Altamont Capital Partners Sells Fox Racing
Posted on 08/09/2022
Palo Alto-based Altamont Capital Partners (Altamont) has exited its investment with a sale of the company to Vista Outdoor Inc. As part of that transaction, Altamont and Fox Racing announced a broad-based employee bonus program providing payments to Fox Racing employees upon the completion of the company’s sale. Qualifying employees will receive bonuses in recognition of their role in building the company into one of the world’s leading outdoor brands. Vista Outdoor announced the closing of its acquisition of Irvine, California-based Fox Racing for the purchase price of $540 million, with the potential for an additional $50 million earnout based on Fox Racing’s financial performance.
Altamont Capital Partners originally invested in Fox Racing via majority recapitalization in 2014. 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. Through its partnership with Altamont, Fox Racing’s projected revenue will reach approximately $350 million in calendar year 2022.