New Era is expanding its footprint in the sporting world.
The lifestyle brand said Thursday it is acquiring Boston-based sporting and lifestyle brand ’47. Financial terms of the deal were not disclosed. The acquisition is meant to further both companies’ presence in the sports, fashion and culture worlds and is expected to generate $2 billion for the combined companies.
“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 the acquisition, New Era plans to increase products across both brands and expand globally. The company also plans to continue strengthening ‘47’s presence in North America through the markets New Era has already established itself in.
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Both companies will continue to grow their respective licensing partnerships with the U.S. and world’s largest sports leagues, domestically looking at Major League Baseball, the National Basketball Association and the National Football League, among others, and internationally working with European soccer clubs and auto racing teams.
“Today’s announcement marks a major milestone for ’47 and is a testament to all we have achieved over the last 75-plus 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.”
The deal is expected to close by the end of 2024.
