Brings Together Distinct Brands, Expanding
Reach Across Geographies and Product Categories
BUFFALO,
N.Y. and BOSTON,
June 6,
2024 /PRNewswire/ -- New Era Cap, LLC ("New Era"
or the "Company"), a global lifestyle brand with a deeply rooted
connection to sport, fashion and culture, and '47, a privately held
premium sports lifestyle brand, today announced an agreement under
which New Era will acquire '47. Financial terms of the transaction
were not disclosed.
Uniting New Era and '47 brings together two family-founded
brands deeply rooted in sport, fashion and culture that will be
positioned to deliver an expanded and diversified product portfolio
of apparel and accessories globally. Together, the brands will
continue and grow their licensing partnerships with many of the
largest global sports leagues and events, including Major League
Baseball, the National Basketball Association, the National
Football League and the National Hockey League, in addition to over
900 collegiate programs, European soccer clubs, U.S. and European
auto racing teams, Grand Slam tennis tournaments and major golf
championships, among others. The combined company is expected to
generate approximately $2 billion in
annual revenue.
"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," said Christopher H. Koch, Chief Executive Officer of
New Era. "We have known and respected the D'Angelo family and the
'47 team for many years and have tremendous respect for the
business they have built. Our two companies have a shared history,
having begun as family businesses dating back generations and
transforming through passion and hard work into globally recognized
brands. Through this transaction, we will offer a breadth of
products across both brands and enhance how we serve our customers
and partners around the world. We will also have opportunities to
build on '47's strong North American presence internationally in
new markets where New Era already has distribution capabilities and
a strong customer base. We look forward to leveraging the
complementary talent across our two companies and continuing our
growth journey for years to come."
"Today's announcement marks a major milestone for '47 and is a
testament to all we have achieved over the last 75+ years in
growing from a single street cart outside Fenway Park to a successful business and premier
sports lifestyle brand," said Dominic
Farrell, President of '47. "New Era's core values of
creativity and self-expression, combined with its league
partnerships, international presence and global distribution
capabilities make them the ideal partner for us. We are excited by
the opportunities to accelerate our growth and expand the
international reach of the '47 brand and bring more premium
products to passionate consumers globally."
Following the close of the transaction, the New Era and '47
brands will continue to serve consumers independently from each
company's respective headquarters in Buffalo, New York, and Westwood, Massachusetts, with '47 led by
Dominic Farrell.
The transaction is expected to close by the end of 2024, subject
to customary closing conditions, including receipt of regulatory
approvals.
ACON Investments, a private equity investment firm based in
Washington, D.C., which initially
invested in New Era in January 2021
as its first institutional equity capital, will maintain a
significant stake in the combined company.
BCLP (Bryan Cave Leighton Paisner LLP) is serving as legal
counsel to New Era. New Era has secured committed financing for the
transaction from BofA Securities, Inc., JPMorgan Chase Bank, N.A.,
TD Securities (USA) LLC, Citibank,
N.A., Sumitomo Mitsui Banking Corporation in partnership with
Jefferies Finance LLC, and Truist Securities, Inc., who are acting
as joint lead arrangers and joint bookrunners, and PNC Capital
Markets LLC, who is co-documentation agent. Goodwin Procter LLP is
serving as legal counsel to '47, and William Blair is serving as the exclusive
financial advisor to '47.
About New Era
New Era
Cap, LLC is a global lifestyle brand with a deeply rooted
connection to sport, fashion and culture, and offering apparel and
accessories for men, women and kids. Founded more than a century
ago, New Era is recognized around the world for its craftmanship
and leadership in headwear, which includes official partnerships
with Major League Baseball, the National Football League and the
National Basketball Association, in addition to being the headwear
of choice for many global sports and events, including European
soccer clubs, U.S. and European auto racing teams, Grand Slam
tennis tournaments and major golf championships, among others.
Since 1920, New Era has maintained its core values of creativity
and self-expression and regularly collaborates with celebrities as
well as many of the most prominent and influential designers and
creatives. The brand is available at 42,000 points of distribution,
including 925 franchise and partner stores across 110+ countries.
New Era is proudly headquartered in Buffalo, New York, with offices in 14
countries around the world. For more information, visit
www.neweracap.com.
About '47
'47 is a privately held premium sports
lifestyle brand founded in Boston,
MA by twin brothers, Arthur and
Henry D'Angelo, in 1947. The D'Angelos were entrepreneurial
pioneers who were quick to see the future of sports licensing by
selling pennants and other sports memorabilia on the streets around
Fenway Park. Through a combination
of hard work, sound instincts and incredible passion, the brothers
were able to grow their business from a single street cart to a
premier sports lifestyle brand that uniquely melds sport and style.
'47 is an official licensee of Major League Baseball, the National
Basketball Association, the National Football League, the National
Hockey League, NASCAR, over 900 collegiate programs and many
international football clubs. For more information, please visit
https://www.47brand.com/.
Media Contacts
New Era
Leigh Parrish /
Tim Ragones
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
lparrish@joelefrank.com / tragones@joelefrank.com
John Mackowiak
The Martin Group
518-618-1175
jmackowiak@martingroupmarketing.com
'47
Rebecca Shapiro /
Mikaela Duhs / MC Miskell
Shorefire Media
917-446-2410
47PR@shorefire.com
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SOURCE New Era Cap LLC