If you've ever bought a yearbook or class ring, or donned a cap and gown, chances are it was made by Minnesota's own Jostens.
The Bloomington-based company has been plying its trade since 1897, supplying high schools and colleges with yearbooks, class rings, graduation garments, and diplomas – as well as being a leading seller of championship rings to professional sports teams, its website says.
So successful has the business been, that it has been bought out by a company named Jarden Corp. for a whopping $1.5 billion.
In an announcement on Wednesday, Jarden said it will generate an extra $740 million of annual revenue as a result of purchasing Jostens, which it describes as a "market-leading, iconic brand and trusted partner to schools and students nationwide."
This will bring Jarden's annual revenue to $10 billion – with the global consumer products firm also owning brands including Mr. Coffee, Yankee Candle and Crock-Pot.
The Star Tribune reports Jostens has been led by Minnesota business leader Chuck Mooty, formerly of Dairy Queen, Fairview Health Services and Faribault Woolen Mills, since last year.
In a statement, Mooty described the acquisition as a "significant milestone for Jostens," and will help the company "innovate and develop powerful new products and services to accelerate our growth."
"Our exceptional employees and sales representatives will be highly energized to be a part of the Jarden family," he added.
Jostens employs 3,000 full-time workers across 13 administrative, manufacturing and research facilities across the country, as well as seasonal members.
The company was sold in 2003 to investment group DLJ Merchant Banking Partners III for $1.2 billion, according to the Business Journal.