Global investment firm KKR has completed the acquisition of Varsity Brands, a team sports, athletics and spirit company, from Bain Capital and Charlesbank.
The financial terms of the transaction have not been disclosed. Media sources report its value to be $4.75bn.
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KKR, as the new majority owner, is set to bolster the company’s expansion efforts.
Varsity Brands offers customised solutions, services and experiences to more than eight million athletes and students annually.
The company manufactures and distributes team uniforms, apparel, sporting goods, and equipment, serving an extensive customer base that includes educational institutions and recreational programmes.
Varsity Brands has also established partnerships with athletic brands such as NIKE, adidas, Under Armour, New Balance and lululemon.
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By GlobalDataVarsity Brands CEO Adam Blumenfeld said: “Today is a pivotal moment for Varsity Brands as we welcome KKR as our new investor. We see immense growth potential as we advance our mission to support teams, schools and communities, elevating the experience for young people nationwide.
“This is a proud day for the Varsity Brands team, whose commitment and performance are critical to our continued success. I am also excited for our colleagues to join KKR and our leadership team as co-owners of the company.”
KKR plans to introduce a broad-based equity ownership programme for all Varsity Brands employees.
KKR’s North America Fund XIII is the primary vehicle for this investment.
KKR director Angad Singh said: “We look forward to working alongside Adam and his passionate team to support their strategy for growing Varsity Brands’ platform in new markets and categories while continuing to deliver exceptional products, services and contributions to the sports and education ecosystems.”
In October 2023, Atlas Holdings completed the previously announced acquisition of the graduation business of Herff Jones from Varsity Brands.
