Bain plans to grow the company by supporting its e-commerce operations and through acquisitions, according to a statement Tuesday. While terms of the deal weren’t disclosed, CNBC reported earlier that the transaction values Varsity Brands at about $2.5 billion, citing sources it didn’t identify.
Charlesbank and funds affiliated with Partners Group bought Varsity Brands in 2014 for about $1.5 billion. The following year it acquired Allgoods LLC, a specialty company that makes custom merchandise for school fundraising.
“This new partnership presents Varsity Brands with an exciting opportunity to continue to expand and improve our products and services,” said Adam Blumenfeld, chief executive officer of Varsity Brands in the statement.
Jefferies Group LLC, Goldman Sachs Group Inc. and Peter J Solomon Co. advised the Charlesbank-led group of investors on the deal.
By Melissa Mittelman; editor: Elizabeth Fournier.