ACON Portfolio Investment, New Era, to Acquire ’47, Forming Leading Global Sport and Lifestyle Company

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ACON Portfolio Investment, New Era, to Acquire ’47, Creating Premier Global Sport and Lifestyle Company

WASHINGTON, June 7, 2024 /PRNewswire/ — ACON Investments, L.L.C. (“ACON”) has made a significant announcement today regarding the acquisition of ’47, a premium sports lifestyle brand, by New Era Cap, LLC (“New Era”). This move is set to create a premier global sport and lifestyle company that will expand its reach across geographies and product categories. New Era, a global lifestyle brand known for its connection to sport, fashion, and culture, is a portfolio company of ACON, a private equity firm based in Washington, D.C.

The agreement between ACON and New Era will bring together two distinct brands, ’47 and New Era, both deeply rooted in sport, fashion, and culture. This merger will result in an expanded and diversified product portfolio of apparel and accessories that will be available globally. The combined company will continue to grow its licensing partnerships with major sports leagues and events, including Major League Baseball, the National Basketball Association, the National Football League, and the National Hockey League, among others. It is estimated that the combined company will generate approximately $2 billion in annual revenue.

Christopher H. Koch, Chief Executive Officer of New Era, expressed his excitement about the acquisition, stating, “We are pleased to have reached this agreement to acquire ’47, a company that shares our commitment to making iconic products and delivering premium experiences.” He highlighted the shared history and values of the two companies, both of which started as family businesses and have grown into globally recognized brands through hard work and dedication.

Dominic Farrell, President of ’47, also shared his enthusiasm for the partnership, stating, “Today’s announcement marks a major milestone for ’47 and is a testament to all we have achieved over the last 75+ years.” He emphasized the opportunities for growth and expansion that the merger with New Era will bring, particularly in international markets where New Era already has a strong presence.

Ken Brotman, a Founding Partner at ACON, commended both teams on the successful transaction, noting the potential for accelerated growth in the global sports headwear and apparel market. He expressed confidence in the combined company’s ability to reach new markets and customers worldwide.

Following the close of the transaction, the New Era and ’47 brands will continue to operate independently from their respective headquarters in Buffalo, New York, and Westwood, Massachusetts. ’47 will be led by Dominic Farrell.

The transaction is expected to be finalized by the end of 2024, pending customary closing conditions and regulatory approvals. ACON will maintain a significant stake in the combined company, continuing its successful partnership with New Era.

Overall, the acquisition of ’47 by New Era represents a significant step in the evolution of both brands, creating a premier global sport and lifestyle company with a strong presence in the market. This merger is set to bring new opportunities for growth and expansion, benefiting customers and partners around the world.

For more information about New Era, ’47, and ACON Investments, visit their respective websites.