Deals
Bain Agrees to Acquire Cheerleading Outfitter Varsity Brands
- Acquisition comes as sport is considered for Olympics status
- Varsity Brands was founded by cheerleader Jeff Webb in 1974
Source: IPGGutenbergUKLtd/iStockphoto/Getty Images
This article is for subscribers only.
Bain Capital agreed to buy Varsity Brands, a maker of cheerleading uniforms and school spirit merchandise, betting on the sport’s future as it inches toward inclusion in the Olympic Games.
Bain, which will acquire the company from investors led by Charlesbank Capital Partners, plans to develop the company by supporting its e-commerce operations and through acquisitions, according to a statement Tuesday. While terms of the deal weren’t disclosed, CNBC reported earlier that the transaction values Varsity Brands at about $2.5 billion, citing sources it didn’t identify.