Home / Articles / Jostens Announces $640 Million Dividend Recap

November 12, 2024

Koch Equity Development invests $450 million, will own minority stake in the business

LOS ANGELES (November 12, 2024) - Platinum Equity portfolio company Jostens today announced a nearly $640 million recapitalization in connection with a $450 million strategic equity investment from an affiliate of Koch Equity Development LLC ("KED"), the principal investing and acquisition arm of Koch, Inc., and a debt refinancing transaction. The KED equity investment is subject to consummation of the debt refinancing.

Proceeds will fund a distribution to Jostens' existing equity holders and KED will own a minority stake in the business.

"We are grateful for the passion and commitment of our talented employees that have established Jostens as a leader in the student commemoration market and helped make the company an attractive investment partner," said Jostens CEO Michael Burgess. "We are excited to continue bringing innovative products, services and experiences to educators and students that champion a culture of belonging, achievement and pride."

Headquartered in Minneapolis, Jostens is the nation's leading provider of custom class jewelry, graduation products, and yearbooks serving the K-12 and college education markets.

"Jostens has earned the trust of its customers and partners in local communities across the academic ecosystem for more than a century," said Platinum Equity Co-President Louis Samson. "The company's embrace of digital transformation, innovation and direct-to-consumer strategies in recent years has spurred new momentum. We appreciate KED's confidence in Jostens and in the company's prospects for sustained success."

Under Platinum Equity's stewardship, Jostens has overhauled systems and processes, invested in state-of-the-art equipment, launched new product offerings and navigated challenging periods of uncertainty.

"We have worked closely with Michael and the Jostens management team to deploy the full range of our toolkit in service of the company and its customers," said Platinum Equity Managing Director David Glatt. "We believe these transformative efforts have primed the business for accelerated growth."

"The Jostens management team, in partnership with Platinum Equity, has done a tremendous job growing Jostens over the past five years," said KED Managing Director Tony Streich. "We are excited to partner with the current owners as the company continues to innovate and deliver value for its customers."

"KED seeks to invest with like-minded partners and in best-in-class businesses that create superior value for customers. Jostens fits this mold, and we look forward to supporting the company as it continues to invest in new products and capabilities," added KED Managing Director Joe Scribbins.

UBS Investment Bank and Methuselah Advisors are serving as financial advisors to Jostens. Latham & Watkins LLP is serving as Jostens legal counsel.

About Koch Equity Development LLC (KED)

KED is responsible for merger and acquisition activity across Koch, Inc., the management of a broad principal investment portfolio, and corporate profitability improvement via its commercial excellence team. Significant principal investments completed include Infor, Getty Images, MITER Brands, Global Medical Response, Meredith/Time Inc., Solera Holdings Inc., Transaction Network Services, and The ADT Corporation. Since 2012, KED has invested more than $35 billion of equity in principal investments and acquisitions. With a presence in more than 50 countries, Koch companies employ about 120,000 people worldwide, with nearly half of those in the United States. For more news and information, visit www.kochinc.com.

About Jostens

Jostens is a trusted partner in the student commemoration market providing products, services and experiences that champion a culture of belonging, achievement and pride. The company's products include yearbooks, graduation regalia, jewelry, letter jackets, apparel, photos and related consumer goods that serve the K-12 educational, college and professional sports segments. Founded in 1897 and based in Minneapolis, MN, for more information visit www.jostens.com.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of more than 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations - a trademarked strategy it calls M&A&O® - acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 29 years Platinum Equity has completed more than 450 acquisitions.

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