Fox Factory Holding Corp. Announces Definitive Agreement to

• Accretive, Strategic Transaction Expands Fox Factory’s Management Placement in Aftermarket Car or truck Effectiveness Packages
• Complementary items will greater serve off-street fanatics and clients
• The Organization will provide up to date advice on our May well earnings phone publish acquisition shut

DULUTH, Ga., Feb. 21, 2023 (World NEWSWIRE) — Fox Factory Keeping Corp. (NASDAQ: FOXF) (“FOX” or the “Company”) declared now that its subsidiary, Fox Manufacturing unit, Inc., signed a definitive arrangement to get Customized Wheel Household, LLC (“CWH”) from Thompson Avenue Money Associates and other sellers. The order price tag for the transaction, which is topic to customary changes, is dependent on an enterprise benefit of $131.6 million and will be financed via a combination of dollars on hand and borrowings from the Company’s line of credit rating. The transaction is anticipated to near late in the to start with quarter of 2023, topic to customary closing situations, and to be accretive to the Company’s fiscal 2023 financial final results.

CWH, primarily based out of Rancho Dominguez, California, patterns, markets, and distributes substantial-overall performance wheels, overall performance off-street tires, and equipment. The relatives of makes consists of their premier flagship model Approach Race Wheels, along with Tensor Tire, and GMZ Race Products, which are geared toward the manufacturing and distribution of off-highway overall performance items for automotive, truck, and utility autos. This acquisition is complementary to FOX’s upfitting and elevate kit small business and even further broadens its solution providing in a developing segment of the automotive industry.

“We are enthusiastic to announce the acquisition of Customized Wheel Residence, and consider it provides a substantial vertical integration and collaborative chance for FOX. This will even further increase our performance-defining aftermarket methods with the additions of significant-performance wheels and performance off-road tires,” said Mike Dennison, FOX’s Chief Government Officer. “When pushing the limits of experience dynamics, growing the Company’s know-how from suspension to wheels and tires is a all-natural evolution. We welcome the skilled Customized Wheel Household leadership crew and imagine they will participate in an integral section in the Company’s advancement likely forward.”

“As a founder-centered private fairness business, we drastically price the option to husband or wife with and aid business owners like Kevin Fitzgerald and his talented executive staff,” said Jeff Aiello, Running Director at Thompson Street Capital Partners. “We are self-confident that Custom Wheel House, and its market-main Approach Race Wheels brand name, will keep on to prosper beneath Fox Factory’s possession.”

Powerful Strategic and Economic Transaction Rewards:

• Bolsters FOX’s Leadership Position in an Attractive Sector: The addition of CWH and its brands is anticipated to broaden and diversify FOX’s selection of aftermarket vehicle choices, creating a exceptional chance to meaningfully boost the Company’s addressable industry and boost its vertical integration tactic.
• Creates a Committed Supplier: CWH’s recognized producing footprint and provider community is expected to enable the group to seamlessly integrate into FOX’s aftermarket portfolio. This acquisition presents the capability to scale up swiftly to meet up with purchaser demand from customers and generate price tag performance.
• Provides an Seasoned Management Staff with Solid Observe Report: CWH provides a demonstrated government crew, with deep industry expertise and a monitor document of robust progress and functioning final results, to FOX’s Driven Automobiles Group.
• Reflects FOX’s Determination to Strategic Investments: This transaction is a further case in point of FOX’s disciplined, accretive merger and acquisition tactic to diversify income streams, broaden the merchandise platform, and travel expansion and profitability. The Company’s past price-enhancing acquisitions include things like Ridetech, Tuscany Motor Corporation, Race Experience/Easton Cycling, Activity Truck Usa, SCA, Exterior Van, SOLA Activity, and Shock Treatment.

Advisors

Squire Patton Boggs (US) LLP acted as legal advisor to FOX.

Stifel, Nicolaus and Corporation served as the special financial advisor to Personalized Wheel Dwelling, LLC. Sidley Austin, LLP served as lawful counsel to CWH.

About Fox Manufacturing facility Holding Corp. (NASDAQ: FOXF)

Fox Factory Holding Corp. styles and manufactures functionality-defining solutions mostly for bicycles, on-road and off-street motor vehicles and trucks, aspect-by-side motor vehicles, all-terrain autos, snowmobiles, specialty vehicles and purposes, and motorcycles. The Company is a direct provider to major run automobile unique machines producers (“OEMs”). Additionally, the Firm materials best bicycle OEMs and their contract suppliers and supplies aftermarket merchandise to retailers and distributors.

FOX is a registered trademark of Fox Manufacturing unit, Inc. NASDAQ International Choose Market is a registered trademark of The NASDAQ OMX Team, Inc. All legal rights reserved.

Cautionary Observe Pertaining to Ahead-Seeking Statements

Sure statements in this press release could be considered to forward-seeking statements inside of the meaning of Area 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Exchange Act of 1934, as amended, like statements with regard to the anticipations relevant to the acquisition of CWH, the envisioned closing day of the transaction and the potential effectiveness of Fox and CWH. Words and phrases such as “believes”, “expects”, “anticipates”, “intends”, “projects”, “assuming”, and “future” or similar expressions, are supposed to establish ahead-hunting statements. These forward-on the lookout statements are topic to the inherent uncertainties in predicting long term effects and situations. Sure variables could induce real results to differ materially from all those projected in these ahead-wanting statements, including, but not confined to, the hazard that the acquisition might not be completed in a well timed way or at all challenges linked with the acquisition usually, these types of as the prevalence of any function, alter or other instances that could give increase to the termination of the definitive buy arrangement challenges and delays in integrating CWH’s enterprise or fully noticing expense savings and other benefits business enterprise disruption adhering to the proposed transaction adjustments in the economy, economical marketplaces and political surroundings standard issues linked with the COVID-19 pandemic and its influence on the marketplaces in which we run and the outcome of the announcement or pendency of the transaction on CWH’s small business interactions, general performance, and company commonly. Particular other factors are enumerated in the possibility issue discussion in the Sort 10-K filed by the Company with the SEC for the calendar year ended December 31, 2021 and other filings with the SEC. Other than as essential by legislation, the Company undertakes no obligation to publicly update or revise any forward-seeking statements, irrespective of whether as a consequence of new details, long run events or usually.

Get hold of:
Fox Manufacturing facility Holding Corp.
Vivek Bhakuni
Sr. Director of Trader Relations and Small business Advancement
706-471-5241
[email protected]