Bain eyes Varsity Brands cash-out at $6 billion-plus valuation
Reuters
Bain Capital
Bain
Varsity Brands generates more than $400 million in 12-month earnings before interest, taxes, depreciation and amortization, the sources added, asking not to be identified because the matter is confidential.
Varsity Brands and Bain declined to comment.
Varsity Brands consists of two main businesses, BSN SPORTS and Varsity Spirit.
BSN distributes customizable team sports equipment and apparel through partnerships with brands including NikeUnder Armour
Varsity Spirit sells cheerleader uniforms and apparel, and also hosts educational camps, clinics and competitions. It also makes school yearbooks, which used to be part of Varsity’s Herff Jones graduation merchandise division. Varsity kept the yearbooks business when it sold Herff Jones to private equity firm Atlas Holdings earlier this year.
Bain acquired Varsity Brands in 2018 from private equity firms Charlesbank Capital Partners and Partners Group for around $2.5 billion, according to news reports at the time.
Buyout firms have been actively seeking exits from apparel businesses this year. L CattertonBirkenstock
New Era
