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Bain Capital snaps up Varsity Brands

Varsity Brands, which operates BSN Sports, the largest team sports equipment and apparel distributor for US students, is to be acquired by private equity fund Bain Capital.

Varsity Brands also operates Varsity Spirit, which produces cheerleading uniforms and hosts educational camps, clinics and competitions, as well as Herff Jones, which provides products for graduations.

Varsity Brands is being acquired from Charlesbank Capital Partners, which purchased the company in 2014. Financial terms were not disclosed.

“This new partnership presents Varsity Brands with an exciting opportunity to continue to expand and improve our products and services while remaining steadfast to our commitment to improving student life and overall engagement,” Varsity Brands chief executive Adam Blumenfeld said. “Bain Capital’s extensive consumer and technology experience and their commitment to our mission of empowering young people will help us accelerate our growth to a new level.”

The transaction is subject to customary closing conditions and is expected to close during the third quarter of 2018. Blumenfeld will continue to lead the company following the takeover.