The parent of Indianapolis-based Herff Jones will soon be under new ownership. Texas-based Varsity Brands has entered into an agreement to be acquired by Bain Capital Private Equity in Boston. Financial terms of the deal were not disclosed, however CNBC reports it is valued at $2.5 billion.
Herff Jones, which provides graduation and educational products and services such as class rings and yearbooks, is one of three main business units of Varsity Brands. The others include BSN Sports, a distributor of team sports equipment and apparel, and Varsity Spirit, which produces cheerleading and dance apparel as well as hosting cheerleading competitions and educational camps.
"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," Adam Blumenfeld, chief executive officer of Varsity Brands, said in a news release. "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."
Bain Capital says Blumenfeld will continue to lead the Varsity Brands business. The acquisition is expected to close in the third quarter.