January 8/08 2:10 am - Compass Purchases Majority in Fox Racing Shox
Posted by Editor on 01/8/08
Fox Factory, Inc. (D/B/A FOX Racing Shox) announced today that on January 4, 2008 it consummated a transaction in which Compass Diversified Holdings ("CODI") purchased a majority interest in FOX.
Commenting on the transaction, company founder Bob Fox, who will remain Chief Executive Officer, said "For over thirty years Fox Racing Shox has been devoted to fulfilling the performance needs of our customers. Over the last several years FOX has experienced unprecedented growth, and we now look forward to being partnered with Compass for the next chapter in our Company's history. Being a successful, healthy company, FOX had the luxury of being able to carefully search out and select the best partner for this transition. The financial strength and resources Compass provides will enable FOX to continue our strong growth and leadership in all of our markets. Importantly, the Compass vision provides a transition that will be seamless and virtually invisible to all concerned Ë† including customers, vendors, and employees."
Bob Fox will retain significant ownership in FOX - an ownership now shared with other senior managers. "It's been a wonderful and exhilarating ride to see the company I started in my friend's garage grow to sales of over $100-million. I am proud of what we've done so far and know FOX will be a stronger company going forward than I alone had the resources to provide for," he stated.
Joe Massoud, CODI's Chief Executive Officer, commented "FOX is a strong addition to CODI. This company possesses the critical characteristics we look for in all of our businesses, including market leadership and proven management. Bob Fox and the Company's senior management team have driven growth by providing innovative suspension products for over three decades and we look forward to working with them to continue and accelerate this growth."
On a personal note, Bob Fox added: "I particularly look forward to the freedom this will provide me to again devote much of my time and energy doing the things Ë† design, engineering, and innovation Ë† that I love the most. A rich backlog of exciting, innovative concepts have been building up over the last few years, and I can hardly wait to start working on them with our engineering team."
Since 1974 FOX Racing Shox has designed and manufactured the finest suspension products for Motorcycles, Mountain Bikes, ATV's, Snowmobiles and Off-Road racing vehicles. World Headquarters are in Santa Cruz County, CA with its Off-Road Division in Santee, CA. FOX Racing Shox distributes its products in more than 40 countries.