Entrepreneurial Roots
Katy-based Academy Sports + Outdoors acquired by private equity firm
Katy-based retail chain Academy Sports + Outdoors has been acquired by the private equity firm Kohlberg Kravis Roberts & Company. The acquisition comes after the company's founder, Arthur Gochman, passed away in October 2010 at the age of 79 in his Houston home.
Before launching Academy in 1970, Gochman was the law partner to Maury Maverick Jr., the civil rights attorney who fought for Texas school finance reform in the U.S. Supreme Court during the landmark 1968 trial, Rodriguez v. San Antonio Independent School District. The son of Jewish immigrants with a used tire shop in South San Antonio, Gochman is remembered as a stalwart activist from the golden age of Texas liberalism.
The retail entrepreneur also left a philanthropic legacy in the Houston community. He is survived by his wife, Larisa Sumtsova, two grandchildren, his son, David (who has functioned as the Academy CEO) and daughter, artist Molly Gochman, who is represented by Colton & Farb Gallery.
The Gochman family will retain a minority equity stake in Academy following the closing transaction in around six to eight weeks. The financial terms involved in the deal have not been disclosed. In 2010, Academy earned $2.7 billion in revenue across its 131 stores in 11 states in the South and Southeast.
As it turns out, Academy actually is the right stuff at the right price.
"We are long-term investors who look for leading retail franchises, and Academy Sports + Outdoors is a perfect fit," said Mike Calbert, head of K.K.R.'s retail investment team in a press release.
"This transaction with KKR will help accelerate Academy's continued growth and provide even greater flexibility to achieve our strategic goals," echoed Academy president Rodney Faldyn.
KKR's other retail investments include Dollar General, Gillette, RJR Nabisco, Safeway and Toys "R" Us. The firm is publicly traded on the New York Stock Exchange (NYSE: KKR).
