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E-retailer Fanatics acquires a competing merchant of sports apparel and gear

Mark Brohan | Apr 16, 2012
     Fanatics will pay $183 million for Dreams Inc.

Dreams Inc.’s solid e-commerce growth rate apparently didn’t escape the attention of one of its chief competitors, Fanatics Inc.

In fact, Fanatics is purchasing Dreams, which operates FansEdge.com and multiple other branded sports merchandise e-commerce sites, in a deal valued at $183 million. Fanatics is an online licensed sports products retailer owned and operated by Kynetic LLC.

Under the terms of the deal, Fanatics and Kynetic, the e-commerce company launched by former GSI Commerce Inc. founder Michael Rubin in September, will pay $3.45 per share for all of Dreams’ outstanding shares. The sale is expected to close sometime in the third quarter. Rubin sold GSI Commerce to eBay Inc. in June 2011 in a deal valued at $2.4 billion. Rubin’s new company, Kynetic, includes limited-time sale site Rue La La, Fanatics, a group of e-retail sites that sell team sports apparel and ShopRunner, the multimerchant free-shipping program that competes with Amazon.com Inc.’s Prime.

Dreams, which posted web sales of $113 million, up 27.7% from $88.5 million in 2010, will help Fanatics further grow its niche of web stores that sell licensed sports apparel and related gear such as FootballFanatics.com. Dreams is No. 181 in the Internet Retailer Top 500 Guide and FootballFanatics.com is No. 98.

“Fanatics shares our focus on the customer, innovation and growth,” says Dreams CEO Ross Tannenbaum. “This combination will enhance Dreams’ ability to achieve its goals, while realizing a significant and immediate all-cash premium for our shareholders. I am confident this merger is the right decision for Dreams and our shareholders.”

To finance the deal Fanatics is using an unspecified amount of equity financing from investment banking firm Insight Venture Partners. It’s unclear, once the deal is closed, if Dreams will remain a stand-alone entity or be folded into Fanatics, which posted web sales of $525 million in 2011, up 188.8% from $181.8 million in 2010. Fanatics was acquired by GSI Commerce in February 2011.

The acquisition of Dreams also gives Fanatics a store base. Dreams operates a network of about 30 sports apparel and gear stores in locations such as the Caesars Forum Shops in Las Vegas and Mall of America in Minneapolis. “We are bringing together two of the most passionate management teams in licensed sports products,” says Fanatics CEO Alan Trager. “The addition of Dreams will enable Fanatics to accelerate our investments in product assortment, mobile and e-commerce technology, and a regional fulfillment infrastructure to better serve our customers and our partners. Together, we will be much better-positioned to deliver a superior customer experience.”

Jefferies & Company Inc. acted as the exclusive financial advisor and Roetzel & Andress LPA served as legal advisor to Dreams. Morgan, Lewis & Bockius LLP served as legal adviser to Fanatics.

