Herff Jones and BSN Sports Announce Merger
May 16, 2013 (INDIANAPOLIS, INDIANA) Herff Jones, Inc. (“Herff Jones”) has signed a definitive agreement providing for a business combination with BSN Sports, Inc. (“BSN”). Dallas based BSN is a leading marketer, manufacturer and distributor of team sports apparel and equipment to institutional markets and team dealers in the United States. Under the agreement, BSN, the majority ownership of which is currently held by affiliates of ONCAP and Andell Inc., will merge with Herff Jones.
“We welcome the men and women of BSN to the Herff Jones family. Our companies share core values and a dedication to serving the people in our schools, communities and affinity groups,” said Joe Slaughter, CEO of Herff Jones. “The merger of these two outstanding companies is the next logical step in our efforts to meet the diverse product needs of our customers.”
“Through my career at Varsity, I was very familiar with BSN and was intrigued with the similarities between our cultures and our business approaches,” stated Jeff Webb, Herff Jones President and COO. “The BSN team has built a great company and we look forward to working with them as we provide our school customers and the young people served by both enterprises the highest level of quality and service.”
“I can think of no better culture to align ourselves with than Herff Jones, which is an outstanding employee-owned organization,” added Adam Blumenfeld, BSN’s CEO. “I feel fortunate we have found a partner that not only complements our business, but also embodies our values and traditions.”
Terms of the agreement were not disclosed. The transaction is expected to close in June, 2013.
Barnes & Thornburg and McGlinchey Stafford acted as legal counsel to Herff Jones and Jefferies LLC acted as financial advisor. Jefferies Finance LLC and PNC Financial Services Group Inc. provided a financing commitment to Herff Jones. Weil Gotshal & Manges LLP acted as legal advisor to BSN.
About Herff Jones
Herff Jones is headquartered in Indianapolis, Indiana and is one of the nation’s largest 100% employee-owned companies. The company works with our school partners to enhance the educational experience of students through our products and services including yearbooks, class rings, graduation caps and gowns, graduation announcements and diplomas, maps, globes and classroom instructional materials and programs, as well as cheerleading camps, uniforms and competitions.
-more-
About BSN Sports
BSN SPORTS, Inc. (“BSN”), formerly, Sports Supply Group, Inc. was acquired in August 2010 in a take-private transaction led by management, ONCAP and an affiliate of Andell Holdings, LLC. BSN is a leading marketer, manufacturer and distributor of sporting goods and team uniforms in the United States. BSN markets via three million direct catalogs, over 70 telesales professionals, more than 300 direct sales professionals and 8 e-commerce sites to over 100,000 institutional customers across the United States.
About ONCAP
ONCAP, in partnership with operating company management teams, invests in and builds shareholder value in North American small and mid-size companies that are leaders in their defined market niche and possess meaningful growth potential. ONCAP is currently investing from its third fund and is the mid-market private equity platform of Onex, one of the oldest and most successful private equity firms committed to acquiring and building high-quality businesses in partnership with talented management teams. In total, Onex has approximately $16 billion of assets under management, including $4.5 billion of proprietary capital, in private equity, credit securities and real estate.
About Andell Inc.
Andell, Inc. (“Andell”) is a premier private investment firm and family office based in Los Angeles with global business and investment interests in public and private operating companies, and in real estate, sports and media related businesses. The firm makes direct and indirect investments in entities through its investing platforms, and takes an active role in partnering with best in class investment managers and operating management teams. Andell has created a culture and structure that value its partners, generating opportunities for long-term relationships and growth across all of its investing platforms.
Contacts:
Adam Blumenfeld
CEO BSN Sports
(972)243-8100
Christine Bachmann
Vice President, HR
Herff Jones, Inc.
(317)297-3740
