BSN SPORTS, a division of Varsity Brands and a leading direct marketer and distributor of sporting goods to the school and league markets, announced that it has acquired Lids Team Sports from the Lids Sports Group, a division of Genesco Inc. Terms of the transaction were not disclosed.
Based in Indianapolis, Lids Team Sports sells athletic apparel and equipment to schools and youth sport programs nationwide. The addition of Lids Team Sports to the BSN SPORTS platform significantly enhances BSN’s ability to provide exceptional service to institutions, teams and leagues across the country.
Adam Blumenfeld, Chief Executive Officer of BSN SPORTS, will serve as CEO of the combined entity. Scott Molander, who currently leads Lids Team Sports’ operations, will join BSN SPORTS, along with all of Lids Team Sports’ employees. Management from both companies will work collaboratively to create a phased integration plan, and no near-term changes are planned for customers, vendors, employees, or business partners.
Mr. Blumenfeld said, “The combination of BSN SPORTS and Lids Team Sports is excellent news for our employees, our vendors and, most importantly, for our customers. Our objective is to empower customers with more convenience and better service. We welcome Lids Team Sports employees to the BSN SPORTS family, and look forward to working side-by-side with them to deliver on our commitment to customer excellence.”
Mr. Molander added, “I have known Adam and the BSN SPORTS team for many years, and have long admired BSN’s commitment to innovation and customer service. I am 100% convinced that our employees and customers will realize tangible benefits from this combination, and I am excited to help us achieve that potential.”
Bob Dennis, Chairman, President and Chief Executive Officer of Genesco, said, “Joining with BSN Sports, an industry leader, will provide new resources and expanded opportunities and is a very positive step for Lids Team Sports and its employees. Importantly, the transaction also allows Genesco’s Lids Sports Group to sharpen its strategic focus on its core business, giving full attention to execution and realizing the growth potential in retail and omni-channel, which will benefit the Lids Sports Group and Genesco going forward.”
Jeff Webb, Chairman and Chief Executive Officer of Varsity Brands, concluded, “Varsity Brands continues to invest in our core mission of elevating the student experience in sport, spirit and achievement. This transaction enhances our ability to do just that for sports participants across the nation.”
Varsity Brands is a portfolio company of Charlesbank Capital Partners, a Boston-based private equity firm, and Partners Group, a global private markets investment management firm.