Bain has been interviewing investment banks to hire financial advisers that will help the private equity firm come up with a plan to cash out on its majority stake in Varsity Brands, the sources said.
Varsity Brands generates more than $400 million in 12-month earnings before interest, taxes, depreciation and amortization, the sources added, asking not to be identified because the matter is confidential.
Varsity Brands and Bain declined to comment.
Varsity Brands consists of two main businesses, BSN SPORTS and Varsity Spirit.
Varsity kept the yearbooks business when it sold Herff Jones to private equity firm Atlas Holdings earlier this year.
Persons:
Kim Kyung, Bain, Varsity's Herff Jones, Herff Jones, Catterton, Abigail Summerville, Nick Zieminski
Organizations:
Bain Capital, REUTERS, Varsity Brands, BSN SPORTS, Spirit, Nike, Varsity, Atlas Holdings, Bain, Charlesbank Capital Partners, Partners Group, Birkenstock, ACON Investments, Kelso, Co, Equity, Thomson
Locations:
Tokyo, Japan, U.S, Varsity's, New York, Augusta