WESTPORT, Conn. (BRAIN) — Suspension brand Fox Factory has bought back some shares from its previous parent company, Compass Diversified Holdings. Compass' share in Fox has been cut from 41 percent to 33 percent.
To accomplish this, Fox closed on a secondary public offering of 2.5 million shares of common stock at $15.895 per share. Fox then repurchased 500,000 shares of its common stock from Compass.
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 the FOXF symbol and its stock performance is tracked on BRAIN’s stock page.
Compass sold CamelBak to Vista Outdoor last year.
Compass CEO Alan Offenberg,said, "With today's sale, we have further strengthened our financial liquidity for capitalizing on attractive acquisition opportunities, while increasing the total gains realized from investments in our subsidiaries. We continue to be the largest shareholder of Fox and remain enthusiastic about the company's growth prospects.”
Compass continues to own companoes that make printed circuits and medical devices, an environmental services company, gun safe brand Liberty Safe, food band Manitoba Harvest, stroller brand Ergobaby, and the food-warming brand, Sterno.
