Two of the longest-running and most entrenched makers of licensed sports league headwear and apparel are coming together in a deal poised to reshape the market significantly.

Buffalo-based New Era Cap—which has ties to the NFL, NBA, MLB, NHL, and hundreds of colleges—is acquiring key competitor and fashion brand ’47. Headquartered in Massachusetts, ’47 was started in 1947 by twin brothers Arthur and Henry D’Angelo, while the Koch family has led New Era across four generations since its 1920 founding.