Looks like Fox is using some of that IPO money for something fun, acquiring Race Face and Easton Cycling.
Race Face owner Chris Tutton reopened the brand in 2011 after the original ownership brought them close to bankruptcy. Then, earlier this year, Tutton purchased the Easton Cycling branch of Bell/Riddell/Giro. Since then, the products from both brands have been pretty stellar, in particular the Cinch cranks from Race Face, which must have presented a very attractive package for a brand that might want to add some carbon fiber to their offerings (or, at least, we can hope!). Fox fork with carbon crown and steerer anyone?
Full PR after the break…
PRESS RELEASE: Burnaby, BC – December 5th, 2014 – Race Face Performance Products Ltd and Easton Cycling President, Chris Tutton, announces the sale of both cycling brands to Fox Factory Holding Corp. (NASDAQ: FOXF) (“FOX”).
“FOX is the perfect fit for Race Face/Easton. All three brands complement each other with our distinct high-performance product lines,” said Chris Tutton, President of Race Face/Easton. “The added operations, marketing, and engineering support from FOX will allow us to innovate faster while remaining focused on our core businesses.”
“We are very excited to complete the Race Face/Easton acquisition and welcome their team to the FOX family,” stated Larry L. Enterline, FOX’s Chief Executive Officer. “This transaction demonstrates the execution of our strategic initiatives to increase FOX’s product penetration into both existing and adjacent product categories to help drive our bike sales and profitability long-term. We look forward to leveraging our global marketing, engineering, distribution, and supply chain resources to collectively develop next-generation, high-performance bicycle ride dynamics solutions.”
Race Face / Easton operations will remain at the current Burnaby location with Tutton at the helm into the forseeable future. No changes to the operation are planned.
