» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
TDN Services
Research millions of people and properties [+]
Monitor any person, property or company [+]

Skip Navigation LinksHome >
VOL. 133 | NO. 122 | Tuesday, June 19, 2018

Bain Capital Buying Varsity Brands for $2.5B

By Bill Dries

Print | Front Page | Email this story | Email reporter | Comments ()

Memphis-based Varsity Brands Inc. is being purchased by Bain Capital Private Equity in a deal Varsity says will help it "accelerate our growth to the next level."

(varsitybrands.com)

Varsity did not disclose terms of the transaction, but CNBC, which first reported the news Tuesday, June 19, says the deal is reportedly worth about $2.5 billion. 

Bain is purchasing Varsity from private equity firm Charlesbank Capital Partners and funds managed or advised by Partners Group, a global private markets investment management firm, which have owned the company since 2014. 

Varsity Brands CEO Adam Blumenfeld will continue to lead the company, which consists of three divisions: BSN Sports, the largest team sports equipment and apparel distributor in the United States; Varsity Spirit, which produces cheerleading uniforms and holds educational camps, clinics and competitions; and Herff Jones, a leading provider of graduation and educational products and services.

"Bain Capital’s extensive consumer and technology experience and their commitment to our mission of empowering young people will help us accelerate our growth to a new level," Blumenfeld said in a statement.

Bain's experience in the consumer/retail sector include investments in Canada Goose, Toms Shoes, Blue Nile, BRP, Daymon Worldwide, Bright Horizons, Burlington Stores and Sundial Brands.

Ryan Cotton, a managing director at Bain Capital, said the deal would amplify Varsity's e-commerce operations and digital expansion while also accelerating its growth through acquisitions and organic initiatives.

The transaction is expected to close during the third quarter, pending regulatory approvals and other closing conditions.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 140 207 19,653
MORTGAGES 128 196 22,629
FORECLOSURE NOTICES 8 13 2,935
BUILDING PERMITS 166 367 40,371
BANKRUPTCIES 40 102 12,588
BUSINESS LICENSES 16 33 6,407
UTILITY CONNECTIONS 31 81 7,476
MARRIAGE LICENSES 24 47 4,500