SCOTTS VALLEY, Calif. (BRAIN) — Fox Factory Holdings, parent company of the Fox bicycle suspension brands, as well as Race Face, Marzocchi and Easton Cycling, has acquired 80 percent of the shares of Flagship Inc., which does business as Tuscany Motor Company. Tuscany sells aftermarket packages for trucks, including modified Ford trucks repackaged as Tonka and "Special Ops" trucks.
Fox paid $53.4 million in cash for the shares in the Indiana-based company. The agreement includes a provision for Fox to acquire the remaining 20 percent of the business in the future.
"We are excited to announce the acquisition of the Tuscany business, which we believe presents a significant opportunity for Fox to further expand its performance defining aftermarket solutions," said Larry L. Enterline, Fox's CEO. "We look forward to further accelerating our off-road capable, on-road truck product category growth."
Tuscany generated approximately $40.8 million in unaudited sales for the twelve months ended June 30, 2017.
