Houston -- New York private-equity firm Kohlberg Kravis Roberts & Co. LP said Tuesday that it plans to acquire a majority stake in Academy Sports + Outdoors, the Katy (Houston), Texas-based privately held sporting goods retailer with 131 locations throughout the Southeast.
Terms of the deal were not disclosed.
According to KKR, Academy Sports' president Rodney Faldyn will stay on as president and will assume the CEO job from David Gochman, who is the grandson of the chain’s founder.
The Gochman family will keep a minority stake in Academy Sports.
According to Faldyn, the acquisition will expedite the retailer's growth and give it greater flexibility to achieve "strategic goals."
Academy’s revenue has grown to $2.7 billion last year, from about $1 billion in 2004.