Platinum Equity, the private equity firm led by Tom Gores, is exploring the sale of Jostens Inc., a maker of mementos including yearbooks, high school class rings and professional sports championship rings, according to people with knowledge of the matter.
(Bloomberg) — Platinum Equity, the private equity firm led by Tom Gores, is exploring the sale of Jostens Inc., a maker of mementos including yearbooks, high school class rings and professional sports championship rings, according to people with knowledge of the matter.
The Beverly Hills, California-based firm is in the early stages of exploring a potential transaction for the company, which it acquired from Newell Brands Inc. in 2018 for about $1.3 billion, said the people, who asked not to be identified discussing confidential information. It couldn’t immediately be learned how much might be sought for Jostens, which has $925 million in debt, according to data compiled by Bloomberg.Â
A Platinum Equity representative declined to comment. A representative for Minneapolis-based Jostens didn’t immediately respond to a request for comment.Â
The company traces its roots to 1897, when it was founded by jewelry repairman Otto Josten. It has made championship rings for Major League Baseball teams including the Atlanta Braves, the Los Angeles Dodgers, the Washington Nationals and the Boston Red Sox, and for Super Bowl winners including the Kansas City Chiefs, the New England Patriots and the Philadelphia Eagles. Â
Newell Brands picked up Jostens through its 2016 acquisition of Jarden Corp., which agreed six months earlier to buy Jostens from KKR & Co. and aPriori Capital Partners.
Jostens competes with another maker of graduation mementos, Herff Jones, which is part of Bain Capital-backed Varsity Brands.
–With assistance from Kamaron Leach.
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