Paul Ryan is usually good with numbers and facts. Not so in his reference to Bain Capital at Sports Authority. A Romney person might have fed him that line.
From Wikipedia:
Sports Authority
A Sports Authority store in Concord, California
The Sports Authority, Inc. was founded in Lakes Mall in Lauderdale Lakes, Florida by a syndicate of venture capital groups and several key founding executives. Jack A. Smith, formerly COO of Herman's World of Sports, CEO; Roy M. Cohen, Senior Vice President and General Merchandise Manager; Richard Lynch, Senior Vice President and CFO and Arnold Sedel, Vice President of Stores Operations were the founding executives. The venture capital syndicate was led by William Blair Venture Partners and included First Chicago Venture Partners, Bain Capital, Phillips-Smith Venture Partners, Marquette Venture Partners, and Bessemer Securities.
The Sports Authority, Inc. opened its first store in November 1987 in Fort Lauderdale, Florida. In 1990 Kmart acquired the company. [2] Five years later, The Sports Authority had expanded to 136 stores in 26 states, and was spun off from parent Kmart.[ citation needed]
Its headquarters were in Lauderdale Lakes, [3] [4] near Fort Lauderdale. [5]
[ edit]Gart Sports merge with Sports Authority Gart Sports, which also operated Oshman's and Sportmart, completed a "merger of equals" with Sports Authority on August 4, 2003. At the time of its merger with Gart Sports Company, The Sports Authority was the largest full-line sporting goods retailer in the United States, and had 205 stores in 33 states. The combined company took the Sports Authority name. With the merger, each share of Sports Authority was exchanged with 0.37 shares of Gart Sports which gave investors in each about 50% of the new merchant. The new company is based in Englewood, Colorado, which was the home of Gart Sports.
As of May 2006, the remaining stores that were not operating under the Sports Authority name were re-branded to the Sports Authority name. There are no longer any stores operating under the name of Gart Sports, Sportmart or Oshman's.
[ edit]Copeland's SportsIn August 2006, Copeland's Sports, headquartered out of San Luis Obispo, California filed for Chapter 11 bankruptcy and on November 17, 2006, Sports Authority, through a wholly owned subsidiary, assumed the leasehold interests in seven former Copeland's Sports retail store locations.
[ edit]2006 leveraged buyout by Leonard Green & PartnersIn January 2006, Sports Authority agreed to be purchased in a leveraged buyout by affiliates of Leonard Green & Partners, a private equity investment firm, in a transaction valued at $1.4 billion. [6] Shareholders approved the deal in May 2006. Upon completion of the merger, Sports Authority ceased to be a publicly-listed stock. The subordinated financing for the deal was a private mezzanine loan from TCW/Crescent Mezzanine LLC. Thus, no public bonds are outstanding and Sports Authority no longer files financial statements with the SEC.
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