Basic Fun!, a Boca Raton, Fla., toy and novelty company bought the assets of K’nex, a Hatfield maker of construction toys, at a Jan. 29 auction, the buyer said Monday.
The price was not disclosed by PNC Bank, which auctioned the assets of K’nex. PNC said in a legal notice last month that it had received a $21 million offer for K’nex. Members of the Glickman family, who own Rodon Group, a plastics injection-manufacturing company in Hatfield, founded K’nex in 1992.
Rodon will continue manufacturing the toys under a long-term agreement, Basic Fun! said. Basic Fun!, which is a roll-up of toy manufacturers, also said it will maintain the K’nex office and distribution center in Hatfield.
The deal for K’nex includes classic toy brands Lincoln Logs and Tinkertoy.