New Era Cap, a global lifestyle brand, has completed the acquisition of privately held sports lifestyle brand '47. 

Financial terms of the deal have not been revealed.  

Headquartered in Westwood, Massachusetts, '47 offers apparel and headwear to sports fans across the globe. 

The brand is the official licensee of sports leagues Major League Baseball, the National Basketball Association and the National Football League, and a further 900 collegiate programmes and international football clubs. 

The merger of New Era and '47 brings together two family-founded brands, aiming to diversify and expand their global product offerings in apparel and accessories. 

The combined entity is also projected to generate $2bn in annual revenue.  

New Era CEO Christopher Koch said: "This transaction is an important milestone in the history of both brands as we continue the next chapter of our growth as a premier global sport and lifestyle company. 

"We look forward to leveraging the complementary talent of our combined teams to continue strengthening our customer relationships and licensing partnerships, enhancing our premier products and delivering premium experiences to fans and consumers around the globe." 

Despite the merger, New Era and '47 will maintain separate e-commerce platforms and operate independently from their respective headquarters in Buffalo, New York, and Westwood, Massachusetts.  

The leadership of the combined entity will remain under Christopher Koch, with the current management teams from both New Era and '47 continuing in their roles. 

The New Era brand is currently available at 42,000 points of distribution, including 925 franchise and partner stores across 110 countries.