Varsity Brands—the Farmers Branch-based leader in academic apparel and memorabilia—has been acquired by global investment firm KKR from Bain Capital and Charlesbank in a deal Reuters reported at $4.75 billion.
“Today is a pivotal moment for Varsity Brands as we welcome KKR as our new investor,” Varsity Brands CEO Adam Blumenfeld said in a statement. “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’m also excited for our colleagues to join KKR and our leadership team as co-owners of the company.”
“We’re grateful for the support and partnership from Bain Capital and Charlesbank,” Blemfeld added. “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 offers an extensive range of high-quality, customized solutions, services, and experiences that support school and team sports, athletics, and spirit programs, reaching more than 8 million athletes and students annually, the company said.
KKR said it’s making this investment primarily through its North America Fund XIII.
Elevating students through sports and spirit
Varsity Brands is a national marketer, manufacturer and distributor of customized team uniform and apparel solutions and team-specific sporting goods and equipment serving more than 150,000 customers, including colleges, universities, schools, club teams, and recreational programs. Varsity Brands said it has strong, long-standing relationships with iconic global athletic brands such as Nike, adidas, Under Armor, New Balance, and lululemon.
Also, the company is a leading organizer of cheerleading competitions and training camp programs.
Recently launched SURGE initiative promoting girls’ sports
With a history spanning five decades, the company most recently debuted a new initiative, SURGE, which stands for Strength, Unity, Resilience, Growth and Equity, aiming to empower girls to stay in sports. The company said that SURGE encourages female athletes to lead healthy, successful lives through a variety of free online tools for coaches to build self-esteem, instill confidence, and prioritize mental health.
In addition, the Varsity Brands IMPACT School Partnership Program offers schools tailored solutions to enhance school pride, boost student engagement, and foster community spirit.
“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,” KKR Partner Felix Gernburd said in a statement.
KKR said it will support Varsity Brands in creating a broad-based equity ownership program to provide all Varsity Brands employees with the opportunity to participate in the benefits of ownership.
The New York investment firm said its strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 50 KKR portfolio companies have awarded billions of dollars of total equity value to over 100,000 non-senior management employees, 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,” KKR Director Angad Singh said in a statement.
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