Altamont Capital Partners Leads Majority Recapitalization of Fox Head, Inc.

16 12 2014

PALO ALTO, CA – December 16, 2014 – (Motor Sports Newswire) – Altamont Capital Partners (Altamont) today announced it is leading a majority recapitalization of Fox Head, Inc. (Fox), the number one global motocross equipment, apparel and accessory brand. The current owners of the business, the founding Fox family, will continue to own a significant minority interest in the company. The transaction is expected to close in the next 7-10 days.

In addition to Altamont and the Fox family, the shareholder group participating in the deal includes Ricky Carmichael, the most successful motocross rider of all time and Fox athlete since 1988; Carey Hart, freestyle motocross legend and Fox athlete since 1997; and Hybrid Apparel, which will also become a strategic supply chain partner to the company. Fox will continue to operate as a private, independent company out of its headquarters in Irvine, California.

“With deep roots in motocross history, the Fox family has built a strong, authentic brand that consumers trust and respect, proven by decades of success,” said Keoni Schwartz, Co-Founder and Managing Director of Altamont Capital Partners. “Altamont is thrilled to have the opportunity to apply our expertise to help Fox continue to grow and reach its longer-term goals.”

The Fox brand was founded by Geoff Fox in 1974 as a distributor and manufacturer of high-performance motocross parts and within three years boasted a top-ranked professional motocross team. Hand-selected by Geoff Fox, the team’s apparel became increasingly popular with fans, leading to Fox’s emergence as a successful player in the U.S. motocross apparel industry. Fox is now the most recognized and best-selling brand of motocross apparel, boots and accessories in the world. The brand has since expanded its activities into MTB, BMX, surf and wakeboarding and has become an international leader in action sports.

“I have never been more optimistic about the future of the brand or the business,” said Geoff Fox, Founder of Fox Head, Inc. “We’re excited to work with Altamont as we prepare for a new chapter in our story. I’m confident that Altamont’s strategic advice and relevant experience guiding brands to reach their full potential will allow Fox to strengthen its business while preserving the integrity of the brand.”

Today Fox also announced changes to its management team, including the appointment of Pete Fox as the company’s Chief Creative Officer. Additionally, Nick Adcock, CEO, and Bill Bussiere, CFO, will leave the company to pursue other opportunities. Scott Olivet, who will be Executive Chairman on an ongoing basis, will become Interim CEO while executive searches are underway. Olivet has extensive experience in the action sports industries, having served as VP of Nike Subsidiaries, where he led the acquisitions of Hurley and Converse; as the CEO of Oakley Inc.; and as a current Director of Skullcandy. He is also an Operating Partner at Altamont Capital Partners and serves as Chairman of the Board of Dakine, Mervin, HUF and Brixton.

“I want to thank Nick Adcock and Bill Bussiere for their leadership, focus and accomplishments in helping to build a solid business. I wish them well on their next endeavor,” said Geoff Fox. “With Pete rejoining the team and a partnership with Altamont to support the ambitions of the business, Fox is poised for a very bright future.”

“The Fox team has done a tremendous job the last few years weathering a challenging market and positioning itself for the future,” said Scott Olivet. “The Fox brand is authentic and relevant across a number of action sports so we are in the enviable position of being able to choose from a range of growth opportunities. But it’s clear that building on our leadership in motocross will always be our first priority. We will be focused on gaining leadership in product categories where we are not currently number one, increasing the pace of innovation for our consumers, and harnessing our innovation, technologies and athlete and brand stories to serve the market in a compelling way. I’m honored to be part of what Geoff, Greg, Pete, Josie, Anna and John Fox have built over 40 years and to help write the next chapter of success.”

About Altamont Capital Partners

Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 billion of capital under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries including financial services, government services, consumer/retail, industrials and healthcare.

About Fox Head, Inc.

Founded in 1974, Fox Head Inc. is the leading designer, marketer and distributor of authentic motocross apparel and equipment for the world’s best riders. Fox is a privately held company with offices in Irvine, CA; Morgan Hill, CA; Calgary, Alberta, Canada; and Barcelona, Spain.

For more information, visit www.foxhead.com and follow @foxheadinc.

