Reported 6 months ago
New Era Cap, a supplier of major U.S. sports league headwear, is set to acquire sports lifestyle brand '47, creating a company with an estimated annual revenue of $2 billion. The acquisition, between two family-founded brands, is expected to finalize by the end of 2024, followed by New Era's planned initial public offering (IPO). New Era, known for its caps in NFL, MLB, and NBA, initiated preparations for the IPO last year and might exceed the initially projected $5 billion valuation. '47, founded in 1947 in Boston, also sells hats and apparel linked to major US sports leagues. More financial details are yet to be revealed.
Source: YAHOO