Jostens Bought By Jarden For $1.5B
Jostens, the nation’s one-stop shop for celebratory academic products, such as yearbooks, class rings, caps, gowns, diplomas and varsity jackets, was purchased by Jarden Corporation on Wednesday for $1.5 billion.
Bloomington-based Jostens has been in business since 1897 and now employs more than 3,500 employees. Beyond accessories and memorabilia for scholastic achievement, Jostens has broadened its reach to professional sports and has become the championship ring maker for the MLB, NFL, NHL, NBA and NASCAR. Altogether, Jostens brings in $740 million in annual revenue.
In a statement, Jostens CEO Chuck Mooty said the purchase was “a significant milestone” for the company.
Pending regulatory approval, Jostens is expected to join Boca Raton, Florida-based Jarden at the end of the year. Jarden’s ownership catalogue spans across the map to include more than 120 brands like Yankee Candle, First Alert, Crock-Pot, and Mr. Coffee.
James Lillie, Jarden’s CEO, believes its latest acquisition will help to “expand and further diversify our revenue and strengthen relationships in the educational and achievement channel,” according to the company’s release. Additionally, he expects Jarden’s gross profit and operating margins to grow next year following efforts to partner Jostens with Rawlings, a scholastic sports equipment and uniform business it also owns. Jarden’s combined revenue through its fiscal year ending June 30 totaled out at $10 billion.
“We believe our approach to driving organic growth and creating value through continued investments in product development and innovation should underpin additional meaningful long-term value from this acquisition,” says Jostens founder and executive chairman Martin Franklin in a statement. The sale, he says, occurred largely due to Jostens “attractive financial profile,” “strong relationships in the education and achievement channel,” and the iconic nature of its brand.