September 5, 2023
VARSITY BRANDS AND ATLAS HOLDINGS ANNOUNCE DEFINITIVE AGREEMENT FOR THE SALE OF HERFF JONES GRADUATION BUSINESS
Strengthened and Focused Herff Jones to be Established as an Independent Company Yearbook to Remain Part of Varsity Brands
DALLAS and GREENWICH, Conn, (Sept. 5, 2023) – Varsity Brands and Atlas Holdings jointly announced today the signing of a definitive purchase agreement for the sale of the Varsity Brands’ Herff Jones Graduation Business, including the Scholastic and Collegiate brand portfolio and manufacturing facilities, to Atlas. The Graduation Business, which focuses on celebrating the senior experience and commencement for students around the country, offers a range of highly customized products, including caps and gowns, fine paper, jewelry, and frames. Varsity Brands, the market leader in sport, spirit, and achievement, will retain and align the Yearbook business with its Varsity Spirit business segment. The transaction is expected to close within 30 days, subject to customary closing conditions.
“Through this transaction, we see immense potential for the future of Varsity Brands,” said Adam Blumenfeld, CEO of Varsity Brands. “The sale of the graduation business simplifies our infrastructure while unlocking meaningful capabilities and synergies between our Yearbook and Varsity Spirit entities. Varsity Spirit drives passion, enthusiasm, and engagement through cheer, dance, and band. Yearbook has the honor and distinction of memorializing and commemorating student experiences for years to come. We look forward to providing an even broader array of products and services to our shared Yearbook and Varsity Spirit customers in the future.”
“We are excited to be adding Herff Jones to Atlas’ growing family of great manufacturing and distribution businesses. Our team has partnered with the Leadership Teams of non-core former divisions of larger corporations, strengthening and growing them into focused, thriving, independent businesses. We see tremendous opportunity with Herff Jones and we have extensive experience serving education partners through other current Atlas companies. We are confident that we are the right partner for Herff Jones as it enters the next chapter of its storied history serving students,” said Atlas Partner Michael Sher.
“We are thrilled to have found the right partner for Herff Jones’ Graduation Business in Atlas, and we know this decision will pave the way for long-term growth,” said Ron Stoupa, President of Herff Jones. ” Atlas has a track record of delivering exceptional human capital and financial resources to their companies, and we look forward to partnering with them in the months and years ahead.”
Customers should not experience any disruption in service during the transition. Both companies will continue to provide the same high-quality products and services that customers have come to expect. As part of the transaction, Varsity Brands and Atlas Holdings have established a transition services agreement to help ensure a smooth and effective transition.
About Atlas Holdings
Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 27 companies, which employ more than 50,000 associates across 300 facilities worldwide. Atlas operates in sectors such as automotive, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas’ companies together generate approximately $16 billion in revenues annually.
About Varsity Brands
With a mission to inspire achievement and create memorable experiences for young people, Varsity Brands elevates the student experience, promotes participation, and celebrates achievement through its unique but interrelated businesses: BSN SPORTS, Varsity Spirit, and Herff Jones Yearbook. Together, these assets promote personal, school, and community pride through their customizable products and programs to elementary and middle schools, high schools, and colleges and universities, as well as church organizations, professional and collegiate sports teams, and corporations. Through its dedicated employees and independent representatives, Varsity Brands reaches its individual and institutional customers each year through competitions, camps, and sales.
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