Bain Capital has agreed to buy Varsity Brands, the owner of BSN Sports and Indianapolis-based Herff Jones, in a deal estimated at $2.5 billion.
Scott Molander, who launched the chain as Hat World with a single store in Tippecanoe Mall in Lafayette in 1995, is joining the Tennessee-based company that's buying Lids' sports-uniform business.
Class ring maker Herff Jones is set to be acquired by a private-equity group for about $1.5 billion, Reuters reported, citing people familiar with the deal.
Herff Jones might be on the verge of a sale for as much as $1 billion. The 94-year-old maker of class rings and yearbooks, quietly renamed Varsity Brands Inc. in June, has hired the investment banking firm Jefferies to explore a sale, unidentified sources told Reuters.
Indianapolis-based Herff Jones said the move would result in the permanent closure of a facility at 4719 W. 62nd St., where 110 production, support and administrative employees work.
Herff Jones Inc. of Indianapolis has decided to close a yearbook manufacturing plant that employs 130 people in Matthews, N.C., by the end of the year.
Oil, grain were particularly helpful for cooperatives. An improved economy also propelled manufacturers ahead.