Investment firm Kohlberg Kravis Roberts & Co. L.P. (KKR) has entered into a definitive purchase agreement to acquire Academy Sports + Outdoors. The Gochman family will retain a minority ownership stake in the retailer. Financial terms were not disclosed.
It is the latest in a flurry of recent announcements involving private equity capital and the retail sector. Last week, Golden Gate Capital purchased California Pizza Kitchen while apparel chain Sym’s Corp. announced it was considering a possible sale of the company.
Headquartered in Katy, Texas, Academy Sports + Outdoors is one of the nation’s largest sporting goods and outdoor stores offering a broad selection of products, including hunting, fishing and camping equipment along with sports and leisure products, footwear and apparel.
Academy Sports + Outdoors has 131 locations throughout 11 states in the Southeast U.S. with approximately 16,000 associates. The privately held retail chain generated more than $2.7 billion in revenue in 2010.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a global investment firm with $61 billion in assets under management as of March 31, 2011. With 14 offices around the world, including one in Mumbai, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes.
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