DALLAS, June 22, 2020 /PRNewswire/ — Varsity Brands, the market leader in sport, spirit and achievement, today announced that it has successfully completed transactions that, in aggregate, raised a total of approximately $185M in new capital to the Company. Most notably, existing and new institutional investors have participated in a $150 million capital raise to provide greatly enhanced financial flexibility through the COVID-19 pandemic and for the foreseeable future. Varsity Brands raised another $35M in capital through the recent, successful recapitalization of its headquarters building in Dallas, TX.
Adam Blumenfeld, Varsity Brands’ CEO, stated, “As we look to the 2020-2021 school year, principals, athletic directors, coaches and teachers will need a partner with the reach, financial strength and one-stop range of products and services to establish a trusted ‘new normal’ at schools. The capital we have raised – in otherwise challenging market conditions – speaks to our fundamental strength and potential as we focus our energy on serving this vital role. It will be an extraordinary team effort, and the new capital uniquely positions Varsity Brands to serve customers and the industry during this period of uncertainty and beyond.”
In the coming weeks, Varsity Brands will launch a dedicated program, IMPACT NOW!, that will offer schools and administrators across the country a playbook for re-opening their schools for the 2020-2021 school year. IMPACT NOW! will equip schools across the country with practical, effective tools, content and products to promote health and safety and harness the excitement around students returning to school for the 2020-2021 school. It builds on the success of Varsity Brands’ IMPACT Program, which provides customized solutions to schools that drive student engagement, faculty morale and community involvement.
Varsity Brands is a portfolio company of Bain Capital Private Equity.
Perry Street Communications