Varsity Brands acquired by Bain Capital Private Equity
Adam Blumenfeld, chief executive officer of Varsity Brands, who will continue to lead the business after the acquisition, said in a release that “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.”
Varsity operates through three units, selling team sports apparel and equipment through BSN Sports, the largest team sports apparel and equipment distributor in the US. The second unit is a cheerleading business, Varsity Spirit, which sells uniforms and hosts camps, clinics and competitions. It also operates through Herff Jones, a provider of graduation and educational products and services.
Varsity's products are available for elementary and middle schools, high schools and at the collegiate level for universities.
Ryan Cotton, a managing director at Bain Capital Private Equity explained that the firm is planning on "amplify[ing] the company’s e-commerce operations and digital expansion, while accelerating its growth through complementary acquisitions and organic initiatives."
Bain's other retail investments include Canada Goose, Toms Shoes, Blue Nile, and Burlington Stores.
The acquisition is expected to close in the third quarter of 2018. Financial terms of the deal were not disclosed.
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