Acon Investments, a Washington, D.C.-based private equity firm, today announced the closing of Acon Strategic Partners II, a new single-asset continuation fund of approximately $700 million in connection with the partial sale of the Acon Equity Partners IV portfolio investment to and the increase of the existing investment in New Era Cap.
New Era will continue to be led by Chris Koch, grandson of founder Erhardt Koch. Chris Koch said of Acon’s expanded investment: “We are thrilled to expand our relationship with Acon and lean on their vast experience in the lifestyle and consumer products sector. Their proven track record of supporting companies through growth and expansion made Acon the perfect partner for our business. This new capital will facilitate the acceleration of our aggressive growth initiatives as well as consider potential North American and global acquisitions that may be additive to our already powerful global platform.”
According to the investor, the cap specialists are riding a wave of success and can look back on several years of record organic sales growth and expect further continuous growth. At the end of last year, New Era announced to refinance its existing debt by itself.
The U.S. brand has more than 170 license partnerships and is the official headwear license partner for Major League Baseball, the National Football League and the National Basketball Association.
