Report: $1.5B Herff Jones Sale Close

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A published report indicates Indianapolis-based Herff Jones Inc. may soon be sold. Reuters reports Charlesbank Capital Partners in Boston is close to an agreement to acquire parent company Varsity Brands Inc. for about $1.5 billion. The report says Charlesbank is partnering with a European investment firm in the bid. Herff Jones makes products including class rings, jewelry and yearbooks. The nearly century-old company employs more than 2,000 nationwide. In July, Herff Jones announced plans to cut its education division and part ways with around 130 employees, mostly in Indiana.

The company purchased Varsity Brands in 2011 and acquired Texas-based BSN Sports Inc. in 2013 in a $460 million deal. Herff Jones rebranded the entire company earlier this year under the Varsity Brands name.

The company was founded in 1920 by Randall Jones and Harry Herff.

Source: Reuters