New Era finalizes its acquisition of '47

Lifestyle brand New Era Cap, LLC has officially completed its acquisition of '47, a privately owned high-end sports lifestyle brand. Neither brand disclosed the financial details of the deal.

The newly merged entity, bringing together two unique family-founded brands, is projected to generate around 2 billion US dollars in yearly revenue and offer a broader, more diversified range of apparel and accessories on a global scale.

"This transaction is an important milestone in the history of both brands as we continue the next chapter of our growth as a premier global sport and lifestyle company," said Christopher H. Koch, CEO of New Era in a statement. "We look forward to leveraging the complementary talent of our combined teams to continue strengthening our customer relationships and licensing partnerships, enhancing our premier products, and delivering premium experiences to fans and consumers around the globe."

Following the acquisition, New Era and '47 will maintain their individual e-commerce platforms, each operating independently from their respective headquarters in Buffalo, New York, and Westwood, Massachusetts. The newly formed company will be overseen by Christopher H. Koch, CEO of New Era, alongside the existing management teams of both New Era and '47.