Ropes & Gray Represents Altamont Capital Partners in Agreement to Sell Fox Racing for Up to $590 Million
Ropes & Gray represented Altamont Capital Partners and Fox Racing in an agreement to sell Fox Racing, leading global performance motocross, mountain bike and lifestyle gear brand, to Vista Outdoor Inc. The financial terms include $540 million with an additional $50 million in potential earnings. The transaction was announced on July 6. Through its partnership with Altamont, Fox Racing’s projected revenue will reach approximately $350 million in 2022.
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. 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.
The Ropes & Gray team was led by private equity partner Elizabeth Rahn Gallucci and included private equity partner Howard Glazer, tax partner Benjamin Rogers, employment & benefits partner Jennifer Cormier, litigation & enforcement partner Anne Palmer Johnson, litigation & enforcement counsel Joseph Rafferty and Bil Davison, and data practice counsel Kevin Angle.