Varsity Brands
Athletic and achievement brands
Year of Investment
2018
Sector(s)
Business & Consumer Services
Status
Realized
Website
varsitybrands.com(Link opens in new window)Headquarters
Dallas, Indianapolis, Memphis
Varsity Brands is a vertically integrated, one-stop service provider delivering customized solutions for Sport and Spirit activities through two go-to-market brands: BSN Sports is a leading provider of team sports uniforms, apparel and equipment nationwide, and Varsity Spirit is a top provider of cheer uniforms, competitions and training camps, as well as band and dance apparel and yearbooks for K-12 schools, colleges, gyms and clubs.
Investment Summary
In 2014, Charlesbank acquired Varsity Brands for approximately $1.5 billion, providing liquidity to the employee owners. In 2018, we sold the company to a financial sponsor and made a significant co-investment alongside them.
Strengthening the Organization
Varsity made significant investments in leadership and business-unit talent, adding senior executives across finance, human resources, strategy, supply chain, technology and sales. The company also centralized key functions and built capabilities to support a larger, more integrated enterprise.
Driving Organic Growth
At BSN Sports, the company invested in salesforce effectiveness, territory management and digital tools to help representatives better serve customers, win new accounts and deepen relationships with schools. Varsity Spirit also expanded into the band segment, creating an additional avenue for growth.
M&A and Portfolio Focus
BSN Sports continued to execute tuck-in acquisitions of team dealers. In 2023, Varsity divested the Herff Jones graduation business while retaining yearbooks, simplifying the platform and sharpening its focus on the core businesses.
Navigating Disruption
COVID-19 caused significant disruption across the business as school closures and event cancellations affected operations for nearly two years. Throughout that period, the company continued investing in its leadership, capabilities and customer-facing tools.
Exit
In 2024, Varsity was sold to another financial buyer, marking our final exit.