ONCAP Management Partners, the mid-market PE shop run by Onex Corp., will buy Sport Supply Group, the Texas-based, listed maker of sporting goods and branded team uniforms.

The deal will pay the target’s shareholders $13.55 per share; both Andell Holdings (holding 16% of Sport Supply Group’s common stock) and Carlson Capital (holding 22%) have entered into agreements with ONCAP to maintain an ongoing stake in the company. Already, Sport Supply Group shares are trading at around $13.57.

Houlihan Lokey Howard & Zukin Capital is financial advisor to the target’s special committee; O'Melveny & Myers is legal counsel to ONCAP and Vinson & Elkins is legal counsel to Sport Supply Group.

The target has a 30-day go-shop period and is required to pay the PE firm a breakup fee of up to $6 million, should it secure a better deal.

A number of law firms alleged breaches of fiduciary duty on behalf of shareholders pushing for a better deal, according to numerous press releases and statements.

Still, some shareholders may want to take the current opportunity to exit. Sport Supply Group shares have more than doubled in value over the last 12 months and the ONCAP deal offered little premium to shareholders.

Calls seeking comment were not acknowledged by press time.

While many deals in the sporting goods space that have taken place involved companies in distress or already bankrupt, Sport Supply Group has been a picture of resiliency in the space for the last year. Last year, the company bought Har-Bell Athletic Goods in Missouri.

Other deals include the Newport Global Advisors/Providence Equity restructuring of bankrupt golf equipment maker True Temper Sports and the 363 sale of GPS Industries and its subsequent merger with ProLink by Falconhead Capital in conjunction with Greg Norman.