Peter Van Allen Philadelphia Business Journal
And 1, the independent Paoli, Pa., sneaker company that made noise in the basketball world with aggressive marketing, has been sold, the company said late Monday.
American Sporting Goods Inc., maker of Avia and Turntec brands, was the buyer. The Irvine, Calif., company had revenue of $220 milllion last year.
And 1 had revenue of $175 million in 2003.
American Sporting Goods said And 1 will help it reach a young, male customer, as well as 130 international markets.
Terms of the deal were not released.
And 1 was founded in 1993 by Philadelphia natives Seth Berger and Jay Gilbert, who were then only 25 years old.
To compete with athletic shoe giants Nike, Adidas and Reebok, the company focused on basketball -- in particular, the kind of in-your-face "street ball" played on city playgrounds.
Its "Mixed Tape Tours," which featured the nation's best street-ball players, staged games throughout the country. The best action was then featured on DVDs marketed on their own or with the sale of shoes and apparel.
Last year, the company started a limited expansion into retail stores.
And 1 also sponsors NBA stars Stephon Marbury of the New York Knicks, Ben Wallace of the Detroit Pistons, Rafer Alston of the Toronto Raptors and Jason Williams of the Memphis Grizzlies.
Berger, current And 1 CEO, will remain with the company, reporting to American Sporting President and CEO Ken Wulff.
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