By Abigail Summerville, Echo Wang and Anirban Sen NEW YORK (Reuters) - New Era Cap LLC, a supplier of major U.S. sports league headware, has kicked off ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNEW YORK - New Era Cap LLC, a supplier of major U.S. sports league headware, has kicked off preparations for an initial public offering in New York that could value it at $4 billion to $5 billion, according to people familiar with the matter.
The company's earnings before interest, taxes, depreciation and amortization may reach or surpass $300 million in 2023, the sources added.Kevin R. Wilson, executive vice president and chief financial officer of New Era, said the company"is always considering alternatives to position the company financially for future growth, but we have no strategic plans to share at this time. We don’t comment on speculation,” .
New Era was started in 1920 in Buffalo, New York, by German-American businessman Ehrhardt Koch, who borrowed $5,000 from his aunt to launch a business focused on making men’s fitted caps, known as Gatsby or Ivy League caps, that would match men’s suits.
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