BOSTON, Nov. 24, 2015 /PRNewswire/ -- '47, a privately-held, premium sports lifestyle brand, today announced the acquisition of Old Time Sports, owners of Old Time Hockey, the leader in National Hockey League (NHL) licensed lifestyle apparel. The purchase price was not disclosed and the transaction is expected to be complete in January of 2016.
Under the terms of the deal, Old Time Sports will operate as an independent brand under the '47 corporate umbrella. The strategic acquisition is part of '47's rapid growth trajectory adding both market opportunity and significant infrastructural assets including domestic production facilities. Old Time Sports ownership will continue to remain active in the daily operation of the business.
"We are on an aggressive track to become the leader in the sports lifestyle licensing business," said '47 co-owner Steven D'Angelo. "Old Time Sports has a track record of solid talent and innovation. This partnership not only reinforces a strong foothold for '47 in NHL, but adds the benefit of significant operational capabilities that will bring value across divisions."
Founded in 1997, Old Time Hockey was the brainchild of Eric Magnuson and former Boston Bruin, Adam Oates. The two sought to conceive the concept of an apparel company that celebrated the tradition and heritage of hockey with both vintage apparel and retro activewear. Old Time Hockey was granted an apparel license with the National Hockey League, setting in place what would be the strongest market for the company. The brand also managed to procure a license with the NHL Alumni Players Apparel Program and the National Hockey League Players Association, allowing the brand to connect and pay homage to the pioneers of the sport, as well as current players.
"Old Time Sports and '47 are both family-owned sports licensing companies in the Boston community – a union makes perfect sense and we are very excited for what the future holds," said president of Old Time Sports, Bob Magnuson. "Our shared passion and commitment for creating quality products and offering unmatched customer support will continue to drive our business forward."
About '47 Brand
'47 is a privately held sports lifestyle brand founded in Boston, MA, by twin brothers, Arthur and Henry D'Angelo in 1947. The D'Angelos were entrepreneurial pioneers who were quick to see the future of sports licensing by selling pennants and other sports memorabilia on the streets around Fenway Park. Through a combination of hard work, sound instincts and incredible passion, the brothers were able to grow their business from a single street cart to a premier sports lifestyle brand that uniquely melds sport and style. Previously known as Twins Enterprises, '47 is currently managed by Arthur's four sons, Bobby, David, Mark, and Steven. '47 is a proud partner of Major League Baseball, the National Football League, the National Hockey League, the National Basketball Association and over 900 collegiate programs and owner of Old Time Sports. '47 employs over 250 corporate and retail associates around the world and is headquartered in Boston and Westwood, MA. For more information, please visit www.47brand.com.
Katie Kulczyk, TURNER
(212) 453.1700 / Katherine.Kulczyk@turnerpr.com