Altamont Capital Partners Exits Investment in Fox Racing

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Aug 08, 2022, 07:00 ET

Fox Racing Employees to Receive Bonus Upon Finalization of Sale to Vista Outdoor

PALO ALTO, Calif., Aug. 8, 2022 /PRNewswire/ -- After eight years of partnership with Fox Racing, Altamont Capital Partners (Altamont) has exited its investment with a sale of the company to Vista Outdoor. As part of that transaction, Altamont and Fox Racing announced a broad-based employee bonus program providing payments to Fox Racing employees upon the completion of the company's sale. Qualifying employees will receive bonuses in recognition of their role in building the company into one of the world's leading outdoor brands.

"The success of Altamont's partnership with Fox Racing is a testament to the hard work of their leadership and employees in building a strong business and an iconic brand," said Altamont Capital Partners Co-Founder and Managing Director Keoni Schwartz. "Fox Racing employees are a significant reason why the company is not only in a strong position today but poised for future growth. Altamont is proud to partner with Fox Racing to support a broad-based bonus program that rewards employees for their role in making the company a success story."

Altamont Capital Partners originally invested in Fox Racing via majority recapitalization in 2014. Fox Racing grew net sales by a compound annual growth rate of approximately 20 percent from calendar year 2019 to 2021 and is expected to exceed that number this year. Through its partnership with Altamont, Fox Racing's projected revenue will reach approximately $350 million in calendar year 2022.

"We believe in sharing success because at its core, Fox is a family business," said Fox Racing CEO Jeff McGuane. "Our team has tirelessly built, shaped, and preserved the legacy of Fox Racing and put us in a great position for the future. We're grateful for all our employees have done to make Fox Racing a success and we're proud to partner with Altamont to ensure they're rewarded for all their hard work."

Altamont is a founding partner of Ownership Works, a nonprofit dedicated to developing broad-based employee ownership programs to create better work environments and financial opportunities for employees, and to help businesses improve their performance by attracting and retaining engaged employees who are invested in their company's success. As part of its partnership with Ownership Works, Altamont will continue working with its partner companies to build upon existing efforts and implement shared ownership more broadly in its portfolio.

About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle-market businesses where it can partner with leading management teams to reach their full potential. The firm's principals have significant experience building business success stories across a range of industries, including financial services, healthcare, business services, consumer/retail, and industrials.

About Fox Racing
Since 1974, when Geoff Fox first introduced the world to our iconic logo, Fox Racing has been all about family. Not just in name—a legacy that continues to this day—but the idea of celebrating and sharing the passion of life on two wheels with the world. This is what drives us, inspires us, and keeps us close. Because "skulk" is more than just a word for a family of foxes—it's the adventure, the fidelity of friends, and everything that happens along the way.

Media Contact:
Greg Blair
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SOURCE Altamont Capital Partners