Jacksonville-based Fanatics Inc. continued to expand its sporting goods empire by leading an investment group that bought vintage sports jersey company Mitchell & Ness for $250 million.
Fanatics did not announce the deal but published two articles on its website on February 18 by independent news outlets about the acquisition.
The Wall Street Journal reported that Fanatics was buying a 75% stake in the company. Other investors include music mogul Jay-Z, who invested in Fanatics in 2021.
Mitchell & Ness states on its website that it began in 1904 as a sporting goods store in Philadelphia founded by Frank Mitchell and Charles Ness.
The company started specializing in vintage merchandise in 1985, he said.
The Journal said the company made $350 million in revenue last year.
Brothers Alan and Mitchell Trager founded Fanatics in 1995 with a single store in the Orange Park Mall.
The Tragers sold the company in 2011 and it is now part of a Philadelphia-based holding company called Kynetic.
Financial media reported last year that Fanatics had a total valuation of around $18 billion.
Be the first to know about the latest news and information that business leaders rely on in this rapidly changing Northeast Florida economy. Regional business news, trends and statistics needed to grow your business. The main upcoming events you won’t want to miss and much more.