

Media Contact:
Linda Dignelli
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SOURCE Praesidian Capital