
Varsity Brands, a leading company in team sports, athletics, and spirit, has officially been acquired by KKR, a prominent global investment firm, from Bain Capital and Charlesbank. With KKR now as the majority owner, Varsity Brands is poised to continue its growth trajectory with strong backing.
Varsity Brands offers a broad array of high-quality, customized solutions, services, and experiences that support school and team sports, athletics, and spirit programs, impacting over eight million athletes and students each year. The company is a national marketer, manufacturer, and distributor of customized team uniforms, apparel solutions, and team-specific sporting goods and equipment, serving over 150,000 customers, including colleges, universities, schools, club teams, and recreational programs. Varsity Brands also maintains long-standing relationships with renowned global athletic brands like Nike, adidas, Under Armour, New Balance, and lululemon. Additionally, the company is a leading organizer of cheerleading competitions and training camp programs.
“Today marks a significant milestone for Varsity Brands as we welcome KKR as our new investor. We see tremendous potential for growth as we further our mission to support teams, schools, and communities, enhancing the experience for young people nationwide. This is a proud moment for the Varsity Brands team, whose dedication and performance are key to our ongoing success. I’m also excited for our colleagues to join KKR and our leadership team as co-owners of the company,” said Adam Blumenfeld, CEO of Varsity Brands. “We are grateful for the support from Bain Capital and Charlesbank, which has been crucial in laying the groundwork for our continued success. I want to express my heartfelt thanks for their belief in our mission and their role in shaping the Varsity Brands we have today.”
With a legacy spanning five decades, Varsity Brands has been a catalyst for positive change, supporting the physical, mental, and emotional well-being of students and athletes through innovative resources and programs that help them feel connected, supported, and inspired to excel. Recently, the company launched a new initiative called SURGE, which stands for Strength, Unity, Resilience, Growth, and Equity. This initiative aims to empower girls to stay in sports by providing a variety of free online tools for coaches to build self-esteem, instill confidence, and prioritize mental health. Additionally, 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 service provider with a mission to elevate the student experience through sport and spirit, helping schools and teams foster greater participation, enthusiasm, and community,” said Felix Gernburd, Partner at KKR.
“We are eager to collaborate with Adam and his dedicated team to support their strategy for expanding Varsity Brands’ platform into new markets and categories while continuing to deliver exceptional products, services, and contributions to the sports and education ecosystems,” added Angad Singh, Director at KKR.
KKR plans to support Varsity Brands in creating a broad-based equity ownership program, giving all employees the opportunity to benefit from ownership. This approach is rooted in the belief that employee engagement through ownership is a key driver of building stronger companies. Since 2011, more than 50 KKR portfolio companies have awarded billions of dollars in total equity value to over 100,000 non-senior management employees.
KKR is making this investment primarily through its North America Fund XIII. The terms of the transaction have not been disclosed.
Goldman Sachs and Jefferies acted as financial advisors, and Simpson Thacher & Bartlett LLP served as legal advisor to KKR.
BofA Securities and William Blair were joint financial advisors, and Kirkland & Ellis LLP served as legal advisor to Varsity Brands.
About Varsity Brands
Varsity Brands is a premier team sports platform, providing a comprehensive range of services and solutions for sports, cheer, dance, band, and yearbook programs. Varsity Brands supports athletic programs, schools, gyms, and teams with customizable uniforms, gear, competitions, experiences, training, education, and more. The company’s mission is to elevate the experience of more than 55 million students nationwide through sport and spirit. Learn more about how Varsity Brands champions youth participation, well-being, and engagement at varsitybrands.com.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR seeks to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets, and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For more information about Global Atlantic Financial Group, please visit www.globalatlantic.com.