New Era to Acquire '47, Creating Premier Global Sport and Lifestyle Company

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