Sports merchandising firm Fanatics recently raised an additional $320 million in capital, more than doubling its valuation to $12.8 billion, CNBC reported March 24.
The financial news television network said in a story posted on its website that Fanatics expects sales to reach more than $3 billion this year.
Fanatics was founded as a retail store in the Orange Park Mall in 1995 by brothers Alan and Mitchell Trager.
The Tragers sold the company in 2011 and it is now part of a Philadelphia-based holding company called Kynetic.
Fanatics maintains its East Coast headquarters in Jacksonville.
The company filed a Securities and Exchange Commission statement in August for the sale of $350 million in preferred stock but made no additional filings before the CNBC story.
CNBC said the new funding came from current investors in the company.
CNBC also said it asked the company last month if it was considering an initial public offering and a spokesperson said “while an IPO is clearly an available path to us, there is no update on any timeline.”