Fanatics has teamed up with a celebrity cohort, which also includes Jay-Z, to acquire Mitchell & Ness, a brand merchandising company. As reported by the New York Times, the deal was closed on Feb. 16, and valued Mitchell & Ness at about $250 million. Under the terms of the transaction, Fanatics will own 75 percent of the company while the remaining investors will own around 25 percent. Founded in Philadelphia in 1904, Mitchell & Ness has licensing partnerships with the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MLB), and Major League Soccer (MLS), among others. Mitchell & Ness is expected to continue to operate as a separate brand and business. Kevin Wulff, the company’s CEO, and all 132 employees will stay on as part of the deal, the New York Times reports. Mitchell & Ness was acquired by Adidas in 2007, then by Juggernaut Capital Partners, a private equity firm, and Mr. Wulff in 2016.

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