New Era Cap has acquired '47, a privately held premium sports lifestyle brand at an undisclosed amount. The combined company is expected to generate approximately 2 billion dollars in annual revenue.

The company said in a release that uniting New Era and '47 brings together two family-founded brands deeply rooted in sport, fashion and culture that will be positioned to deliver an expanded and diversified product portfolio of apparel and accessories globally.

"We are pleased to have reached this agreement to acquire '47. We will also have opportunities to build on '47's strong North American presence internationally in new markets where New Era already has distribution capabilities and a strong customer base," said Christopher H. Koch, CEO of New Era.

Together, the company added, the brands will grow their licensing partnerships with global sports leagues and events, including Major League Baseball, the National Basketball Association, the National Football League and the National Hockey League, in addition to over 900 collegiate programs, European soccer clubs, US and European auto racing teams, Grand Slam tennis tournaments and golf championships, among others.

"Today's announcement marks a major milestone for '47 and is a testament to all we have achieved over the last 75+ years in growing from a single street cart outside Fenway Park to a successful business and premier sports lifestyle brand," added Dominic Farrell, president of '47.

Following the close of the transaction, the New Era and '47 brands will continue to serve consumers independently from each company's respective headquarters in Buffalo, New York, and Westwood, Massachusetts, with '47 led by Dominic Farrell.