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#112   $SRSK 6 Months Chart http://www.stockscores.c $Pistol Pete$ 01/18/20 04:20:19 AM
#111   Volume or any type of news will send marknet 01/12/20 09:22:19 PM
#110   I might put a bid in for more marknet 01/10/20 09:23:14 PM
#109   Tempting to add, but..... will let it play Barter System 01/10/20 07:51:08 PM
#108   Patience will pay off big here. Won't take marknet 01/10/20 07:26:54 PM
#107   Got this tucked away myself. Haven't seen anything marknet 01/09/20 07:49:42 PM
#106   Interesting tidbit Barter System 01/09/20 03:54:07 PM
#105   In due time! :) $SRSK TURCH 01/09/20 03:42:56 PM
#104   For a moment there, i thought i Involuntary-Recluse 01/09/20 03:15:18 PM
#103   Ask is .59 today. Wouldn't take much for marknet 01/09/20 12:54:36 PM
#102   Ouch........ some poor trader just gave up $154 investment Barter System 01/09/20 10:38:21 AM
#101   Same, loaded up some on Monday. Its tucked away TURCH 01/09/20 10:13:29 AM
#100   As with any OTC stock.......... always an interesting Barter System 01/09/20 10:11:11 AM
#99   Exactly whats this going to look like with TURCH 01/09/20 10:05:28 AM
#98   And last sale for 41 shares........... yikes, that's Barter System 01/09/20 10:03:31 AM
#97   Ask $.59 $SRSK TURCH 01/09/20 09:57:40 AM
#96   Correct me if I'm wrong, but couldn't you Barter System 01/09/20 09:49:35 AM
#95   Definitely worth keeping it up on the screen Awl416 01/09/20 08:17:00 AM
#94   Love the green close past 4 days. All marknet 01/08/20 07:53:59 PM
#93   Is that a confirmation or wishful thinking?? Barter System 01/08/20 07:03:44 PM
#92   $2 for auto sell msjcecil3 01/08/20 06:06:15 PM
#91   Grabbed some in the 2's yesterday... hold for WHITTENHALLJR 01/08/20 10:39:06 AM
#90   .35 .565 .95 1.00 3.15 thin? Lol Awl416 01/08/20 10:35:07 AM
#89   I like the .95 showing up on the marknet 01/08/20 07:15:45 AM
#88   .10 close Friday, .20 close yesterday and .25 marknet 01/07/20 06:31:30 PM
#87   Green close today will set chart up here marknet 01/07/20 02:23:28 PM
#86   Very little buying pressure takes this over $1. marknet 01/07/20 01:53:55 PM
#85   $SRSK: $1 $1 $1 $1 $1 $1 $1 makinezmoney 01/07/20 09:51:43 AM
#84   Yep this is huge and confirmed! $SRSK $1 STKS4LYFE 01/07/20 09:18:30 AM
#83   $SRSK -2 million float - volume increase last Soulman856 01/07/20 09:13:25 AM
#82   $SRSK: Rising and rising......... nice chart makinezmoney 01/07/20 07:39:27 AM
#81   Yes ???????????? msjcecil3 01/07/20 06:56:43 AM
#80   Any entry below $1 and your golden here. Soulman856 01/07/20 12:48:40 AM
#79   It definitely trades really thin. I'd love to marknet 01/06/20 07:45:53 PM
#78   Lots bought at higher levels today. Ready for marknet 01/06/20 07:43:19 PM
#77   Filled at $0.25 with lunch money Barter System 01/06/20 03:08:16 PM
#76   See my DD I found. TMoney2017 01/06/20 01:59:49 PM
#75   $SRSK: Its a standoff. makinezmoney 01/06/20 01:11:57 PM
#74   $SRSK: Rubin.... Bankrupt to BILLIONAIRE makinezmoney 01/06/20 11:15:42 AM
#73   $SRSK: When Fanatics "asked about IPO" ... read makinezmoney 01/06/20 11:05:20 AM
#72   $SRSK: Look at 20yr chart... Most VOLUME EVER makinezmoney 01/06/20 11:02:32 AM
#71   Tiny float is unreal. Looks just about locked marknet 01/06/20 11:00:04 AM
#70   $SRSK: Fanatics hired a Nike-Exec to CFO makinezmoney 01/06/20 10:59:09 AM
#69   In for a partial fill at $.3 $SRSK STKS4LYFE 01/06/20 10:58:38 AM
#68   $SRSK: SOooooo tightly held... tightly trading makinezmoney 01/06/20 10:55:11 AM
#67   $SRSK: Fanatics probably looking to go PUBLIC again makinezmoney 01/06/20 10:53:28 AM
#66   Either up the bid or get left behind! marknet 01/06/20 10:53:18 AM
#65   On watch! MWM 01/06/20 10:51:58 AM
#64   $SRSK: Sloooooowwwww steady grind... Higher... grinding makinezmoney 01/06/20 10:47:27 AM
#63   $SRSK: Sideliners falling behind... its a moving train makinezmoney 01/06/20 10:45:20 AM
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