A decade after acquiring the regional sporting goods chain Academy Sports + Outdoors in a leveraged buyout, affiliates of global investment firm KKR (Kohlberg Kravis Roberts & Co. L.P.) are selling their remaining 20 percent stake in the Katy, TX-based retailer. Based on Academy’s pre-opening share price of $45.35 on Sep. 12, the stock divestiture could gross more than $845.5 million for KKR.

Founded as a family business in 1938, Academy Sports + Outdoors generated 18 percent, or slightly more than $1 billion, in footwear sales in FY20. The retailer anticipates the category will grow approximately 6 percent annually for the next four years. Academy’s footwear sales grew 32.3 percent in H1/21 to $647,733, but category revenues were up only 15.1 percent to $337,289 in Q2 ended July 31. Meanwhile, the retailer’s apparel sales, including private label product, were up nearly 40 percent in H1 to $869,244. The chain’s overall H1 revenues were up 23 percent to more than $3.37 billion as six-month net income rose 134 percent to more than $368.3 million.

Looking ahead, the 259-door retailer is eyeing 675 potential locations in the U.S. and expects to open 8-10 annually starting in FY22. Most will be close to its door average size of 70,000 sq. ft. but some will likely open as its new smaller format with a size 40 percent lower than its typical door. Academy Sports + Outdoors generated more than $5.68 billion in FY20 revenues compared to more than $9.58 billion for the category’s retail leader in Dick’s Sporting Goods.