KKR, a global investment firm, completed the acquisition of Varsity Brands, a company in team sports, athletics and spirit, from Bain Capital and Charlesbank. As the new majority owner of Varsity Brands, KKR will support the company as it continues to grow its business.
“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,” Adam Blumenfeld, CEO of Varsity Brands, said. “We are grateful for the support and partnership from Bain Capital and Charlesbank. Their support has been instrumental in laying the foundation for our continued success. I want to express my sincere gratitude for their belief in our mission and role in shaping the Varsity Brands we know today.”
“Varsity Brands is a leading solutions-oriented services provider with a mission to elevate the student experience through sport and spirit, helping schools and teams foster greater participation, enthusiasm and community,” Felix Gernburd, partner at KKR, 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,” Angad Singh, director at KKR, said.
KKR will support Varsity Brands in creating a broad-based equity ownership program to provide all the company’s employees with the opportunity to participate in the benefits of ownership. KKR is making this investment primarily through its North America Fund XIII. Terms of the transaction were not disclosed.
Goldman Sachs and Jefferies served as financial advisors and Simpson Thacher & Bartlett served as legal advisor to KKR. BofA Securities and William Blair served as joint financial advisors and Kirkland & Ellis served as legal advisor to Varsity Brands.
