Fanatics buys Mitchell & Ness with Jay-Z, others

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Fanatics is on an acquisitive streak. The sports merchandising firm is teaming up with a group of celebrities including Jay-Z to buy nostalgic jersey and streetwear firm Mitchell & Ness for $250 million, according to Reuters.

The price for the merchandiser looks like a winner.

Fanatics will own 75% of Mitchell & Ness, which has agreements with sports franchises including the National Football League.

The other 25% stake will be held by a consortium that also includes rapper Meek Mill and TikTok phenom, the D’Amelio family.

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Mitchell & Ness made about $70 million in profit on $350 million of revenue last year, Reuters reported.

That makes the deal less than 1 times sales, below Nike at 4 times trailing 12-month sales or even Adidas.

Fanatics recently bought rival Topps’ trading card business for a steal, too. This latest deal is another score.

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