Fleet Feet has agreed to acquire running retailer Marathon Sports.
The speciality run retailer announced the acquisition today, which also includes a pair of Marathon banners — SoundRunner and Runner’s Alley — and the Marathon e-commerce business. Fleet Feet said the transaction is expected to close this July, which coincides with the retirement of Colin and Penny Peddie, the owners of Marathon Sports.
“Since becoming owner of Marathon Sports in 1992, Colin has become an extremely influential industry leader and has built an incredible team and organization,” Fleet Feet president and CEO Joey Pointer said in a statement. “When presented with an opportunity to become a part of this iconic running brand and retailer, we knew we wanted to be involved. This investment is a new step for Fleet Feet, with the goal of preserving the legacy and identity of the Marathon Sports brand in New England.”
Marathon Sports, according to Fleet Feet, will remain a wholly-owned subsidiary and continue operating as a separate entity under the Marathon Sports, SoundRunner and Runner’s Alley names. Also, the Marathon Sports leadership team will remain unchanged and continue to run the business from its Waltham, Mass., headquarters.
Ben Cooke, a 20-year running industry veteran with stints at Princeton Running Company, Running Specialty Group and Fleet Feet, will assume the president role of Marathon Sports.
“Colin, Penny and their entire team are a testament to what a committed group of individuals can do through running and serving communities, and I feel so fortunate to have the opportunity to build on Colin’s legacy with a supremely talented staff across 18 stores,” Cooke said in a statement. “For over 40 years, Marathon Sports and the communities it serves have established deep running roots. I am so excited to tap into and honor that rich culture and legacy as we move Marathon Sports ahead for the next 40 years and beyond.”
Fleet Feet agreed to acquire JackRabbit from affiliates of CriticalPoint Capital. The transaction included all JackRabbit brick-and-mortar locations, which spans 15 states, as well as the Jackrabbit.com e-commerce business. Terms of the deal were not disclosed.
