Aug 8 The parent of yearbook and class ring
company Herff Jones is exploring a sale of the whole corporation
that could fetch up to $1 billion, people familiar with the
matter said on Friday.
Indianapolis-based Varsity Brands Inc, whose businesses also
include sporting apparel company BSN Sports and cheerleading
uniform maker Varsity Spirit, has hired Jefferies LLC to assist
with a potential sale, the people said.
Varsity Brands could not be reached for comment. Jefferies
declined to comment.
Herff Jones announced it would buy Varsity Brands in 2011.
It acquired BSN Sports in 2013 for $460 million and rebranded
the entire company under the Varsity Brands banner in June.
The combined company has roughly $800 million in sales and
earnings before interest, tax, depreciation and amortization
(EBITDA) of around $100 million, the people said.
Founded in 1920, Herff Jones manufacturers class rings,
yearbooks, caps and gowns, and graduation diplomas. It also
makes awards, including the Naismith award for college
basketball athletes and championship rings, including the Super
Bowl XLI rings for the Indianapolis Colts.
The company became 100 percent employee-owned in 1995.
(Editing by Jonathan Oatis)