Shareholders OK Sport Chalet acquisition

File Photo: Sport Chalet was sold to Connecticut-based Vestis Retail Group, which will pay about $17 million in cash and assume more than $50 million in debt to acquire Sport Chalet.

By Sara Cardine, <i><a href=”mailto:sara.cardine@latimes.com”>sara.cardine@latimes.com</a></i>

Aug. 21, 2014 4:11 PM PT

Sport Chalet, Inc. shareholders recently approved a $70-million acquisition of the La Cañada Flintridge-based retailer by an East Coast sporting goods company, both companies announced Monday.

Shareholders had until Aug. 15 to approve the offer of $1.20 a share from Connecticut-based Vestis, operated through funds advised by Versa Capital Management, LLC, according to a statement released Monday.

The recent tally showed 94.7% of Class A family shares and 89% of outstanding Class B shares approved the sale, including the more than 50% owned by the store’s senior management and the family of late founder Norbert Olberz.

Representatives from Vestis Retail Group, which comprises the East Coast-based Bob’s Stores and Eastern Mountain Sports retailers, reported that the three companies combined would have seen $800 million in combined sales last year.

Craig L. Levra, chairman of the board, chief executive and president of Sport Chalet, will remain in his position as Sport Chalet continues to operate from its La Cañada headquarters.