Fanatics Inc. is buying Italian sports merchandising firm Epi and adding deals with several Serie A football clubs as it expands abroad. Epi, which is closely held by management and Quadrivio Group’s Industry 4.0 private equity fund, generated more than $50 million in sales in 2022, according to a person familiar with the matter who asked not to be named because the information is private. Financial terms of the agreement weren’t disclosed.

International expansion is a key growth driver for Fanatics, which has been pushing into new markets in Europe and Asia after years limited to US leagues like Major League Baseball and the National Football League. It’s seen as a possible candidate for an initial public offering after raising funds at a $31 billion valuation last year.