New Era Cap Co., Inc. has acquired 5th & Ocean, the privately held licensed sports apparel manufacturer in Miami best known for its women's styles. Terms were not disclosed.
New Era said the acquisition will help the company rapidly expand its line of sports and fashion apparel by tapping into 5th & Ocean's expertise and existing market relationships. Currently, 5th & Ocean manufactures men's, women's, and kids apparel for major U.S. sports leagues including Major League Baseball as well as notable properties including Victoria's Secret/PINK and Dallas Cowboys Merchandising.
“To ensure the long-term growth of New Era in this changing economic landscape, we need to look for strategic ways to diversify our business,” said Christopher H. Koch, CEO of New Era Cap. “The acquisition of 5(th) & Ocean continues to move us forward with our strategy to become a well-rounded lifestyle brand. This was an opportunity we simply could not pass up.”
Best known as the official on-field cap for Major League Baseball, New Era entered the apparel arena in 2007 and the company said it has gained greater traction in the market place each year. Recently, in an effort to expand its college business, New Era launched a full collection of apparel and headwear that supports Historically Black Colleges and Universities called “New Era presents Tradition.”
The company said working with 5th & Ocean will not only complement these efforts, but New Era's core headwear business as well.
“We are very excited to become part of a company with an 89-year history of quality, tradition and authenticity,” said Alex Leiter, CEO of 5th & Ocean. “The resources and knowledge that New Era brings assures that 5th & Ocean will continue to be the fashion leader in licensed apparel and will continue to provide superior speed-to-market.”
New Era and 5th & Ocean will have a large presence at the MAGIC trade show at the end of August, offering a collection of tees, polos and cut & sew pieces for team concessioners and urban fashion doors. Product is expected to reach the market by the end of this year with a broader launch in Spring 2010.
Founded in 1995, 5th & Ocean's products specializes in fashion apparel for the licensed team sports and private label markets. 5th's customer base spans the gamut of distribution channels including department stores, sporting goods chains, mass merchants, and sports specialty stores.
