New Era Cap Acquisition of ’47 Expects to Generate $2 Billion in Annual Revenue

BUFFALO, NEW YORK and BOSTON, MASSACHUSETTS (June 6, 2024) – New Era Cap came to an agreement to acquire ’47. Financial terms of the transaction were not disclosed.

Uniting New Era and ’47 will bring 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, according to a joint news release. 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. 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.”

’47 was founded in Boston by twin brothers, Arthur and Henry D’Angelo, in 1947 and started by selling pennants and other sports memorabilia outside Fenway Park.

“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 Farrell.

The transaction is expected to close by the end of 2024, subject to customary closing conditions, including receipt of regulatory approvals.