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Parts Unlimted’s Founder Fred Fox to be Inducted into Motorcycle Hall of Fame

18 05 2011

PICKERINGTON, OH – May 18, 2011 – (Motor Sports Newswire) – The Motorcycle Hall of Fame is pleased to announce that Parts Unlimited founder Fred Fox, who built a small business into the largest aftermarket motorcycle, snowmobile, all-terrain vehicle and personal watercraft accessory distributorship in the world, will be inducted into the Motorcycle Hall of Fame as part of the 2011 American Motorcyclist Association (AMA) Legends & Champions Weekend at the Red Rock Casino, Resort & Spa in Las Vegas, Nev., Nov. 18-20.

“It’s not exaggerating to say that if you ride, it’s extremely likely that one or more parts on your bike, or at least one piece of your riding gear, was supplied through your dealer by Parts Unlimited or Drag Specialties,” said Jeffrey V. Heininger, chairman of the American Motorcycle Heritage Foundation, which raises money for the Hall of Fame. “Fred Fox’s reach in the motorcycle world is vast, and he’s definitely earned a place among the greats in the Motorcycle Hall of Fame.”

Fox founded Parts Unlimited in 1967 to distribute motorcycle parts and accessories to dealers. Today his parent company, LeMans Corporation, is based in Janesville, Wisc., and it employs more than 1,200 people in operations spread across the U.S., Canada and in Europe. Parts Unlimited serves the “metric” side of motorcycling, while Drag Specialties serves the American V-twin industry. The company’s own brands include Thor Motocross, Moose Off-Road, Icon and Z1R helmets and apparel.

Fox elevated motorcycling and the sport of motorcycle racing nationally by creating a state-of-the-art distribution system that got parts to dealers quickly. He also helped grow the sport by sponsoring motorcycle racing series, as well as amateur and professional racers.

Additionally, Fox served for 14 years on the Motorcycle Industry Council’s Board of Directors or on one of the trade group’s committees.

“This is obviously a very nice honor, and it’s much appreciated, but at the same time, there’s a lot of people I could give credit to for making this work,” Fox said. “It’s not a one-man band. We were, at one time, up to 1,600 employees.”

Fox noted that he never expected to be named to the Motorcycle Hall of Fame.

“I was obviously a little surprised,” he said. “A lot of the people in the Hall of Fame are pretty good racers, and I was a mediocre racer. I saw that they were faster than me, and I was a mechanical engineer, so I worked on the tuning side of it, and the rest of it grew out of that. I have a lot of mottos, but one is ‘Get out of bed and try to run the business better than the day before.’ We’re very proud of that.”

Fox joins previously announced magazine pioneer Phil Schilling in the Motorcycle Hall of Fame Class of 2011. The remaining 2011 inductees will be announced in random order over the next few weeks.

The Class of 2011 will officially be inducted into the Motorcycle Hall of Fame on Nov. 18 as part of the AMA Legends & Champions Weekend. In addition to the induction ceremony, the weekend includes the 2011 Motorcycle Hall of Fame Concours d’Elegance on Saturday, Nov. 19, featuring some of the country’s most impressive original and restored classic motorcycles. The AMA Racing Championship Banquet closes out the weekend on Sunday, Nov. 20, where AMA Racing amateur champions of all ages will be recognized for their 2011 accomplishments.

Tickets for the AMA Legends & Champions weekend are now available through this online registration form: http://events.r20.constantcontact.com/register/event?llr=vw9ldxbab&oeidk=a07e3rn4juk2e3f80c1. Tickets may be ordered over the phone by calling (800) 262-5646.

The AMA Legends & Champions Weekend also includes the final round of the GEICO AMA EnduroCross National Championship Series on Saturday evening, Nov. 19. EnduroCross tickets are available at www.orleansarena.com/event-calendar/endurocross or by phone at (702) 284-7777 or (888) 234-2334.

The AMA Legends & Champions Weekend will be held at the Las Vegas Red Rock Resort, a world-class spa, hotel and casino, featuring a range of entertainment, dining and family-friendly attractions. The facility’s expansive ballrooms provide a stunning backdrop for the AMA Legends & Champions Weekend, which is certain to be memorable for the 2011 inductees, champions, families, friends and fans. Room reservations are available now at a special group rate by calling (866) 767-7773 and referencing group AMA or AMERICANMOTO. Online room reservations are available at RedRockLasVegas.com. For online reservations, use the promo code RCIMOTR.

More information about the Motorcycle Hall of Fame can be found at MotorcycleMuseum.org.

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