It is just one of many private equity acquisitions in team sports in the last year (see full article in the May 2024 issue of Team Insight – https://viewer.e-digitaledition.com/i/1520324-may-june-2024/7?)

According to Reuters, KKR will own Varsity Brands through its Americas private equity fund. KKR has committed to offering rank-and-file employees of its North America portfolio companies equity in these companies and will do so with Varsity Brands, according to sources. This is an incentive the corporate world traditionally reserves for senior executives.

Bain acquired Varsity Brands in 2018 from private equity firms Charlesbank Capital Partners and Partners Group for around $2.5 billion. Reuters reported last year that Bain was exploring a sale or initial public offering of Varsity Brands.

Varsity Brands consists of two main businesses, BSN Sports and Varsity Spirit. Company executives have so far declined any comment.