Varsity Brands
| Company type | Private |
|---|---|
| Industry | Apparel, sports equipment |
| Founder | Jeff Webb (Herff Jones founder and former CEO) |
| Headquarters | United States |
Area served | United States |
Key people | Adam Blumenfeld (CEO) |
| Products | Academic-related clothing and memorabilia, cheerleading apparel, sports uniforms and equipment |
| Owner | Kohlberg Kravis Roberts |
Varsity Brands, Inc. is a United States-based apparel enterprise owned by the private equity firm Kohlberg Kravis Roberts. The company specializes in academic-related clothing and memorabilia through its three primary divisions: Herff Jones, which produces items such as class rings, graduation caps and gowns, and yearbooks; Varsity Spirit, which focuses on cheerleading apparel and event organization; and BSN Sports, a supplier of sports uniforms and sports equipment.
History
In 2011, Varsity Brands was acquired by Herff Jones, with Jeff Webb, the founder, stepping into the role of president and CEO of Herff Jones. Subsequently, in 2013, Herff Jones expanded by purchasing BSN Sports. By mid-2014, the entities consolidated under the Varsity Brands name to represent their integrated business structure. That same year, private equity firm Charlesbank Capital Partners acquired Varsity Brands for $1.5 billion. Later, in 2018, ownership transferred to Bain Capital at an estimated value of $2.5 billion.
Adam Blumenfeld, who had been leading BSN Sports as CEO since 2007, was promoted to CEO of Varsity Brands in 2017.
In 2023, Varsity Brands sold its Herff Jones graduation division to Atlas Holdings. Then, in August 2024, Kohlberg Kravis Roberts purchased the company for roughly $4.75 billion.
Antitrust and sexual assault lawsuits
In May 2020, Varsity Brands became subject to a consolidated legal action alleging monopolistic practices within the cheerleading apparel sector.
By September 2022, the company faced two separate lawsuits concerning accusations of sexual misconduct involving coaches associated with Varsity Brands.
In May 2024, Varsity Brands along with its previous owners consented to an $82.5 million settlement resolving a class-action suit that claimed monopolization of cheerleading competitions, camps, and apparel markets. This agreement followed an earlier antitrust settlement of $43.5 million reached in October 2023. The terms of the 2024 settlement mandate eliminating requirements for cheerleaders to attend Varsity-operated camps to qualify for championships, ending compulsory stays at hotels approved by Varsity, and stopping the exchange of information between Varsity and the U.S. All Star Federation—an organization established by Varsity.