Varsity Brands, the parent of BSN Sports, Varsity Spirit and Herff Jones, announced that it has successfully completed transactions that, in aggregate, raised a total of approximately $185 million in new capital to the Company. Most notably, existing and new institutional investors have participated in a $150 million capital raise to provide enhanced financial flexibility through the COVID-19 pandemic and for the foreseeable future.
Varsity Brands raised another $35 million in capital through the recent, successful recapitalization of its headquarters building in Dallas, TX.
Adam Blumenfeld, Varsity Brands’ CEO, stated, “As we look to the 2020/21 school year, principals, athletic directors, coaches and teachers will need a partner with the reach, financial strength and one-stop range of products and services to establish a trusted ‘new normal’ at schools. The capital we have raised – in otherwise challenging market conditions – speaks to our fundamental strength and potential as we focus our energy on serving this vital role. It will be an extraordinary team effort, and the new capital uniquely positions Varsity Brands to serve customers and the industry during this period of uncertainty and beyond.”
In the coming weeks, Varsity Brands will launch a dedicated program, Impact Now!, that will offer schools and administrators across the country a playbook for re-opening their schools for the 2020/21 school year. Impact Now! will equip schools with practical, effective tools, content, and products to promote health and safety and harness the excitement around students returning to school for the 2020/21 school year. It builds on the success of the Varsity Brands Impact Program, which provides customized solutions to schools that drive student engagement, faculty morale and community involvement.
Varsity Brands is a portfolio company of Bain Capital Private Equity.
Photo courtesy Varsity Brands