Herff Jones’ graduation business acquired by East Coast firm

An East Coast-based private equity firm has completed its acquisition of the core business of Indianapolis-based Herff Jones, the companies announced Monday.

The deal gives Greenwich, Connecticut-based Atlas Holdings ownership of the Herff Jones Graduation Business, which includes Herff Jones’ Scholastic and Collegiate brand portfolios and related manufacturing and distribution operations.

Dallas-based seller Varsity Brands, which has been Herff Jones’ parent company since 2013, retained the company’s yearbook business and plans to position it within its Varsity Spirit operating segment.

Terms of the deal were not disclosed.

Herff Jones will continue to be based in Indianapolis, where it was incorporated in 1920 as a manufacturer of insignia jewelry.

Atlas said Herff Jones will operate independently under the leadership of Ron Stoupa, who was promoted from president to CEO. Stoupa joined Herff Jones as chief marketing officer in 2021 and was promoted to president in October 2022.

Herff Jones has roughly 1,200 employees companywide, including about 500 in the Indianapolis area. Its key products include class rings and jewelry, caps and gowns, diplomas, frames and announcements, and motivation and recognition programs.

Manufacturing facilities included in the acquisition were a fine paper plant in Indianapolis; apparel plants in Champaign and Arcola, Illinois; a jewelry facility in Warwick, Rhode Island; and a frames plant in Virginia Beach, Virginia.

“Atlas has owned and operated manufacturing businesses since its founding more than two decades ago,” Stoupa said in written comments. “Atlas values the legacy of Herff Jones and our talented team that prides themselves in celebrating student accomplishments through hand-crafted, quality products. I am excited for what the future holds for Herff Jones with Atlas as our new partner.”

Atlas, founded in 2002, owns and operates 27 companies in numerous industries. Those businesses have more than 50,000 employees overall and account for $16 billion in revenue.

“We look forward to working with Ron and his team to support Herff Jones in the next era of this storied manufacturing business,” Atlas Partner Michael Sher said in written comments. “The Herff Jones Leadership Team will have the autonomy and resources to build the business in the way that is best suited for its long-term operational and financial success.”

Herff Jones was once one of Indianapolis’ largest private companies. In 2012, the company reported $675 million in revenue and 7,000 employees companywide.

In 2011, Herff Jones acquired Varsity Brands, which was then based in Memphis and was a top supplier of cheerleading uniforms. In 2013, it acquired Dallas-based sporting goods and uniform seller BSN Sports and rebranded the entire company as Varsity Brands, with Herff Jones operating as its own division in Indianapolis.

Boston-based Charlesbank Capital Partners acquired the company in 2014 for about $1.5 billion. Charlesbank sold the company to Bain Capital in 2018 in a deal estimated at $2.5 billion.

“The completion of the sale of our Herff Jones graduation business simplifies Varsity Brands’ infrastructure, and clarifies our focus” Varsity Brands CEO Adam Blumenfeld said in a written statement.