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.
FMI announces executive changes
ARLINGTON, Va. — The Food Marketing Institute announced that one of its former executives is rejoining the organization, while another will be retiring.
FMI announced last Friday that Patrick Davis has rejoined the organization as its VP state government relations, where he will serve as the principal liaison between FMI and state associations. Prior to rejoining FMI, Davis served as president and founder of Alliance Consulting.
"We know from his previous work at FMI that Patrick is a proven and successful leader and we are delighted to welcome him back to the team," FMI president and CEO Leslie Sarasin said. "His extensive knowledge of food industry operations provides solid grounding for his task of establishing, promoting and communicating state-level legislation as an advocate for the food retail and wholesale industry."
Meanwhile, FMI also said that Jill Hollingsworth, SVP food safety programs, is retiring after 15 years of service. During her tenure, FMI “[developed] a complete spectrum of food safety resources for retailers and wholesalers, including the Safe Quality Food Institute and SafeMark training programs,” Sarasin said.
"Jill has been an extraordinary advocate on behalf of supermarkets," Sarasin added. "She has spent her entire career dedicated to ensuring food safety for consumers. She will be greatly missed but we wish her a wonderful retirement."
Social commerce solutions provider names CFO
SAN FRANCISCO — PowerReviews, a provider of social commerce solutions, announced that it has appointed former Google executive Keith Adams as CFO.
Adams, a veteran Silicon Valley CFO who has worked with both public and venture-backed companies, most recently served as CFO of Like.com, which was acquired by Google in 2010. Prior to Like.com, Adams was CFO at OpSource where he led the company through multiple fundraising rounds and brought it to profitability. Adams has also held CFO and/or senior management positions at Andale, Appshop, Centerbeam, Oracle, RealNetworks and Silicon Graphics.