Sporting goods chain taken private by L.A. buyout firm.

Los Angeles private equity firm Leonard Green & Partners LLP completed its $1.3 billion buyout of Sports Authority Inc. last week and took the company private.

Shareholders of the Englewood, Colo.-based sporting goods retailer overwhelmingly approved the transaction in a special meeting where about 80 percent of the company's shares voted. Stockholders will receive $37.25 in cash for each Sports Authority share.

Sports Authority's management is staying in place and its headquarters is not moving. The company, which brought in $2.5 billion in sales last year, operates 402 stores in 45 states under the Sports Authority, Gart Sports and Sportmart names. Over the years, the company has grown through acquiring competing brands, including Oshman's in 2001 and Gart Sports in 1998.

Leonard Green is one of the nation's largest private equity firms with about $3.7 billion of capital under management. The firm has a history of making long-term investments, sometimes more than 10 years, in companies that are industry leaders.

Companies currently in Leonard Green's investment portfolio include Internet florist FTD Group Inc., upscale retailer Neiman Marcus Group Inc., drugstore chain Rite Aid Corp., and map company Rand McNally & Co. Prior investments include pet supplies retailer PETCO Animal Supplies Inc. and Big 5 Sporting Goods Corp., another sporting goods chain.