Varsity Brands, the parent of BSN Sports and Varsity Spirit, reported signing a definitive agreement to sell its Herff Jones Graduation Business to Atlas Holdings, including the Scholastic and Collegiate brand portfolio and manufacturing facilities.
The Graduation Business offers a range of customized products, including caps and gowns, fine paper, jewelry, and frames. Varsity Brands will retain and align the Yearbook business with its Varsity Spirit business segment. The transaction is expected to close within 30 days, subject to customary closing conditions. Terms were not disclosed.
“Through this transaction, we see immense potential for the future of Varsity Brands,” said Adam Blumenfeld, CEO of Varsity Brands. “The sale of the graduation business simplifies our infrastructure while unlocking meaningful capabilities and synergies between our Yearbook and Varsity Spirit entities. Varsity Spirit drives passion, enthusiasm and engagement through cheer, dance and band. Yearbook has the honor and distinction of memorializing and commemorating student experiences for years to come. We look forward to providing an even broader array of products and services to our shared Yearbook and Varsity Spirit customers in the future.”
“We are excited to be adding Herff Jones to Atlas’ growing family of great manufacturing and distribution businesses. Our team has partnered with the Leadership Teams of non-core former divisions of larger corporations, strengthening and growing them into focused, thriving, independent businesses. We see tremendous opportunity with Herff Jones, and we have extensive experience serving education partners through other current Atlas companies. We are confident that we are the right partner for Herff Jones as it enters the next chapter of its storied history serving students,” said Atlas partner Michael Sher.
“We are thrilled to have found the right partner for Herff Jones’ Graduation Business in Atlas, and we know this decision will pave the way for long-term growth,” said Ron Stoupa, president of Herff Jones. ” Atlas has a track record of delivering exceptional human capital and financial resources to their companies, and we look forward to partnering with them in the months and years ahead.”
Customers should not experience any disruption in service during the transition. As part of the transaction, Varsity Brands and Atlas Holdings established a transition services agreement to ensure a smooth and effective transition.
Headquartered in Greenwich, CT, and founded in 2002, Atlas and its affiliates own and operate 27 companies in sectors such as automotive, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management, and wood products. Atlas’ companies together generate approximately $16 billion in annual revenue.
