In December 2014, Varsity Brands announced the completion of its acquisition by an investment group led by Charlesbank Capital Partners, with Partners Group serving as co-lead investor.
At the time of the transaction, Varsity Brands was led by Chairman and Chief Executive Officer Jeff Webb, who described the acquisition as a strategic step forward for the company’s long-term growth and mission. Webb emphasized the organization’s focus on inspiring student confidence, participation, and camaraderie, noting that the partnership with Charlesbank positioned Varsity Brands to expand its offerings and strengthen its role in the student activity and achievement space.
Jeff Webb, Varsity Brands’ Chairman and Chief Executive Officer, stated, “The entire Varsity Brands team is united as never before to ensure we inspire and champion greater self-confidence and camaraderie for students across the country. With a committed and experienced financial partner like Charlesbank at our side, our ability to deliver on this promise is sure to be enhanced. We now look forward to exciting new initiatives that affirm our unique status as the single source for our customers’ sport, spirit, and achievement needs.”
Charlesbank Capital Partners Managing Director Brandon White said the acquisition aligned with the firm’s experience in education and consumer-focused businesses, as well as its strategy of investing in middle-market companies with strong leadership teams and scalable platforms. Partners Group joined the transaction as co-lead investor, reflecting shared confidence in Varsity Brands’ growth potential.
“On behalf of Charlesbank and our co-lead investor, Partners Group, we are very pleased to have completed the Varsity Brands’ transaction,” added Brandon White, Managing Director at Charlesbank Capital Partners. “The acquisition builds on Charlesbank’s track record in the education and consumer markets, and is consistent with our focus on middle-market opportunities that present compelling investment returns with carefully controlled risk. Jeff and the Varsity senior team have built a unique platform with multiple avenues for growth, and we share their enthusiasm for the many opportunities ahead.”
At the time of the acquisition, Varsity Brands reported combined annual sales exceeding $1.2 billion across its three primary businesses: Herff Jones, Varsity Spirit, and BSN SPORTS. Together, the companies supported schools and organizations from kindergarten through college with a wide range of customizable products and services, including yearbooks and graduation items, cheerleading uniforms, camps and competitions, and sports apparel and equipment. Varsity Brands also operated one of the largest K–college-focused sales organizations in the United States, with more than 1,000 sales professionals serving educational and institutional markets.
The transaction was advised by Jefferies LLC as lead financial advisor to Varsity Brands and its Board of Directors, with additional advisory support from Stout Risius Ross. Legal counsel for Varsity Brands included Barnes & Thornburg LLP, K&L Gates LLP, McGlinchey Stafford, and Krieg DeVault LLP. Charlesbank and Partners Group were represented by Goodwin Procter LLP and Greenberg Traurig LLP. Debt financing for the acquisition was provided by Goldman Sachs Bank USA, Barclays, Ares Capital Corporation, and Crescent Mezzanine.
About Varsity Brands
Founded to elevate the student experience, Varsity Brands operated three core businesses: Herff Jones, BSN SPORTS, and Varsity Spirit. Together, they served elementary and middle schools, high schools, colleges and universities, as well as sports teams, organizations, and institutions nationwide. In 2014, Varsity Brands employed more than 4,600 people and reached customers through direct sales, catalogs, telesales, and e-commerce platforms.
About Charlesbank Capital Partners
Charlesbank Capital Partners is a middle-market private equity firm based in Boston and New York. As of 2014, the firm managed more than $3 billion in capital and focused on management-led buyouts and growth investments across education, consumer, and service-oriented businesses.
About Partners Group
Partners Group is a global private markets investment management firm headquartered in Zug, Switzerland. In 2014, the firm managed more than $42 billion in private equity, real estate, infrastructure, and private debt investments, with offices across North America, Europe, and Asia.
