At the onset of the pandemic, we had the opportunity to have a couple candid and far-ranging conversations with Jeffrey McGuane, CEO of Fox. In light of this week's acquisition of Fox by Vista Group — parent company to a host of nearly 40 iconic brands, including Bell Helmets — we decided to revisit those conversations to see what the mindset was leading to this merger of epic proportions. Even then you could see there was an eye on the prize. "The investment in talent and culture is job #1 as we set our sights on the future of Fox,” said McGuane on his 1-year anniversary with Fox Racing.
“Our promise to deliver the most inspired experiences begins with building the most inspired team." Fox has always been driven to make the best products available, and to make great products, you need a great team. "I am extremely confident in our team and excited about what we have in the works, right now and for the future. The experience and vision they have will propel us into the next chapter of Fox,” he predicted.
Vista Outdoor has agreed to pay a gross purchase price of $540 million, subject to certain customary closing adjustments and not including contingent incentives of up to $50 million, upon the achievement of certain EBITDA targets. For calendar year 2022, Fox Racing's full-year net sales and adjusted EBITDA are expected to be approximately $350 million and $55 million, respectively. Vista Outdoor expects the transaction to be immediately accretive to earnings, excluding transaction costs, transition costs and inventory step-up.
Click here to hear more straight from the Fox's mouth:
https://www.youtube.com/watch?v=J3esiq1hoaA