Meriden, Conn. -- Vestis Retail Group, made up of the East Coast-based Bob's Stores and Eastern Mountain Sports, has signed an agreement to acquire Los Angeles-based Sport Chalet.
The acquisition will create one of the largest sporting goods retailers in the United States, with more than 150 stores and $800 million in total sales (for the 12 months ended December 31, 2013). The combined company, through its three distinct brands, will have a national footprint. Sport Chalet will continue to operate stores under its existing brand name; no store closures are planned.
Craig L. Levra, chairman and CEO of Sport Chalet, will remain in his position at Sport Chalet and continue to run the business out of Los Angeles, reporting to Vestis CEO Mark Walsh. Vestis' corporate headquarters will remain in Meriden, Connecticut.
"For the past year, we have methodically explored a wide range of options to position Sport Chalet for growth and to further our strategic initiatives," Levra said. "We believe Vestis is the ideal partner given its base of stores in the Eastern U.S. and synergetic vendor relationships and inventory platforms. We believe we will be very well positioned to compete in today's retail environment as part of a larger organization with significant scale advantages and broad geographic reach."
Vestis is owned by Versa Capital Management.