NEW YORK (CNNMoney.com) - The company known for the Hula Hoop and Frisbee said Thursday it will be bought by a Hong Kong-based toy and game manufacturer.

Wham-O, which was previously owned by a private equity firm, will become part of Cornerstone Overseas Investments Limited, a privately held Chinese toy company.

"This is a fantastic opportunity to amass several legendary and leading brands in the toy and recreational outdoor businesses, which will provide synergies to our existing portfolio companies with its strong international brand recognition," Cornerstone CEO Jeff Hsieh said in a statement.

While the financial terms of the deal were not revealed, the news comes less than a month before the kickoff of the February International Toy Fair in New York.

Wham-O, which is based in Emeryville, Calif. and was founded over 50 years ago, is also known for other wildly successful products such as the Slip 'N Slide and the Hacky Sack.

____________________

Picking a fight with SpongeBob? Click here.