Moose Mountain Toymakers specialises in sports arcade products, children's tents, ride-ons, pinball games and other toys. The portfolio also includes licences for key characters and brands.
The sale is set to conclude in the third quarter, subject to third party approval and other customary closing conditions.
Stephen Berman, president and CEO of Jakks Pacific, commented: "We believe these well-established and innovative product lines add to the breadth and depth of our extensive portfolio.
"Moose Mountain brings tremendous experience and talent in designing and manufacturing distinctive product lines and we look forward to expanding our offerings into new product categories."
Ron Lokos, president of Moose Mountain, added: "Jakks Pacific is the ideal long-term home for our business and the dedicated personnel who have built this business over the past 15 years.
"We believe that as part of Jakks, with their wide-ranging distribution and extensive manufacturing capabilities, this business will be well positioned to create exciting opportunities and synergies for meaningful future growth."