PALO ALTO, CA – December 16, 2014 – Altamont Capital Partners (Altamont) today announced it is leading a majority recapitalization of Fox Head, Inc. (Fox), the number one global motocross equipment, apparel and accessory brand. The current owners of the business, the founding Fox family, will continue to own a significant minority interest in the company. The transaction is expected to close in the next 7-10 days.
In addition to Altamont and the Fox family, the shareholder group participating in the deal includes Ricky Carmichael, the most successful motocross rider of all time and Fox athlete since 1988; Carey Hart,
freestyle motocross legend and Fox athlete since 1997; and Hybrid
Apparel, which will also become a strategic supply chain partner to the
company. Fox will continue to operate as a private, independent company
out of its headquarters in Irvine, California.
“With deep roots in motocross history, the Fox family has built a
strong, authentic brand that consumers trust and respect, proven by
decades of success,” said Keoni Schwartz, Co-Founder and Managing Director of Altamont Capital Partners. “Altamont is thrilled to have the opportunity to apply our expertise to help Fox continue to grow and reach its longer-term goals.”
The Fox brand was founded by Geoff Fox
in 1974 as a distributor and manufacturer of high-performance motocross
parts and within three years boasted a top-ranked professional
motocross team. Hand-selected by Geoff Fox,
the team’s apparel became increasingly popular with fans, leading to
Fox’s emergence as a successful player in the U.S. motocross apparel
industry. Fox is now the most recognized and best-selling brand of
motocross apparel, boots and accessories in the world. The brand has
since expanded its activities into MTB, BMX, surf and wakeboarding and
has become an international leader in action sports.
“I have never been more optimistic about the future of the brand or the business,” said Geoff Fox, Founder of Fox Head, Inc. “We’re excited to work with Altamont as we prepare for a new chapter in our story. I’m confident that Altamont’s
strategic advice and relevant experience guiding brands to reach their
full potential will allow Fox to strengthen its business while
preserving the integrity of the brand.”
Today Fox also announced changes to its management team, including the appointment of Pete Fox as the company’s Chief Creative Officer. Additionally, Nick Adcock, CEO, and Bill Bussiere, CFO, will leave the company to pursue other opportunities. Scott Olivet,
who will be Executive Chairman on an ongoing basis, will become Interim
CEO while executive searches are underway. Olivet has extensive
experience in the action sports industries, having served as VP of Nike
Subsidiaries, where he led the acquisitions of Hurley and Converse; as
the CEO of Oakley Inc.; and as a current Director of Skullcandy. He is
also an Operating Partner at Altamont Capital Partners and serves as
Chairman of the Board of Dakine, Mervin, HUF and Brixton.
“I want to thank Nick Adcock and Bill Bussiere
for their leadership, focus and accomplishments in helping to build a
solid business. I wish them well on their next endeavor,” said Geoff Fox. “With Pete rejoining the team and a partnership with Altamont to support the ambitions of the business, Fox is poised for a very bright future.”
“The Fox team has done a tremendous job the last few years weathering
a challenging market and positioning itself for the future,” said Scott Olivet.
“The Fox brand is authentic and relevant across a number of action
sports so we are in the enviable position of being able to choose from a
range of growth opportunities. But it’s clear that building on our
leadership in motocross will always be our first priority. We will be
focused on gaining leadership in product categories where we are not
currently number one, increasing the pace of innovation for our
consumers, and harnessing our innovation, technologies and athlete and
brand stories to serve the market in a compelling way. I’m honored to be
part of what Geoff, Greg, Pete, Josie, Anna and John Fox have built over 40 years and to help write the next chapter of success.”
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 billion of capital under management. Altamont
is focused on investing in middle market businesses where it can
partner with leading management teams to help its portfolio companies
reach their full potential. The firm’s principals have significant
experience building business success stories across a range of
industries including financial services, government services,
consumer/retail, industrials and healthcare.
About Fox Head, Inc.
Founded in 1974, Fox Head Inc. is the leading designer, marketer and
distributor of authentic motocross apparel and equipment for the world’s
best riders. Fox is a privately held company with offices in Irvine, CA; Morgan Hill, CA; Calgary, Alberta, Canada; and Barcelona, Spain.
For more information, visit www.foxhead.com and follow @foxheadinc.
Source Altamont capital by press release©
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