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 17th transaction in the Consumer Products sector.
  • This is KKR’s 206th transaction in the United States.
  • This is KKR’s 25th 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 Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B 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 474 of 476
Sector (Consumer Products) 17 of 17
Type (Secondary Buyout) 108 of 110
State (Texas) 25 of 26
Country (United States) 206 of 208
Year (2024) 15 of 17
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
2024-09-03 CLEAResult

Austin, Texas, United States

CLEAResult provides energy efficiency, transition, and sustainability services. The company collaborates with a diverse network of local partners to deliver world-class technology and personalized services, making it easy for commercial and industrial businesses, governments, utilities, and residential customers to reduce their energy use and greenhouse gas emissions. CLEAResult was founded in 2003 and is based in Austin, Texas.

Buy -

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 147 of 147
Sector (Consumer Products) 8 of 8
Type (Secondary Buyout) 31 of 31
State (Texas) 6 of 6
Country (United States) 85 of 85
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 -
Mergr

Product

Company

Legal