We’re not quite sure how this impacts or what it means for its team sports business, but Varsity Brands, the parent of BSN Sports and Varsity Spirit, is reportedly selling its Herff Jones Graduation Business to Atlas Holdings. The sales includes its Scholastic and Collegiate brand portfolio and manufacturing facilities.

“Through this transaction, we see immense potential for the future of Varsity Brands,” Adam Blumenfeld, CEO of Varsity Brands, said in a statement. “The sale of the graduation business simplifies our infrastructure while unlocking meaningful capabilities and synergies between our Yearbook and Varsity Spirit entities.

“Varsity Spirit drives passion, enthusiasm and engagement through cheer, dance and band,” Blumenfeld added. “Yearbook has the honor and distinction of memorializing and commemorating student experiences for years to come. We look forward to providing an even broader array of products and services to our shared Yearbook and Varsity Spirit customers in the future.”

The Graduation Business sells primarily caps and gowns, fine paper, jewelry and frames. Varsity Brands will retain and align the Yearbook business with its Varsity Spirit business segment.

Headquartered in Greenwich, CT, and founded in 2002, Atlas operate 27 companies in sectors such as automotive, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management, and wood products. Atlas’ companies together generate approximately $16 billion in annual revenue.

“We are excited to be adding Herff Jones to Atlas’ growing family of great manufacturing and distribution businesses,” said Atlas partner Michael Sher. “Our team has partnered with the Leadership Teams of non-core former divisions of larger corporations, strengthening and growing them into focused, thriving, independent businesses. We see tremendous opportunity with Herff Jones.”

“We are thrilled to have found the right partner for Herff Jones’ Graduation Business in Atlas, and we know this decision will pave the way for long-term growth,” said Ron Stoupa, president of Herff Jones. ” Atlas has a track record of delivering exceptional human capital and financial resources to their companies, and we look forward to partnering with them in the months and years ahead.”

There was no word in any announcement on how Varsity brands’ BSN Sports business will be impacted by the sale.