FOX FACTORY HOLDING CORP. CLOSES SPORT TRUCK USA ASSET PURCHASE
Coldwater, Michigan—Fox Factory Holding Corp. (Nasdaq:FOXF) (“FOX”) announced today the closing of an asset purchase transaction, through which FOX acquired substantially all of the assets and assumed certain liabilities of Sport Truck USA, Inc. (“Sport Truck”), effective March 31, 2014. Sport Truck is a full service, globally recognized distributor of aftermarket suspension solutions. Founded in 1991, Sport Truck primarily designs, markets, and distributes high quality lift kit solutions through its brands, BDS Suspension, Zone Offroad Products, JKS Manufacturing, and 4×4 Posi-Lok.
“We are very excited to have closed the previously announced Sport Truck acquisition and welcome the Sport Truck team to the FOX family,” stated Larry L. Enterline, FOX’s Chief Executive Officer. “We look forward to leveraging our global marketing, engineering, distribution, and supply chain resources to collectively develop next-generation, lifted truck ride dynamics solutions.”
Mr. Enterline continued, “Looking ahead, we are well positioned to build off of our positive momentum and continue to deliver strong results in 2014. We believe industry dynamics continue to favor our product categories in premium mountain bikes and powered vehicles. This, along with a shifting consumer preference toward higher performance products will help fuel our growth long-term.”
Steve Olmstead, the President and CEO of Sport Truck, commented, “We are excited to be joining the FOX team and believe the expected synergies between us will enable Sport Truck to more effectively design and optimize lift kit packages and quickly broaden our combined customer base utilizing FOX’s infrastructure to efficiently deliver aftermarket truck suspension products and services.”
For more on the announcement, please see the press releases from FOX:
March 6, 2014: Fox Factory Holding Corp. to Acquire Sport Truck USA