Fanatics has long been rumored as a potential IPO candidate as the e-commerce and sports business platform has continued to increase its valuation and its reach. While an IPO is not on the immediate horizon, the company is taking a step in the direction of preparing for one, hiring Meta’s investor relations head to further build out its engagement with current and future shareholders.
Deborah Crawford, who has served as Meta‘s vice president of investor relations for more than eight years, is being appointed as Fanatics’ head of investor relations, a new position at the company. Prior to Meta, Crawford was head of investor relations for Netflix, where she helped initiate the streaming company’s first formal investor relations function, according to Fanatics.
Fanatics executive vice president and CFO Glenn Schiffman said the company wanted to bring on a head of investor relations “well in advance of any contemplated public offering,” giving Crawford time to understand the company’s business and “help us share the story, shape the narrative, and be involved from the first minute of the first day of drafting the roadshow presentation and drafting the S-1.”
Schiffman declined to comment on the potential timing of a Fanatics IPO but confirmed the company has a goal of going public.
“We’re not going public near term. We’ve thought about it medium term. Eventually, we will go public,” Schiffman said.
“We’ve been on record that it’s medium term, that’s 12 to 24 months, but it’ll depend on the state of the business, it’ll depend on the state of the markets, it’ll depend on our goals,” he said. “I wouldn’t read into the definition of medium-term, short-term, long-term; I think we’re gearing up, we’re investing in our business, we’re investing in our talent, we’re investing in our team to be able to choose the right time.”
Meta could not be immediately reached for comment. Crawford led Meta’s call with analysts after its quarterly earnings on Wednesday afternoon.
Last fall, Fanatics CEO and founder Michael Rubin met with more than 90 internet, retail and gaming analysts from various Wall Street firms, discussing Fanatics’ growth plans.
While that sparked rumors that Fanatics was close to going public, Schiffman said it was instead a reflection of the way Fanatics is approaching this potential stage of the company’s growth, something it is bolstering with Crawford’s hire. “We’re spending time with the buy side and sell side more than a pre-IPO company, so she’s part of that process,” he said.
“I’ve always been kind of surprised or shocked at how companies on the eve of their roadshow, the eve of their IPO, the eve of filing, bring on a head of IR or make a similar change to their management team,” Schiffman said. “I’ve always thought that was pretty silly, frankly.”
Fanatics has seen its valuation and investor roster drastically expand in recent years, which has also helped to fuel IPO chatter. In December, Fanatics raised $700 million at a valuation of $31…
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