KKR, a global investment firm, has completed its acquisition of Varsity Brands from Bain Capital and Charlesbank. Varsity Brands, a leader in team sports, athletics, and spirit, will now be supported by KKR to further its growth strategy and mission to serve sports teams, schools, and student-athletes.

Varsity Brands offers a wide range of customized solutions, services, and experiences for school and team sports, reaching over eight million athletes and students annually. The company is a national marketer, manufacturer, and distributor of team uniforms, apparel, and sporting goods, serving more than 150,000 customers, including colleges, universities, schools, and recreational programs. It also has strong relationships with global athletic brands like Nike, adidas, Under Armor, New Balance, and lululemon, and is a leading organizer of cheerleading competitions and training camps.

Adam Blumenfeld, CEO of Varsity Brands, expressed excitement about the new partnership with KKR, highlighting the growth potential and the company's mission to support teams, schools, and communities. He also thanked Bain Capital and Charlesbank for their foundational support.

Varsity Brands has a history of supporting the well-being of students and athletes through innovative programs. Recently, it launched SURGE, an initiative aimed at empowering girls to stay in sports by providing free online tools for coaches to build self-esteem and prioritize mental health. The company also offers the IMPACT School Partnership Program to enhance school pride and student engagement.

KKR plans to support Varsity Brands by creating a broad-based equity ownership program for all employees, believing that team member engagement through ownership is crucial for building stronger companies. Since 2011, KKR has awarded billions of dollars in equity value to over 100,000 non-senior management employees across more than 50 portfolio companies.

The investment in Varsity Brands is primarily through KKR's North America Fund XIII. Financial advisors for the transaction included Goldman Sachs and Jefferies for KKR, and BofA Securities and William Blair for Varsity Brands. Legal advisors were Simpson Thacher & Bartlett LLP for KKR and Kirkland & Ellis LLP for Varsity Brands.

Varsity Brands aims to elevate the experience of over 55 million students nationwide through sports and spirit, while KKR continues to generate attractive investment returns by supporting growth in its portfolio companies and communities. For more information, visit varsitybrands.com and kkr.com.