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Stock Market & Financial Investment News

News Breaks
March 6, 2014
08:14 EDTFOXFFox Factory to acquire assets of Sport Truck USA for $44M
Fox Factory announced it has entered into a definitive agreement to acquire the assets of Sport Truck USA, a full service, globally recognized distributor of aftermarket suspension solutions. Sport Truck primarily designs, markets, and distributes high quality lift kit solutions through its brands, BDS Suspension and Zone Offroad Products. FOX will acquire Sport Truck in an asset purchase transaction for approximately $44M due at closing. The transaction is being financed with debt and includes a potential earn-out opportunity of up to a maximum of $29.3M payable over the next three years contingent upon the achievement of certain performance based financial targets. In 2013, Sport Truck generated approximately $34M in net sales and adjusted EBITDA of approximately $7M based upon Sport Truck's unaudited historical financial statements. The transaction is expected to be slightly accretive to FOX's FY14 earnings excluding transaction costs with the majority of the financial benefit to be realized in FY15. The company anticipates the transaction to close by the end of March.
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