Who Owns AND1?

AND1 is an American footwear and clothing company based in Aliso Viejo, California. The company was founded in Aug 1993 by Jay Coen Gilbert, Tom Austin, and Seth Berger. It specializes in basketball shoes, clothing, and sporting goods.

In Feb 2023, AND1 announced plans to bring back its iconic Rise basketball shoe. The shoe was worn by Chauncey Billups during the Detroit Pistons’ 2004 NBA Championship run. [1]

AND1 was the world’s leading street basketball-focused sportswear brand from the 1990s to the early 2000s. It was known for its iconic mixtapes, streetball tours, and subversive offerings.

The brand is planning its rise to former glory by returning one of its signature sneakers. In Jun 2023, AND1 released five RISE basketball shoes. The AND1 Rise sneakers were sold at Amazon for $110 each in sizes 7-15 Men’s. [2]

AND1 is committed to finding the next-gen all-star basketball players and reconnecting the streets with its brand. In the ’90s, the brand “owned the summer” by financing and hosting competitive streetball tournaments.

It still uses basketball to help individuals succeed in everything they set out to do. In Jun 2023, AND1 partnered with ClashTV to livestream 2023 Mixtape Open Run events. AND1 created the Open Run street basketball competitions to re-introduce the brand’s iconic Mixtape tours to the next generation. [3]

AND1’s mission is to elevate people who are passionate about basketball. The company is a title sponsor of the entire season at MMBL Schuler Playground and Kingdome. It also contributes to the neighborhoods that helped build the brand from day one.

On Mar 9, 2023, AND1 celebrated its 30^th anniversary with an immersive experience of the brand’s history, culture, and future at LUME Studios. The event featured AND1’s 90s streetball style, new sneaker release, and signature memorabilia. Guests interacted with AND1 legends and top leadership. But who owns AND1? [4]

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Who is AND1’s Parent Company?

AND1 is a basketball apparel and sneaker brand owned by Galaxy Universal, a Gainline Capital Partners portfolio company. Galaxy is a New York-based company focused on the athletic, wellness, work, and outdoor footwear categories.

In Oct 2021, Galaxy Universal bought AND1, Avia, Gaiam, and SPRI from Sequential Group for $330 million. AND1 is a Galaxy Universal brand, with Gainline Capital Partners as the group’s parent company. [5]

Galaxy Universal owns and manages several brands, including AND1, Gaiam, Hi-Tec, Avia, SPRI, Magnum, Cherokee, and Tom Hawk. The company sells branded athletic and work footwear in over 40,000 stores globally.

AND1’s iconic products cater to dedicated players, casual competitors, and fans. In Mar 2024, AND1 signed a deal with Isaiah “Leaky Roof” Brown. Leaky Roof emerged as the fresh face of streetball from Queens, New York, during the 2023 AND1 Open Run in Harlem. [6]

Galaxy Universal is leveraging AND1’s 90s nostalgia to rebuild the brand to its former glory. Lisa Schein, SVP at Galaxy Universal, believes that the resurgence of streetball creates an opportunistic time for AND1 to boost brand awareness.

In Jun 2023, Hot Sauce, Skip to My Lou, and Shane The Dribble Machine joined the AND1 Open Run in Harlem as slam dunk judges to identify the new streetball sensations. The three former legends chose players for the next AND1 Mixtape Team. [7]

Galaxy Universal seeks to return AND1, a VHS viral phenomenon, to its streetball roots and rejuvenate the brand. The company released two AND1 documentaries in 2022 to educate younger consumers on AND1’s 90s nostalgia.

In Mar 2024, AND1 unveiled “The Chosen One” mini-documentary on the journey of Ben Wallace. This short film highlights Ben’s remarkable story, from his roots in Alabama to his historic induction as the sole undrafted player in the NBA Hall of Fame. [8]

Image Credit: Gabre Cameron

Ownership History

Jay Gilbert, Seth Berger, and Tom Austin created AND1 in the summer of 1993 in Philadelphia as a graduate school project. The three friends sold t-shirts with basketball trash talk slogans, like “Pass. Save yourself the embarrassment.”

This in-your-face attitude defined AND1 as a brand and got the attention of streetballers, who hone their basketball skills on the streets. AND1’s trash-talk t-shirts were sold in 1,500 stores nationwide by the second year.

In 1994, the co-founders created the iconic AND1 player logo. The faceless icon on the logo represented AND1’s DNA as a streetball brand and shaped the basketball lifestyle. [9]

AND1 signed legendary NBA player and future Hall of Famer Stephon Marbury as its first NBA ambassador in 1996. The brand launched the “Stephon Marburys,” its first basketball sneaker, and released it at the 1997 NBA All-Star Game.

In late 1998, AND1 received a videotape containing Rafer Alston’s streetball stunts. The brand distributed 50,000 digital copies of Alston’s mixtape across the US. The tape created a buzz in the basketball world.

Since 1999, the brand has produced “AND1 Mixtapes” to showcase dazzling streetball moves with hip-hop and rap playing in the background.

AND1’s influence expanded beyond streetball into the NBA. Vince Carter put on one of the best performances in NBA Dunk Contest history while wearing the AND1 Tai Chis. In 2001, AND1 was second in market share among NBA endorsements.

AND1’s NBA ambassadors included Rafer Alston, Latrell Sprewell, Kevin Garnett, and Jamal Crawford. At the time, 40% of NBA stars wore AND1. The brand held the AND1 Mixtape Tour annually until 2008. In 2009, Alston reached the NBA Finals with the Magic while wearing AND1. [10]

The co-founders, Austin, Berger, and Gilbert, retained ownership of AND1 until 2005, then sold it to American Sporting Goods (ASG) based in California. The acquisition broke AND1’s ties to Philadelphia.

Austin, Berger, and Gilbert left the brand after ASG took ownership. In Feb 2011, Brown Shoe Co. acquired AND1 from ASG for $145 million.

Brown Shoe Co. sold AND1 to Galaxy Brands for $55 million in Aug 2011. Galaxy bought several companies, including Apex Brands and ESO Active. Then, it consolidated its Active Brands under Sequential Brands Group, Inc.

In 2021, Gainline Capital Partners formed Galaxy Universal and merged it with Sequential. The $330-million deal transferred And1, Avia, Gaiam, and SPRI brands from Sequential to the new Galaxy Universal. [11]

Image Credit: Behnam Norouzi

AND1’s Shareholder Structure

AND1 is a wholly owned brand of Galaxy Universal LLC, a Gainline Capital Partners portfolio company. AND1’s shareholder structure is linked to Gainline ownership via Galaxy. In May 2021, Gainline formed Galaxy Universal to create an independent brand owner, producer, sourcing company, and consultant in the sports and outdoors industry. [12]

Gainline is a private equity firm owned by its founders that invests in profitable US middle-market companies. Allan Weinstein, Rick Sullivan, and Adam Pelzman established Gainline Capital. They own a majority stake in Gainline and its portfolio company, Galaxy Universal LLC.

Gainline relies on investments from founders, investors, and insiders to finance acquisitions, mergers, takeover bids, and brand expansions. In Jul 2023, Gainline closed its $400 million Fund II, including capital commitments from institutional investors.

The $400 million marks a 258% increase in Fund II’s size over Gainline Fund I. Gainline deployed $106 million in two Fund II rounds in 2021 to expand the Galaxy Universal platform. Institutional investors who provided the funds have a minority stake in Galaxy Universal LLC. [13]

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