Fanatics completes Dreams acquisition
Fanatics has completed its takeover of Dreams.
Sports merchandise retailer Fanatics may no longer require contract negotiation techniques, as it has completed its purchase of Dreams.
This $150 million (£97.2 million) equity investment was funded through a $75 million loan from the Bank of America and supported by Insight Venture Partners and Andreessen Horowitz.
Remaining finance will be utilised to encourage the company's growth in the future.
Fanatics will still be headquartered in Florida's Jacksonville following the completion of this acquisition, although the firm will also run from offices in Chicago and Philadelphia.
Chief executive officer of Fanatics Alan Trager said: "In addition to providing greater product assortment, we are focused on expanding our distribution capabilities and opening regional fulfilment centres to deliver fans' orders faster than before."
Executive chairman of the enterprise Michael Rubin explained the overall goal of the business is to become one of Earth's "great e-commerce companies".
Fanatics was founded in 1995 and made its first retail sale over the internet in 1997.
Posted by Ron Maverick
Source: Fanatics press release, June 8th