Champ, the athlete-backed apparel platform funded by L Catterton and Patricof Co, has merged with performance brand Rhoback to form what the companies are calling an "athlete-first fashion house." More than 250 athletes are already in the structure, most holding equity stakes. The combined entity keeps both brand names but centralizes design, manufacturing, and athlete relations under one roof.
The deal was structured as a partnership rather than an acquisition, though neither side disclosed valuation or cash terms. L Catterton, LVMH's private-equity arm, led Champ's Series A in late 2022 at a reported $180 million post-money valuation. Patricof Co, the family office of Greycroft co-founder Alan Patricof, participated in that round and has board representation. Rhoback, founded in 2016 by twin brothers in Boston, has operated profitably since 2019 selling performance polos and quarter-zips primarily through direct-to-consumer channels. Annual revenue is estimated near $40 million.
The consolidation reflects two trends: the professionalization of athlete licensing under NIL rules, and the squeeze on mid-tier apparel brands competing with Nike and Lululemon at retail. Champ's model gives athletes equity and design input in exchange for wearing the product in tunnel walks, press conferences, and social posts. Rhoback brings manufacturing scale and a tested fit system athletes already buy on their own. The merged platform can now sign athletes to bundled deals covering both performance wear and lifestyle pieces, then push inventory through Champ's athlete networks and Rhoback's DTC infrastructure without needing department-store distribution.
What matters for team operators: this is the first apparel consolidation purpose-built for the NIL economy. College athletes with significant social reach can now take equity instead of flat sponsorship fees, and the merged entity has enough SKU diversity to dress an athlete from practice to postgame podium. Sponsors watching tunnel-walk content should note that 250 athletes wearing coordinated fits creates ambient brand exposure that competes directly with traditional kit deals. For family offices sizing apparel plays, the structure is worth studying—L Catterton's retail expertise combined with Patricof's operator network gives the entity access to both capital and athlete pipelines that standalone DTC brands lack.
The athlete roster skews heavily toward NFL and NBA players, with a growing cohort of college football names who signed during the 2023 season. The company has not disclosed which athletes hold the largest equity positions, but early participants include several Pro Bowl-level names who have been photographed in Champ tunnel fits since mid-2023. Rhoback's existing ambassador roster, which includes PGA Tour players and college coaches, now folds into the combined structure.
What to watch: the company plans to announce its first co-designed collection under the merged entity in Q2 2025, likely timed to the NFL Draft cycle when tunnel content peaks. Expect athlete equity grants to accelerate during the spring transfer portal and summer signing windows, particularly targeting high-visibility college quarterbacks and basketball guards. The next funding round, likely a Series B in late 2025 or early 2026, will clarify whether L Catterton is building this toward an exit to a strategic buyer like Fanatics or positioning it as a standalone public vehicle. Track which Power Five programs start seeing coordinated Champ-Rhoback fits in team travel—those are licensing deals, not individual athlete plays, and they signal the platform is moving upstream toward institutional partnerships.
The merged entity now controls more tunnel real estate than any apparel brand outside the Big Three, and it did so without paying a single cash endorsement fee.
The takeaway
L Catterton-backed Champ merges with Rhoback, consolidating **250+ athletes** into single platform chasing NIL licensing at scale.
apparelnill cattertonathlete equitydtctunnel fit
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