Academy Sports and Outdoors’ $515 Million Secondary Offering

Simpson Thacher recently represented Academy Sports and Outdoors, Inc. (“Academy”) and entities affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”) in connection with a secondary offering of common stock of Academy by KKR and other selling stockholders.

The offering of 16,100,000 shares of Academy’s common stock, which included the full exercise of the underwriters’ option to purchase 2,100,000 additional shares, raised $515.2 million in gross proceeds, with the selling stockholders receiving all of the proceeds from the offering. Concurrently, Academy effected a $100 million share repurchase from the underwriters of the secondary offering out of the shares sold in the offering.

Academy is one of the leading full-line sporting goods and outdoor recreation retailers in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to 259 stores across 16 contiguous states, primarily in the southern United States.

The Simpson Thacher team included Joe Kaufman (Picture), Sunny Cheong and Sung Bum Cho (Capital Markets); James Rapp and Charles Mathes (Public Company Advisory Practice); Tristan Brown and Alyssa Ohanian (Executive Compensation and Employee Benefits); and Sophie Staples and Suzy Yaster (Tax).

Involved fees earner: Tristan Brown – Simpson Thacher & Bartlett; Sunny Cheong – Simpson Thacher & Bartlett; Sung Bum Cho – Simpson Thacher & Bartlett; Joseph Kaufman – Simpson Thacher & Bartlett; Charles Mathes – Simpson Thacher & Bartlett; Alyssa Ohanian – Simpson Thacher & Bartlett; James Rapp – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Susan Yaster – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Academy Sports & Outdoors; KKR;

Author: Martina Bellini