BUFFALO, N.Y. — New Era Cap announced on Thursday that the company is acquiring a Boston-based sports merchandise brand, '47.
In a statement, New Era said that both brands will continue to build and grow their licensing partnerships with leagues around the world, including Major League Baseball, the National Basketball Association, the National Football League, and the National Hockey League.
“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,” Christopher H. Koch, CEO of New Era, said in a statement Thursday.
“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.”
New Era says the combined companies are expected to generate around $2 billion annually in revenue.
Financial details of the transaction have not been released as of Thursday evening.