- The transaction is expected to close in the third quarter of 2022
- Altamont originally invested in Fox via a majority recapitalization in 2014
- Robert W. Baird & Co. acted as financial advisor to Fox Racing and Altamont Capital Partners on the deal while Morgan Stanley did likewise to Vista Outdoor
Altamont Capital Partners has agreed to sell Fox Racing, a performance motocross, mountain bike and lifestyle gear brand, to Vista Outdoor Inc. The deal is valued at $540 million with an additional $50 million in potential earnout.
The transaction is expected to close in the third quarter of 2022.
Altamont originally invested in Fox via a majority recapitalization in 2014.
“Altamont has been proud to partner with the Fox Racing team to build upon the legacy and leadership of the brand,” said Altamont Capital Partners Co-Founder and Managing Director Keoni Schwartz, in a statement. “Altamont believes in making purposeful, long-term investments that allow us to build strong businesses through collaborative work with our partners. We are grateful for the leadership of CEO Jeff McGuane and all the efforts of the entire Fox Racing family.”
Through its partnership with Altamont, Fox Racing’s projected revenue will reach approximately $350 million in calendar year 2022. Fox Racing grew net sales by a compound annual growth rate of approximately 20 percent from calendar year 2019 to 2021 and is expected to exceed that number this year.
Robert W. Baird & Co. acted as financial advisor to Fox Racing and Altamont Capital Partners on the deal while Ropes & Gray provided legal advice. Morgan Stanley & Co. LLC served as financial advisor to Vista Outdoor with Reed Smith LLP providing legal advice.
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle-market businesses, across a range of industries, including financial services, healthcare, business services, consumer/retail, and industrials.
Vista Outdoor is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. Brands include Remington Ammunition, Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fiber Energy Products, Bell Helmets, Camp Chef, Giro, QuietKat, Stone Glacier, Federal Ammunition and more.