Sportswear group Fanatics, alongside Jay-Z and Meek Mill, have reportedly confirmed the acquisition of vintage sportswear retailer Mitchell & Ness from Juggernaut Capital Partners.
With the acquisition of the Philadelphia-based company, Fanatics seeks to merge the Mitchell & Ness business model with its platform through product portfolio expansion and global recognition.
It will continue to operate as a separate entity within the Fanatics group, with CEO Kevin Wulff retaining his current position.
In a statement to Complex, American footballer and Fanatics CEO Michael Rubin said of the acquisition, “I am incredibly thrilled that Fanatics is partnering with this incredible group of innovative owners to build on the business already solid corporate brand that has been culturally relevant for over 100 years.
The publication received information from a source familiar with the deal that the acquisition was worth $250 million.
Fanatics will take 75% of the company, while the remaining 25% will be split among a host of celebrities, including Jay-Z, Meek Mill, Maverick Carter, Lil Baby and the family of TikTok star Charli D’Amelio.