Hyperice, the sports tech company that specializes in muscle recovery products, has agreed to a sponsorship with the New York Yankees, the company told CNBC.
The multi-year agreement annojnced Monday is the first team deal for Hyperice, which added Major League Baseball as an investor last year. The deal calls for Hyperice products, including its “Hypervolt” massage device, available to players in dugouts, bullpens and training areas at Yankee Stadium.
Terms of the deal with Yankees were not provided.
“The New York Yankees are one of the most iconic and innovative franchises on the planet with a fan base that extends to every corner of the globe,” said Hyperice CEO Jim Huether in a statement.
Hyperice said it expected to reach a $1 billion valuation after the company struck a deal with the National Football League last November. Just one month before that equity deal, Hyperice was valued at $700 million.
When asked by CNBC in November if the company would eventually go public, Huether said, “We could do an IPO, acquire more companies or stay private and continue to expand our technology. It’s open for us right now.”
The company said revenue topped $200 million last year and anticipates more growth in 2021 fueled by international expansion and adding new products. Hyperice used 2020 to build its brand awareness after acquiring NormaTec, the creator of a popular recovery system used by professional athletes.
Hyperice aligned itself with top stars, including tennis champion Naomi Osaka, Kansas City Chiefs quarterback Patrick Mahomes, and Phoenix Suns guard Chris Paul. Hyperice also has team deals, including with the Los Angeles Lakers and Seattle Seahawks. The National Basketball Association is also an equity partner.
With the Yankees’ pact, Hyperice will benefit from in-stadium signage and advertising rights as it has access to the Yankees’ intellectual property rights within the New York area.
“We are very excited to begin our innovative partnership with Hyperice and look forward to working together to enhance Hyperice’s existing brand presence within professional sports,” said Michael J. Tusiani, Yankees senior vice president of partnerships.
MLB returns this week for a full 2021 season, after a a 60-game 2020 campaign due to the pandemic. The Yankees will open the season Thursday, hosting the Toronto Blue Jays.
Source: Business - cnbc.com
