Senior Management, Investment Bank Closer to Buying Varsity

Varsity Brands,

a manufacturer/marketer of cheerleading and dance team uniforms, is one step closer to becoming a privately held company. On May 28 it filed a preliminary merger proxy statement with the Securities and Exchange Commission in connection with a previously announced acquisition of the company by its senior management and a wholly owned subsidiary of an affiliate of private merchant banking firm Leonard Green & Partners. Varsity expects to close the deal, pending stockholder approval, during the third quarter.

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