Vestis Retail Group has agreed to acquire Sport Chalet Inc.
Vestis is owned by funds advised by Versa Capital Management, a private equity firm. The acquisition will be through a tender share offer of $1.20 a share for Class A and B shares.
Sport Chalet is a sports retailer that sells the top sports brands in apparel, footwear and equipment. It has 50 stores located in the Western U.S.
Craig Levra, chairman and chief executive officer of Sport Chalet, will stay on at the retail chain and continue to oversee its operations.
Vestis owns Bob’s Stores and Eastern Mountain Sports, both East Coast-based chains.
Mark Walsh, ceo of Vestis, said, “We are very excited to add Sports Chalet to the Vestis portfolio — Sport Chalet greatly strengthens our position in the active lifestyle and outdoor categories.”