Fathead is one of the most recognized consumer brands in sports—and one of the most undervalued. Eighty-five percent aided brand awareness, 160-plus premium licenses with every major North American sports league, a strong owned database, and monthly recurring revenue represent an asset base that would cost hundreds of millions of dollars to build from scratch. The current ownership group acquired all of it for a fraction of that, and the turnaround is already producing results: margins nearly doubled, acquisition costs cut in half, and retail distribution secured with Target, Walmart, Lowe’s, and Amazon. Our conviction goes beyond the brand revival. We see Fathead evolving from a wall decal company into a fan expression platform—one that owns the customer relationship, owns the data, and owns the full funnel from content to commerce. The Personalization Studio already represents a sizable portion of revenue, converts at 2x the standard rate, and is the entry point for a much larger vision: AI-driven personalization, interactive AR decals, in-app gamification, and a first-party data flywheel that turns one-time buyers into lifelong customers. In a sports economy where fan engagement is increasingly the monetization layer, Fathead sits on a rare combination of cultural equity and technology infrastructure. For Champion Fund’s portfolio, Fathead adds direct-to-consumer fan engagement exposure that complements the fund’s positions across sports ownership, ticketing, and experiential entertainment. A company that has licensing relationships with every major league and deep data on millions of passionate fans creates natural partnership and activation opportunities across the portfolio—from co-branded products at portfolio venues to enhanced fan experiences powered by Fathead’s personalization technology. It is the kind of investment, we believe, where the brand’s reach and the portfolio’s depth can compound each other.