BUFFALO, N.Y. (WIVB) — Buffalo-based cap company New Era is set to acquire the sport and lifestyle brand ’47, the companies announced Thursday.
The deal between the two brands is expected to bring in $2 billion in annual revenue. The financial terms of the agreement have not been disclosed.
New Era makes caps affiliated with MLB, the NBA, the NFL, the NHL, over 900 collegiate programs, European soccer clubs, major golf and tennis events, among other major sports. The company’s headquarters is located on Delaware Avenue in downtown Buffalo.
’47, which is based near Boston, also sells hats and other apparel that is affiliated with U.S. major sports leagues.
“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,” New Era CEO Christopher Koch said in a news release. “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.”
The company will keep ’47’s headquarters, which is based in the Boston suburb of Westwood, and will serve consumers independently. The ’47 branding will also be kept.
The transaction is expected to be closed by the end of 2024.
Aidan Joly joined the News 4 staff in 2022. He is a graduate of Canisius College. You can see more of his work here.