Michael Rubin’s Conshohocken-based investment group has managed to raise an additional $320 million from private investors to finance the purchase of more sports brands and factories, writes Joseph N. DiStefano for The Philadelphia Inquirer.
The Bryn Mawr billionaire’s firm is currently also considering whether to launch its sports-gear distributor and manufacturer Fanatics on the stock market through an initial public stock offering.
The latest investment in Fanatics has increased the company’s valuation to almost $13 billion or twice as much as it was at its last capital-raising last year.
This latest financing round was led by Silver Lake, the Los Angeles buyout firm that also backed Airbnb and Sungard Data Systems, among others. Other investors include Thrive Capital and Major League Baseball.
Fanatics saw its sales surge last year as the coronavirus outbreak kept fans out of traditional retail stores. The company expects its revenue will keep growing this year and for the first time top $3 billion.
The company plans to use the funds to expand its online sales model known as vCommerce and to purchase more product rights and entire companies both in the United States and internationally.
Read more about Fanatics in The Philadelphia Inquirer.