Katy, TX — Investment firm Kohlberg Kravis Roberts & Co L.P. (KKR) plans to acquire Academy Sports + Outdoors.
Katy, TX — New York-based investment firm Kohlberg Kravis Roberts & Co L.P. (KKR) plans to acquire Academy Sports + Outdoors with the Gochman family retaining a minority ownership stake. Financial terms were not disclosed.
Headquartered in Katy, Texas, Academy Sports + Outdoors is one of the nation’s largest sporting goods and outdoor stores with 131 locations throughout 11 states in the southeastern U.S.
“This transaction with KKR will help accelerate Academy’s continued growth and provide even greater flexibility to achieve our strategic goals,” says Rodney Faldyn, president of Academy Sports + Outdoors.
Faldyn will continue to serve as president of Academy Sports + Outdoors and will also assume the additional responsibilities of CEO. The transaction is expected to close in 6 to 8 weeks, subject to customary closing conditions.
Goldman, Sachs & Co. is acting as financial advisor to Academy Sports + Outdoors, with Wachtell, Lipton, Rosen & Katz LLP and Fulbright & Jaworski LLP acting as its legal counsel. Morgan Stanley, Credit Suisse AG and Barclays Plc. served as financial advisor to KKR and Simpson Thacher & Bartlett LLP was the legal counsel.