Key Takeaways
- CFO Javier Idrovo told CFO Brew an IPO is “more likely than not,” saying Varsity is too large for most strategic or PE buyers
- Varsity Brands generated $2.7 billion in revenue for the 12 months ended September 30, according to a January Moody’s report
- Pro Cheer League’s debut season drew more than 5 million unique viewers on Ion, per Front Office Sports, roughly ten times what CEO Adam Blumenfeld says the company was told to expect
- KKR set aside $250 million so all of Varsity’s roughly 8,000 employees receive a payout at exit, Blumenfeld said
In a pair of recent interviews, the two top executives at Varsity Brands sketched out where the company is headed under owner KKR, and the answer increasingly looks like a Varsity Brands IPO. CFO Javier Idrovo told CFO Brew in July that a public listing is “more likely than not” the eventual path, while Front Office Sports reported in August that the company’s new pro cheerleading league drew more than 5 million unique viewers in its first season. KKR acquired Varsity Brands from Bain Capital in 2024 for a reported $4.75 billion, per Reuters.
Why Varsity Brands Sees an IPO as Its Most Likely Exit
Varsity has been sold to private equity four times in 24 years: Leonard Green & Co. in 2003, Charlesbank Capital Partners in 2014, Bain Capital in 2018, and KKR in 2024, according to CFO Brew. Idrovo, who joined last year after PE-backed stints at Blue Triton Brands and more than a decade at Hershey’s, said the company has grown past the point where that cycle can easily continue. At $2.7 billion in revenue for the 12 months ended September 30, per Moody’s Investors Service, the pool of strategic acquirers or larger PE buyers is thin.
That is why Idrovo has prioritized Sarbanes-Oxley compliance, a prerequisite for public company reporting. He also told CFO Brew that KKR skipped the standard 100-day plan entirely, saying the firm’s pre-deal diligence “effectively became our plan,” with a standing check-in every two weeks between KKR, the CEO, and himself.
Pro Cheer Ratings and a Push Into Club Sports
The growth story Blumenfeld described to Front Office Sports gives the financial one its substance. Pro Cheer League, announced in summer 2025, aired five competitions on Ion through a Scripps Sports deal and finished its March debut season with more than 5 million unique viewers, per Front Office Sports. Blumenfeld said the company was told to expect one-tenth of that audience. Season two adds two teams and expands to 10 televised matches, and Blumenfeld said he hopes the league’s success brings new attention to the sport ahead of the 2032 Brisbane Olympics.
On the equipment and apparel side, BSN Sports acquired Sports Endeavors and Lax.com in April, adding soccer and lacrosse specialists. Blumenfeld said the deals give a historically high school and college-centric business its entry point into what he called the multibillion-dollar club market.
The $250 Million Employee Stake Riding on the Exit
One detail connects both interviews directly to the exit question. Blumenfeld said KKR established a $250 million employee ownership program at the start of its deal, under which all roughly 8,000 Varsity employees receive a check when KKR exits. Idrovo called the program “a great thing to align employees with the final outcome.” For factory and distribution workers, Blumenfeld said, those checks would be life-changing, which means the exit timeline is not just a Wall Street question inside the company.
From Four PE Sales to a Possible Ticker Symbol
Neither executive put a date on a listing, and Idrovo was candid that PE-backed CFO jobs run three to four years by design. But the pieces described across the two interviews line up: SOX compliance work underway, a doubled TV schedule for Pro Cheer in season two, a fresh beachhead in club soccer and lacrosse, and an employee base with $250 million riding on the outcome. The open question is whether KKR takes Varsity public before 2032, when Blumenfeld hopes the Brisbane Olympics bring new attention to cheer.
Source: CFO Brew, Luisa Beltran, July 29, 2026, https://www.cfobrew.com/stories/sports-company-cfo-says-he-thrives-in-pe-environment
Source: Front Office Sports, Ben Horney, August 13, 2026, https://frontofficesports.com/varsity-brands-ceo-on-pe-ownership-and-the-business-of-cheer/
Image: Varsity Brands
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How big is the youth sports market?
American families spend approximately $54 billion annually on kids’ sports and recreation, according to the YSBR and Kinetica Group Youth Sports TAM & Parent Spending Report, with organized sports alone representing a $40 billion-plus market. The average family spent $1,016 on a child’s primary sport in 2024, up 46 percent since 2019, per the Aspen Institute’s Project Play, and market research projects the global youth sports market will reach approximately $114 billion by 2032 (Business Research Insights).
How many kids play youth sports in the United States?
Approximately 27.3 million children ages 6 to 17, or about 54.6 percent, played organized sports in 2022-2023, according to the National Survey of Children’s Health as reported by the Aspen Institute’s Project Play. High school sports participation reached a record 8.26 million athletes in 2024-25, per the NFHS.
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Youth Sports Marketing Questions, Answered
Where can brands sponsor youth sports? Brands can sponsor youth sports through local leagues and clubs, tournaments and events, facilities and complexes, governing bodies, and national platform programs. Sponsoring a child’s own program is the most powerful entry point: 81 percent of parents say it captures their attention, outperforming TV, social media, and pro sports sponsorship, per a 2026 Priority Partnerships study conducted by YouGov Sport.
How much does youth sports sponsorship cost? Youth sports sponsorship costs range from a few thousand dollars for a local league or team sponsorship to six and seven figures for regional facility naming rights and national platform programs. The environment is welcoming at every level: 84 percent of parents hold net positive sentiment toward brands sponsoring youth sports, with negative sentiment under 5 percent, per YouGov Sport research. Most brands start with a pilot activation, measure engagement, then scale.
What is the ROI of youth sports marketing? The data is striking: 80 percent of parents say they would choose the brand that sponsors their child’s youth sports program when comparing two similar products, per a 2026 Priority Partnerships study by YouGov Sport. A 2026 EMARKETER and DICK’S Media survey found 84 percent of sports parents say that role influences their purchase decisions, and 60 percent spend more on game and practice days, driving loyalty across categories from dining to travel to automotive.
Ready to build a youth sports strategy? Vertical Sports is an Advisory+ delivering integrated expertise across all levels of sport. Youth, College, Pro. Every Fan, Every Level. Brands and youth sports organizations can reach the team at info@verticalsports.us.
