The buyout firm Kohlberg Kravis Robert has agreed to buy a majority stake in Academy Sports + Outdoors, a sporting goods retailer with 131 outlets in 11 states in the Southeast.
Terms were not disclosed.
Academy Sports' president, Rodney Faldyn, will continue as president and assume the CEO job from David Gochman, the grandson of the company's founder. The Gochman family will keep a minority stake in Academy Sports.
In a statement, Faldyn says the ownership change will speed up the retailer's continued growth and give it greater flexibility to achieve strategic goals.
The sporting and outdoors goods chain is headquartered in Katy, Texas, outside Houston.