Private equity firm KKR & Co agreed to acquire Varsity Brands, a U.S. maker of sports uniforms and school yearbooks, from buyout firm Bain Capital for about $4.75 billion, including debt, people familiar with the matter said on Wednesday.
KKR will own Varsity Brands through its Americas private equity fund, the sources said, requesting anonymity because the deal has not yet been announced.
KKR has committed to offering rank-and-file employees of its North America portfolio companies equity in these companies, and will do so with Varsity Brands, the sources said. This is an incentive the corporate world traditionally reserves for senior executives.
KKR will own Varsity Brands through its Americas private equity fund, the sources said, requesting anonymity because the deal has not yet been announced.
KKR has committed to offering rank-and-file employees of its North America portfolio companies equity in these companies, and will do so with Varsity Brands, the sources said. This is an incentive the corporate world traditionally reserves for senior executives.
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KKR, Bain Capital and Varsity Brands declined to comment.
Bain acquired Varsity Brands in 2018 from private equity firms Charlesbank Capital Partners and Partners Group for around $2.5 billion. Reuters reported last year that Bain was exploring a sale or initial public offering of Varsity Brands.
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 Nike and Under Armor.
Bain acquired Varsity Brands in 2018 from private equity firms Charlesbank Capital Partners and Partners Group for around $2.5 billion. Reuters reported last year that Bain was exploring a sale or initial public offering of Varsity Brands.
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 Nike and Under Armor.
Source: Reuters
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