Capelli Sport
Overview
Soccer-specific apparel brand and the primary disruptor in the U.S. youth club uniform market. Founded 2011 by George Altirs (Lebanon-born NY-based entrepreneur). Subsidiary of GMA Accessories Inc. (Altirs’ parent company). Privately held — no PE backing as of 2026. HQ: New York City / Carlstadt, NJ. ~388 employees. Revenue: ~$110M annual. (HIGH — Wikipedia, company materials; MEDIUM — Growjo/ZoomInfo revenue estimate, not audited)
Portfolio
Core business is soccer uniforms, expanding into broader sportswear:
- Match kits, GK gloves, balls, footwear, casualwear, warm-ups
- Capelli Sport Plus — consulting arm bundled with uniform deals (club ops support, marketing)
- Pro club ownership: HB Køge (Denmark), 40.1% stake in MSV Duisburg (Germany) — used for pro-pathway storytelling at youth level
- Pro national team partnerships: Lebanon national team, Serbia national team; club deals with AEK Athens, SV Austria Salzburg
Business Model
Direct-to-club multi-year exclusive contracts. Capelli bypasses the authorized-dealer layer (BSN Sports, Soccer.com) used by Nike and adidas. Economics:
- Multi-year exclusive uniform deals, typically 4–10 years
- Family-paid team store with rebates to clubs
- Bundled Capelli Sport Plus consulting differentiates the offering from pure apparel providers
The strategy: target mid-sized competitive clubs (500–2,000 players) that Nike and adidas won’t service directly, and lock them into long-term relationships before they grow to Nike/adidas scale.
Known club partnerships:
- Charlotte Independence — 10-year deal
- Napa United — 6-year deal (2,000+ players through 2028)
- HEX FC, Internationals SC (Ohio), Lamorinda SC, Lehigh Valley United, Sockers FC Chicago, Marin FC, Maryland United FC, All-In FC — (HIGH — Capelli press releases)
Strengths
- Soccer-specific — no brand dilution across other sports
- Direct-to-club model cuts out dealer margin, potentially offering better economics than Nike/adidas via dealer
- Long-term exclusives create stable recurring revenue
- Capelli Sport Plus bundle differentiates vs. pure apparel competitors
- Pro club ownership (Germany, Denmark) provides aspirational pathway marketing to youth clubs
Weaknesses
- Smaller brand prestige than Nike or adidas — matters to elite ECNL/MLS Next clubs recruiting players who want marquee brands on their chest
- No PE backing limits capital for marketing, expansion, and M&A
- Long-term exclusives are also a constraint — can’t pivot away from a difficult club relationship
Key People
| Name | Title |
|---|---|
| George Altirs | Founder and Owner |
Financials
~$110M annual revenue (MEDIUM — ZoomInfo/Growjo estimate). No audited financials public. Founder-owned, no disclosed investor basis.
Strategic Notes
Capelli Sport is the most PE-investable pure play in U.S. youth soccer apparel — $110M revenue, founder-owned, clear market disruption story. A liquidity event (PE investment or strategic sale) is likely in the next 2–4 years.
Potential strategic acquirers: Varsity Brands/KKR (already buying Soccer.com + an undisclosed “premier soccer apparel platform” — Capelli is a candidate), Unrivaled Sports (if entering apparel), or a sport-agnostic PE firm running a roll-up.
For a platform acquirer with a portfolio of clubs, Capelli is simultaneously a potential partner (portfolio-level uniform deal) and a strategic intelligence marker — knowing which clubs they’re locking into 10-year deals helps map the acquisition landscape.
Open Questions
- Is the undisclosed “premier youth soccer apparel platform” Varsity Brands acquired in early 2026 actually Capelli Sport?
- What is Capelli’s EBITDA margin? (Revenue is estimated; profitability unknown)
- Does George Altirs intend to sell or find PE backing in the next 2–3 years?
- How does the pro club ownership (MSV Duisburg, HB Køge) integrate with the US youth business strategically?