Private equity firm KKR & Co has agreed a deal to acquire Varsity Brands, a US manufacturer of sports uniforms and school yearbooks, from Bain Capital for approximately $4.75bn, including debt, according to a report by Reuters.
The report cites sources familiar with the matter as confirming that the acquisition will see Varsity Brands become part of KKR’s Americas private equity fund. In line with KKR’s recent commitments, employees of Varsity Brands will receive equity in the company, a benefit traditionally reserved for senior executives.
Bain Capital acquired Varsity Brands in 2018 for around $2.5bn from private equity firms Charlesbank Capital Partners and Partners Group, with Reuters reporting last year that Bain was considering either a sale or an initial public offering of the business.
Varsity Brands operates two main divisions: BSN SPORTS and Varsity Spirit, with the former distributing customisable team sports equipment and apparel through partnerships with major brands like Nike and Under Armour, and the latter selling cheerleader uniforms and apparel, hosting educational camps, clinics and competitions, as well as producing school yearbooks.
