Global investment firm KKR has completed its acquisition of apparel company Varsity Brands from Bain Capital and Charlesbank.  

The financial terms of the transaction were not disclosed, but media sources report its value to be $4.75 billion.

KKR’s North America Fund XIII is the primary vehicle for this investment. The company plans to bolster Varsity’s expansion efforts as the new majority owner.

Varsity Brands manufactures and distributes team uniforms, apparel, sporting goods, and equipment, with an extensive customer base of more than 8 million athletes and students.  

“We see immense growth potential as we advance our mission to support teams, schools and communities, elevating the experience for young people nationwide,” said Varsity Brands CEO Adam Blumenfeld.

“We look forward to working alongside Adam and his passionate team to support their strategy for growing Varsity Brands’ platform in new markets and categories while continuing to deliver exceptional products, services and contributions to the sports and education ecosystems,” added KKR director Angad Singh.

Last year, Varsity sold its Herff Jones graduation business to Atlas Holdings under a definitive purchase agreement.