After 35 years and hundreds of releases from some of the most important punk bands of all time, Fat Wreck Chords has sold its catalog to fellow alternative rock luminaries Hopeless Records.

Coming off the tail end of the final shows of founder Fat Mike's long-time band, NOFX, the deal marks a unique partnership between two of the biggest names in the business, with Hopeless owner Louis Posen celebrating that the partnership could mean for music moving forward.

"The opportunity to lead the history, catalog, and roster of Fat Wreck Chords into the future, alongside Mike and Erin, is the honor and privilege of my 30-year career," Posen said in a statement. "We are incredibly grateful that Mike and Erin have entrusted the Hopeless team to care for their 35 years of passion and hard work. "I don't know when it will fully sink in, but we are deeply committed to honoring and continuing the remarkable history of Fat Wreck Chords."

The partnership is unique because while Posen now owns the catalog, he did not purchase the name or logo of the label, allowing Mike and his partner, Erin Kelly-Burkett, to keep their original intellectual property into the future while preventing Hopeless or anyone else from signing new artists under the moniker.

"Erin, towards the end of the deal, said, 'I don't want to give up what we built.' Say Louis sold it, and he sold the Fat Wreck Chords logo, any label or any other person could put out other bands on the label," Fat Mike says. "We ensure that it's pure. I don't want any band on my label — that's my namesake — that I don't like. There is something to be said for volume."

With plenty of interest in bands on the Fat Wreck Chords catalog to this day, the idea of passing the label's masters to a new home made sense if Fat Mike and company weren't willing to keep it going. Fortunately, he's found a partner who is more like an old friend, as they have known each other for 30 years.

"We've been friends with Louis for over 30 years and he is someone who always seems to doing things for the greater good," Fat Mike said. "I completely trust his ethics and acumen with the legacy of Fat Wreck Chords."