Koch Equity Development invests $450 million for minority stake in Jostens

Platinum Equity portfolio company Jostens, the Minneapolis provider of custom class jewelry, graduation products, and yearbooks, announced a nearly $640 million recapitalization in connection with a $450 million strategic equity investment from an affiliate of Koch Equity Development LLC, the principal investing and acquisition arm of Koch, Inc., and a debt refinancing transaction. The 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 Michael Burgess, CEO, Jostens. “We are excited to continue bringing innovative products, services, and experiences to educators and students that champion a culture of belonging, achievement, and pride.”

“Jostens has earned the trust of its customers and partners in local communities across the academic ecosystem for more than a century,” said Louis Samson, co-president, Platinum Equity. “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.”

Platinum Equity purchased Jostens in a deal valued at $1.3 billion from Newell Brands in 2018. Before that, Jarden Corp. purchased Jostens for $1.5 billion and its parent company Visant Holding Corp. in 2015.

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, the company said.