- Sep 12, 2020
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There have been previous reports that Varsity Brands was potentially valued at over $6 billion.
More recently, we reported on the news that KKR (an investment company) is set to buy Varsity from Bain Capital (the investment firm that owns Varsity Brands) for $4.75 billion.
Sportico has reported details on the financials of this deal, which are somewhat complex. To simplify:
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The backstory:
There have been previous reports that Varsity Brands was potentially valued at over $6 billion.More recently, we reported on the news that KKR (an investment company) is set to buy Varsity from Bain Capital (the investment firm that owns Varsity Brands) for $4.75 billion.
The news:
Sportico has reported details on the financials of this deal, which are somewhat complex. To simplify:- KKR will acquire Varsity Brands from Bain Capital for $4.75 billion, with the deal expected to close by the end of next month.
- To finance the acquisition, Varsity will take on $2.375 billion in new debt, plus more. This will help KKR buy out the current Varsity shareholders.
- Varsity has been losing money but is projected to have some positive cash flow in 2024.
For more details, read the full article here.“In recent years, Varsity has at times appeared to be the bane of Bain’s existence, with Varsity Spirit being repeatedly accused of operating as an illegal monopoly and harboring a culture of sex abuse in the sport of club cheer.“
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