Private-equity firm to acquire Academy Sports
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.
Wal-Mart names top China execs following resignations
Bentonville, Ark. — Wal-Mart Stores said Friday it has replaced two of its top executives in China who resigned earlier this month.
Mario-José Medina will serve as the head of Wal-Mart financial operations in China. He previously worked as the CFO of Wal-Mart Chile, and was hired in 2007 to be the CFO of Wal-Mart Puerto Rico.
The company also said that Del Sloneker, a former senior VP, will become COO in China.
The appointments come after previous China CFO Roland Lawrence, along with COO Rob Cissell, resigned in mid-May, according to a Wall Street Journal online report.
Dick’s Sporting Goods opens 10th Alabama location
Pittsburgh — Dick’s Sporting Goods announced Tuesday that it will celebrate the grand opening of its tenth Alabama store, which opened at Jubilee Square in Daphne, Ala.
The chain’s celebration, spanning June 3-5, will feature appearances by college and professional football players and a professional bass angler, as well as a variety of giveaways.