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M&A Deal Summary

KKR Acquires Varsity Brands

On August 26, 2024, private equity firm KKR acquired consumer products company Varsity Brands from Bain Capital Private Equity

Acquisition Highlights
  • This is KKR’s 16th transaction in the Consumer Products sector.
  • This is KKR’s 208th transaction in the United States.
  • This is KKR’s 26th transaction in Texas.

M&A Deal Summary
Date 2024-08-26
Target Varsity Brands
Sector Consumer Products
Buyer(s) KKR
Sellers(s) Bain Capital Private Equity
Deal Type Secondary Buyout
Advisor(s) BofA Securities
William Blair (Financial)
Kirkland & Ellis (Legal)

Target

Varsity Brands

Farmers Branch, Texas, United States
Varsity Brands provides goods and services to the school spirit industry. The company designs, markets, and manufactures cheerleading and dance team uniforms and accessories. It elevates the student experience, promotes participation, and celebrates achievement through three unique but interrelated businesses: BSN SPORTS; Varsity Spirit; and Herff Jones. Together, these businesses promote personal, school, and community pride through their customizable products and programs to elementary and middle schools, high schools, colleges and universities, church organizations, professional and collegiate sports teams, and corporations. Varsity Brands is based in Farmers Branch, Texas.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 481 of 487
Sector (Consumer Products) 16 of 16
Type (Secondary Buyout) 105 of 108
State (Texas) 26 of 26
Country (United States) 208 of 210
Year (2024) 16 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-07 FGS Global

New York, New York, United States

FGS Global is a global strategic communications consultancy that advises clients in navigating complex situations and reputational challenges. FGS Global is headquartered in New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-26 GeoStabilization

Commerce City, Colorado, United States

GeoStabilization is a provider of complex geotechnical maintenance services for critical infrastructure across the U.S. and Canada. The company develops and implements innovative solutions that protect from dangers associated with geohazards that have either caused or have the potential to cause, catastrophic infrastructure failures and significant economic disruption. GeoStabilization was founded in 2002 and is based in Commerce City, Colorado.

Sell -

Seller(S) 1

SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 148 of 150
Sector (Consumer Products) 8 of 8
Type (Secondary Buyout) 31 of 32
State (Texas) 6 of 6
Country (United States) 85 of 87
Year (2024) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-07 Somacis

Castelfidardo, Italy

Somacis focuses on designing and manufacturing highly engineered Printed Circuit Boards (PCBs), targeting advanced technological applications across several end markets including aerospace & defense, telecom infrastructure, industrials, IT, automotive/EV, and medical devices. The company boasts a synergetic global production footprint with five manufacturing facilities across Italy (Castelfidardo, Manfredonia), the UK (Devon), the US (Poway, CA), and China (Dongguan). It leverages an integrated business model strategically designed to position itself as a worldwide one-stop-shop platform matching its global customers’ highest technology, quality, and service standards. Somacis was founded in 1972 and is based in Castelfidardo, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-08 Gluware

Sacramento, California, United States

Gluware is intelligent network automation for the enterprise that automates the networks of the complex enterprises by simplifying how multi-domain, multi-cloud networks are discovered, analyzed, and maintained. Gluware is based in Sacramento, California.

Sell -
Mergr

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Company

Legal