Sport Truck USA Acquired by Fox Factory Holding Company
April 1, 2014
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
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. FOX intends that all such statements be subject to the “safe-harbor” provisions contained in those sections. Forward-looking statements generally relate to future events or FOX’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “might,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “likely,” “potential” or “continue” or other similar terms or expressions and such forward-looking statements include, but are not limited to, statements about FOX’s continued growing demand for its products, FOX’s execution on its strategy to improve operating efficiencies, FOX’s optimism about its operating results and future growth prospects, FOX’s belief that its acquisition of the assets of Sport Truck will enhance FOX’s operations. Many important factors may cause FOX’s actual results, events or circumstances to differ materially from those discussed in any such forward-looking statements, including but not limited to: FOX’s ability to improve operating and supply chain efficiencies; FOX’s future financial performance, including its sales, cost of sales, gross profit or gross margins, operating expenses, ability to generate positive cash flow and ability to maintain profitability; factors which impact the calculation of the weighted average number of diluted shares of common stock outstanding, including the market price of FOX’s common stock, grants of equity-based awards and the vesting schedules of equity-based awards; FOX’s ability to develop new and innovative products in its current end-markets and to leverage its technologies and brand to expand into new categories and end-markets; FOX’s ability to increase its aftermarket penetration; FOX’s ability to maintain its premium brand image and high-performance products; FOX’s ability to maintain relationships with the professional athletes and race teams that it sponsors; the possibility that FOX may not be able to selectively add additional dealers and distributors in certain geographic markets; the overall growth of the markets in which FOX competes, FOX’s expectations regarding consumer preferences and its ability to respond to changes in consumer preferences; changes in demand for high-end suspension and ride dynamics products; FOX’s ability to successfully identify, evaluate and manage potential acquisitions and to benefit from such acquisitions; future economic or market conditions; and the other risks and uncertainties described in “Risk Factors” contained in its Annual Report on Form 10-K or Quarterly Reports on Form 10-Q or otherwise described in the Company’s other filings with the Securities and Exchange Commission. New risks and uncertainties emerge from time to time and it is not possible for FOX to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by FOX or any other person that FOX’s expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Investors are cautioned not to place undue reliance on FOX’s forward-looking statements and FOX undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.