One of Lincoln's most iconic brands has a new owner.
AMain Hobbies on Wednesday announced that it has an agreement in principle to acquire HobbyTown, the largest hobby/specialty toy retailer in the world.
The deal is expected to close later this summer. Terms of the sale were not disclosed.
The current iteration of HobbyTown has roots in Lincoln that go back to the 1970s, when Merle Hayes opened the Great Race and Hobby Place store. He later partnered with Thom Walla and bought the original HobbyTown store at 13th and P streets, which had a history dating back to the 1950s, and the name stuck.
Walla, Hayes and Hayes' wife, Mary, started franchising HobbyTown stores in 1985, and the company has since grown to 106 stores in 35 states. It had routinely ranked among the top 500 franchise companies in the U.S. before falling off the list this year.
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“We are honored and excited to bring HobbyTown into the AMain Hobbies family,†AMain Hobbies CEO Kendall Bennett said in a news release.
"HobbyTown has been the go-to place for countless enthusiasts, like myself, to fuel their passion for radio-controlled cars, airplanes, specialty toys, and games, as well as STEM toys," he said.
AMain, which is based in California, is an e-commerce company that specializes in selling remote-control cars, planes and drones.
It has an existing partnership with HobbyTown that started in 2016. As part of that deal, it took over management of HobbyTown's website and e-commerce sales.
“We have formed a great partnership with AMain Hobbies for the past seven years,†Walla said in a statement. “We have confidence Kendall and his team at AMain Hobbies along with the HobbyTown team will continue the tradition of bringing an enjoyable one-stop shopping experience to customers across the country.â€
AMain said it has plans to expand the HobbyTown brand with stores in several new markets this year. The company also said it's interested in helping existing HobbyTown franchisees expand.
Daniel Schmidt, who owns the two HobbyTown stores in Lincoln, said he's feeling "very positive" about the deal.
"Their big ethos is building back the brick and mortar stores and retail in general," he said of AMain.
The company plans to keep both the HobbyTown headquarters and distribution center open in Lincoln.
Troy Hanson, an AMain spokesman, said Lincoln is a good strategic distribution location and fills a gap for the company, which has existing centers in Chico, California, and Charlotte, North Carolina.