New Era Cap, LLC, a global lifestyle brand known for its connection to sport, fashion, and culture, has made a significant move by acquiring ’47, a premium sports lifestyle brand. This acquisition is set to expand the reach of both brands across geographies and product categories, creating a powerhouse in the industry.
The agreement between New Era and ’47 brings together two family-founded brands that share a deep-rooted passion for sport, fashion, and culture. By joining forces, the companies aim to offer an expanded and diversified product portfolio of apparel and accessories on a global scale. This partnership will also strengthen their licensing partnerships with major sports leagues and events, including MLB, NBA, NFL, NHL, and many more, generating an estimated $2 billion in annual revenue.
Christopher H. Koch, CEO of New Era, expressed his excitement about the acquisition, highlighting the shared values and history of both companies. He emphasized the potential for growth and the opportunity to enhance customer experiences worldwide. Dominic Farrell, President of ’47, echoed this sentiment, noting the milestone achievement for the brand and the prospects for expanding internationally.
Following the completion of the transaction, New Era and ’47 will continue to operate independently from their respective headquarters in Buffalo, New York, and Westwood, Massachusetts. ’47 will be led by Dominic Farrell, ensuring a smooth transition and continuity for customers and partners.
The acquisition is expected to be finalized by the end of 2024, pending regulatory approvals and other customary closing conditions. ACON Investments, a private equity firm based in Washington, D.C., will maintain a significant stake in the combined company, underscoring confidence in the strategic move.
Legal counsel for New Era is being provided by BCLP, while ’47 is represented by Goodwin Procter LLP. Financing for the transaction has been secured through a consortium of leading financial institutions, including BofA Securities, JPMorgan Chase Bank, TD Securities, Citibank, Sumitomo Mitsui Banking Corporation, Jefferies Finance LLC, Truist Securities, and PNC Capital Markets.
New Era, founded over a century ago, is renowned for its craftsmanship and leadership in headwear, with official partnerships across various sports leagues and events globally. ’47, established in 1947 by twin brothers Arthur and Henry D’Angelo, has grown from a street cart outside Fenway Park to a premier sports lifestyle brand with a unique blend of sport and style.
The acquisition of ’47 by New Era marks a significant development in the sports lifestyle industry, bringing together two iconic brands with a shared vision for innovation and growth. The combined strengths of both companies are set to create new opportunities for expansion and collaboration, solidifying their position as leaders in the market.