Varsity Brands, Inc. is an American apparel company owned by the private equity firm Kohlberg Kravis Roberts . It is primarily focused on academic apparel and memorabilia, with its operations split among three major subsidiaries, including Herff Jones —a manufacturer of products such as class rings , graduation caps and gowns , and yearbooks ; Varsity Spirit —which produces apparel and competitions in cheerleading ; and BSN Sports, a distributor of sports uniforms and equipment .
7-476: In 2011, Herff Jones merged with Varsity Brands. Its founder and CEO, Jeff Webb, became president and CEO of Herff Jones. Herff Jones acquired BSN Sports in 2013. In June 2014, it was announced that the company would operate under the Varsity Brands name to reflect a more integrated operation. The company was then sold to the private equity group Charlesbank Capital Partners for $ 1.5 billion. In 2018, it
14-419: A $ 43.5 million antitrust settlement from October 2023. Key elements of the 2024 settlement include removing the requirements for cheerleaders to attend Varsity-run camps for championship eligibility and stay at Varsity-approved hotels and ending information sharing between Varsity and the U.S. All Star Federation , which was founded by Varsity. Charlesbank Capital Partners Charlesbank Capital Partners
21-425: Is a private equity investment firm focusing on management-led buyouts and growth capital financing of middle-market companies . The firm typically invests $ 50 million to $ 250 million of equity per transaction in companies with enterprise values of $ 150 million to $ 1.5 billion. Charlesbank's strategy emphasizes investing across a broad range of industries, transaction types and levels of the capital structure. With
28-616: The addition of a credit strategy in 2016, the firm also engages in opportunistic or special situations credit investing. The founders of Charlesbank came together in 1991 as Harvard Private Capital Group to manage the private equity investment portfolio for Harvard Management Company . In 1998, the founders launched Charlesbank Capital Partners, an independent firm also based in Boston, Massachusetts . The firm employs more than 65 people between its Boston and New York City offices and has over $ 5 billion of capital under management. In 2000,
35-402: The cheerleading apparel industry. In September 2022, Varsity Brands also faced two lawsuits regarding sexual assault charges related to Varsity-Brands-connected coaches. In May 2024, Varsity Brands and its previous owners agreed to pay $ 82.5 million to settle a class-action lawsuit accusing them of monopolizing the cheerleading competitions, camps, and apparel markets. This settlement follows
42-566: The firm raised ~$ 600 million for Charlesbank Equity Fund V, its first fund to include outside institutional investors . Subsequent funds include Charlesbank Equity Fund VI ($ 1 billion raised in 2005), Charlesbank Equity Fund VII (~$ 1.5 billion raised in 2009), Charlesbank Equity Fund VIII (~$ 1.75 billion raised in 2014) and Charlesbank Equity Fund IX (~$ 2.75 billion raised in 2017) The firm's founders include co-chairmen Michael R. Eisenson and Kim Davis as well as Tim Palmer, Mark Rosen and Michael Thonis, who now serve as Senior Advisors. Charlesbank
49-583: Was sold to Bain Capital for around $ 2.5 billion. Adam Blumenfeld, CEO of BSN Sports since 2007, was named CEO of Varsity Brands in 2017. In 2023, Varsity Brands sold the Herff Jones graduation business to Atlas Holdings. Varsity Brands was sold to Kohlberg Kravis Roberts for approximately $ 4.75 billion in August 2024. In May 2020, Varsity Brands faced a consolidated lawsuit over monopoly control in
#487512