Cheerleading

11/14/2023 |  Report: Varsity Brands Exploring IPO (SGB UPDATE) Varsity Brands, a U.S. apparel company owned by Bain Capital and parent to BSN Sports and Varsity Spirit, is exploring a sale or initial public offering (IPO) that could value the company at more than $6 billion, including debt, sources told Reuters.

11/7/2023 |  Moody’s Assigns B2 Rating to Varsity Brand’s New Debt Offering (SGB UPDATE) Moody’s Investors Service assigned a B2 rating to Varsity Brands Holding Co., Inc.’s new senior secured first lien notes due December 2026. Varsity Brands is the parent of BSN Sports and Varsity Spirit.

9/21/2023 |  Varsity Sued by Insurer Over Sex-Abuse Coverage ‘Mistake’ (Sportico) Varsity Brands’ insurance company has asked a federal judge to correct what it says was a “mistakenly truncated” policy that could end up costing it millions in light of the spate of sex-abuse litigation filed against the cheerleading giant.
Last month, Arch Insurance filed a “reformation action” in U.S. District Court, seeking a judgment that would modify Varsity’s 2018-19 commercial general liability coverage to include the same “abuse & molestation” limitations that were part of its previous and subsequent coverage.

3/28/2023 |  Varsity Brands To Pay $43.5M In Antitrust Settlement (SGB UPDATE) Varsity Brands has agreed to pay $43.5 million to settle a federal lawsuit that the student apparel company and producer of cheerleading events abused its industry dominance, causing private gyms and spectators to pay artificially inflated prices.

3/27/2023 |  Varsity Strikes $43 Million Settlement With Antitrust Accusers (Sportico) Varsity Brands has agreed to pay $43.5 million to settle an antitrust lawsuit brought on behalf of a class of all-star cheerleading gyms, according to a copy of the agreement filed in the case.
The settlement deal, which still requires court approval, would bring to a final resolution one of three federal antitrust suits Varsity has been forced to defend over the last three years. The particular class of plaintiffs in the case, Fusion Elite All Stars, et al. v. Varsity Brands LLC, et al., are so-called “direct purchasers”—gyms and cheerleading spectators that paid registration and associated fees to participate in Varsity all-star events—over the last seven years.