WESTPORT, Conn. (BRAIN) — Compass Diversified Holdings sold 3.5 million shares of Fox Factory’s common stock, totaling $63 million in net proceeds, back to the suspension company. As a result, Compass’ ownership in Fox Factory Holding Corp. is reduced from 33 percent to 23 percent, or 8.6 million shares.
Fox Factory closed on a secondary public offering of 4,025,000 shares of Fox common stock held by stakeholders including Compass.
“By capitalizing on a compelling opportunity to monetize a portion of our interest in Fox, we have further strengthened our financial position for capitalizing on attractive acquisition opportunities,” said Alan Offenberg, CEO of Compass Diversified Holdings. “Including our Fox secondary sales and past opportunistic sales of subsidiaries, we have now realized gains for our shareholders of over $575 million. We remain a significant shareholder of Fox and continue to be excited about the company’s growth prospects.”
Compass is traded on the New York Stock Exchange as CODI.
Fox Factory was split off from Compass Diversified in a 2013 IPO. It acquired Race Face and Easton Cycling in December 2014, and Marzocchi’s mountain bike-related business last year. The company’s stock is traded on NASDAQ under …read more