Varsity Brands is set to sell its Herff Jones graduation business to Atlas Holdings under a definitive purchase agreement.

The graduation business – which includes Scholastic and Collegiate brand portfolio and manufacturing facilities – offers a range of highly customized products including caps and gowns, frames, fine paper and jewelry.

Varsity Brands will retain and align the Yearbook business with its Varsity Spirit business segment.

Adam Blumenfeld, CEO of Varsity Brands, said the transaction will see “immense potential” for the future of Varsity Brands.

“The sale of the graduation business simplifies our infrastructure while unlocking meaningful capabilities and synergies between our Yearbook and Varsity Spirit entities.”

Ron Stoupa, president of Herff Jones, said he is thrilled with the partnership and added: “Atlas has a track record of delivering exceptional human capital and financial resources to their companies, and we look forward to partnering with them in the months and years ahead.”

The transaction is expected to close within 30 days and is subject to customary closing conditions. Customers should not experience any disruptions or delays in service during this transition period.