Private equity firm KKR announced on Monday it is selling off its entire stake in Academy Sports — 18.65 million shares.

Its stake in the Texas-based sporting goods retailer is valued at $852.85m as of market close on Friday. 

KKR acquired its 20% of Academy Sports in 2011 for an undisclosed amount and has since been the retailer’s largest shareholder.

Despite the news, Academy Sports shows no signs of slowing down. The company secured a multiyear partnership with the Big 12 Conference in 2020. It raised $203m during its IPO last October, valuing the retailer at $1.1 billion. The company agreed to sponsorship deals in July with Texas athletics and Austin FC. It operates 259 stores across the U.S. and plans to open more than 800 total.

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Academy Sports generated record revenue of $1.79 billion in Q2 2021, an 11% increase year-over-year. The retailer benefited from increased demand for outdoor and at-home fitness products during the global pandemic. 

As a result of the record-setting quarter, Academy Sports raised its full-year revenue guidance to between $6.46 billion and $6.62 billion. It intends to purchase up to $200m of the shares KKR will be offering.

Source: FrontOfficeSpot

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