Memphis-headquartered Varsity Brands, a dynamic portfolio of brands that promote student participation while celebrating academic and athletic achievement, has announced that it has acquired allgoods, LLC ("allgoods"), one of the largest and fastest growing apparel-oriented fundraising companies in the US.
The acquisition expands Varsity Brands' ability to provide schools and league teams a comprehensive, turn-key fundraising and spirit solution that has been enthusiastically embraced by more than 16,000 teams across the country and will be poised to grow substantially as part of Varsity Brands, it said in a press release.
Operating under various brand names, including its flagship Fancloth, as well as SPN, Volume Specialties and Blue Moose, allgoods generates funds through the sale of custom merchandise and has worked with thousands of schools/programmes since 2006, generating more than $38 million in funds returned to participating athletic and educational organizations.
Allgoods will operate as a wholly owned subsidiary of Varsity Brands, and continue to be led by Nick Sunderman. He will report to Adam Blumenfeld, CEO of BSN SPORTS, a Varsity Brands subsidiary. Allgoods will continue to operate from its Grand Prairie, Texas headquarters and satellite facilities which comprise nearly 200,000 square feet of state-of-the-art apparel decoration and distribution assets.
Jeff Webb, Chairman and CEO of Varsity Brands, said, "Allgoods' product offerings, most notably Fan Cloth, represent an innovative solution to the fundraising needs of school groups through a customized approach that is risk-free to the customer and generates tremendous loyalty. We are confident it will contribute directly to the success of all three of our businesses - Varsity Spirit, Herff Jones and BSN SPORTS - and look forward to introducing allgoods to thousands of customers across the country."
Adam Blumenfeld added, "Allgoods' ability to provide a centralized and scalable apparel design, decoration and delivery platform fuels quick delivery of customized sports apparel and spirit wear across the nation. In this way, it provides distinct benefits to our customers as a means to fund essential products through a best in class fund raising solution."
"In thinking about our future, it was very important that we remain true to the culture, spirit of entrepreneurship and customer excellence that have defined allgoods since day one," said Sunderman. "Varsity Brands represents an ideal partner in this regard. They believe in our product, people and potential, and will allow us to pursue growth opportunities that we never imagined possible."
Varsity Brands is a current portfolio company of Charlesbank Capital Partners, a Boston-based private equity firm, and Partners Group, a global private markets investment management firm. Transaction terms were not disclosed. (SH)
Fibre2Fashion News Desk – India