Watsonville, CA (1/7/2008)–
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 erformance
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 – 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 – design,
engineering, and innovation – 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 uspension 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.
www.foxracingshox.com
