New Era, which makes caps affiliated with the National Football League (NFL), Major League Baseball (MLB) and National Basketball Association (NBA), has invited investment banks and law firms to pitch this month for roles in its stock market debut, the sources said.
MLB, the NFL and the NBA hold minority stakes in New Era.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) may reach or surpass $300 million in 2023, the sources added.
It was launched in 1954 and customized for select teams in MLB, the NFL and the NBA.
Separately, Chris Koch told Bloomberg News on Thursday that New Era had secured a $600 million refinancing loan from banks.
Persons:
Kevin R, Wilson, Ehrhardt Koch, Chris Koch, Jim Grundtisch, Jim Patterson, Abigail Summerville, Echo Wang, Anirban Sen, David Gregorio Our
Organizations:
National Football League, Major League Baseball, National Basketball Association, ACON Investments, MLB, NFL, NBA, Arm Holdings, Ivy League, New, Bloomberg, Thomson
Locations:
New York, Buffalo , New York, American, New, Echo