Fanatics Snaps Up Topps Trading Cards
Fanatics, the US sports merchandise retailer, has acquired Topps’ trading card business in a deal reported to be worth $500m (£369m).
The takeover has been announced less than five months after a Fanatics-led joint venture struck a deal to dislodge Topps as the long-time trading card licensing partner of Major League Baseball (MLB).
The exclusive licensing agreement, which will begin with MLB in 2026 and the MLB Players Association three years earlier, effectively derailed Topps’ planned $1.3bn (equivalent) merger with special purpose acquisition company Mudrick Capital Acquisition.
Fanatics’ acquisition will accelerate the former’s expansion of its growing trading cards division, which has already raised $350m (equivalent) since launching last year.
However, the famous Topps brand will remain in place following the takeover.
“[I] could not be more excited for the future of our trading card business with the acquisition of Topps, the pre-eminent and most trusted trading card brand worldwide,” Fanatics Founder and CEO Michael Rubin stated on Twitter.
“We are proud to share that the iconic Topps brand will remain on all MLB cards, which we are making as of today.”
Fanatics sealed the deal with Tornante Co., an investment vehicle led by ex-Walt Disney CEO Michael Eisner, and private equity firm Madison Dearborn Partners. Tornante and Madison Dearborn acquired Topps for $385m (equivalent) 14 years ago.
Topps generated revenue of $560m (equivalent) in 2021, with its physical and digital trading cards selling in more than 100 countries. Topps has physical operations in 10 countries worldwide, including the UK.
