Varsity Brands Raises $185 Million In New Funding
In news that will probably make many team sports vendors breathe a little easier – and make waiting those 180 days for payments seem a little shorter – Varsity Brands, the parent of BSN Sports, recently raised a total of approximately $185 million in new capital.
Existing and new institutional investors have participated in a $150 million capital raise to provide enhanced financial flexibility through the COVID-19 pandemic and for the foreseeable future. Varsity Brands raised another $35 million in capital through the recent recapitalization of its headquarters building in Dallas, TX.
“As we look to the 2020-21 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,” says Adam Blumenfeld, Varsity Brands’ CEO. “The capital we have raised 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.”
Also with an eye on schools reopening this fall, this summer Varsity Brands is launching what it calls Impact Now!, a program that will offer schools and administrators a playbook for reopening their schools for the 2020-21 school year. Impact Now! will equip schools with practical, effective tools, content, and products. It builds on the Varsity Brands Impact Program, which provides customized solutions to schools that drive student engagement, faculty morale and community involvement.