The Running Specialty Group, a subsidiary of athletic shoe retailer Finish Line, has purchased JackRabbit Sports. Terms of the deal were not disclosed.
Owned by Lee Silverman, JackRabbit Sports is a specialty running retailer with three stores in Manhattan and one in Brooklyn.
The Running Specialty Group operates 75 specialty running stores in the U.S. under various names including The Running Company and Run On.
Finish Line formed the Running Specialty Group in 2011 after purchasing an 18-store chain for $8.5 million. Gart Capital Partners, a Denver-based private equity firm, invested $10 million in the Running Specialty Group in 2012. Finish Line increased its ownership in the Running Specialty Group last April.
JackRabbit will retain its name under the new deal and Silverman will join Running Specialty Group’s Denver-based executive team as senior vice president of brand strategy. He will focus on driving companywide branding, e-commerce and strategic partnership initiatives.
“We are extremely proud to have JackRabbit join the RSG family and to further strengthen our leadership team through Lee’s vast knowledge of the specialty channel,” said Running Specialty Group president Bill Kirkendall. “Lee has built a very strong, industry-leading brand in the New York metro area. We look forward to continuing Lee’s vision of expanding the JackRabbit brand in the region, which is a key target market for RSG.”
JackRabbit opened its doors in 2003 and sponsors local races and teams, offering training programs for running, cycling and swimming as well as triathlon and cross training. Silverman is also the owner of WIN Detergent, which will continue to operate independently of the Running Specialty Group with no change in ownership.