VARSITY BRANDS LAUNCHES EMPLOYEE OWNERSHIP PROGRAM, MAKING ALL EMPLOYEES CO-OWNERS OF THE COMPANY

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Nov 12, 2024, 09:59 ET

DALLAS, Nov. 12, 2024 /PRNewswire/ -- Varsity Brands, the premier platform for team sports and spirit solutions, announced today the launch of an employee ownership program that makes more than 7,200 employees co-owners of the company. This initiative marks a significant step in Varsity Brands' commitment to empowering its workforce and sharing the success of the company with those who drive it every day.

The new ownership program opens meaningful financial opportunities for Varsity Brands' team members. Participation in the program is free to employees and is offered in addition to their regular pay and benefits.

"Our company's strength is built on the dedication and passion of our team members. By making them owners, we're not just sharing in our success—we're deepening everyone's connection to our mission and values, which includes serving as a catalyst for positive change," said Adam Blumenfeld, CEO of Varsity Brands. "This program underscores our commitment to a culture where every contribution matters, and together, we're shaping the future of team sports and school spirit."

Varsity Brands introduced the ownership program at a launch event on November 8, held at its Dallas headquarters and simulcast across nine facilities nationwide and the Dominican Republic. Employees celebrated the start of this program with presentations on employee ownership and received certificates and welcome letters at their homes to mark their new roles as co-owners.

Beyond shared ownership, the program includes initiatives to enhance employee engagement and financial wellness, aiming to align all team members around a common purpose, values, and long-term goals. By empowering employees with a voice and a personal stake in the company's success, Varsity Brands is building a culture that strengthens both individual financial capabilities and collective purpose.

Research shows that combining shared ownership, increased employee voice, and financial inclusion positively impacts company performance, employee engagement and retention—key drivers of Varsity Brands' commercial success.

This initiative reflects a growing movement across corporate America, inspired by the nonprofit organization Ownership Works and its founding partners, including KKR, to provide employees with a stake in the value they help create. Varsity Brands is the latest KKR portfolio company to launch a broad-based employee ownership program.

"Varsity Brands' employee ownership program represents a powerful investment in its workforce that we believe will enhance engagement, drive productivity, and strengthen business outcomes, while supporting the company in being a force for good in the student athlete experience," said Felix Gernburd, Partner at KKR. "By aligning employee interests with the company's long-term growth, Varsity Brands is building a foundation for sustained value creation that will benefit both its team members and shareholders. We are proud to support this initiative as it reinforces Varsity Brands' leadership position."

With a commitment to fostering a supportive workplace and over five decades of providing innovative resources and programs that help kids feel connected, supported and inspired to excel, Varsity Brands is addressing the needs of employees for stronger pay, benefits, and workplace culture to further support these outcomes.

About Varsity Brands

Varsity Brands is the premier team sports platform, offering a comprehensive range of services and solutions for sports, cheer, dance, band and yearbook. As a holistic services provider, Varsity Brands supports athletic programs and schools with uniforms and gear, training and education, competitions, and more. The Varsity Brands family, which includes BSN SPORTS and Varsity Spirit, champions youth participation and well-being. Explore how Varsity Brands is empowering student-athletes and building community at VarsityBrands.com.

Contacts

Varsity Brands
Sue Crumpton
[email protected]

Samantha Gaspar
[email protected]

SOURCE Varsity Brands, LLC