Bain Capital to buy Varsity Brands

(Reuters) - Cheerleading uniform retailer Varsity Brands Inc said on Tuesday it will be bought by private equity firm Bain Capital.

Financial terms of the deal were not disclosed.

CNBC earlier reported that Bain Capital would buy the cheerleading company for $2.5 billion.

Varsity Brands, owned by private equity firm Charlesbank Capital Partners and European investment firm Partners Group Holding AG PGHN.S since 2014, last month had said it was exploring a sale that could value the at over $2.5 billion, including debt.

Founded in 1974, Varsity Brands owns sports equipment and apparel distributor BSN Sports, cheerleading apparel retailer Varsity Spirit and yearbook and class ring maker Herff Jones.

Jefferies LLC is Varsity Brands’ lead financial adviser, while PwC was Bain Capital’s accounting adviser.

Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta