News | FOX to Acquire Certain Assets of Marzocchi
FOX Factory Holding Corp today announced that they are to acquire certain assets of Marzocchi’s mountain bike product line. According to a first statement by FOX’s CEO Larry L. Enterline, the company plans to keep the Marzocchi brand alive in order to penetrate the suspension market across more price points. See the press release from NASDAQ for further details:
SCOTTS VALLEY, Calif., Oct. 19, 2015 (GLOBE NEWSWIRE) — Fox Factory Holding Corp. (NASDAQ:FOXF) (“FOX”) today announced, that through certain of its subsidiaries, it has entered into a definitive agreement to acquire certain specified assets of Marzocchi’s mountain bike product lines. The Marzocchi business designs and manufactures motor bike and mountain bike suspension products. FOX expects the transaction to close in Q4 2015 and it is subject to customary closing conditions and is not expected to have a material impact on its anticipated financial results in either fiscal 2015 or 2016.
“We are excited to announce the agreement to acquire certain assets of the Marzocchi mountain bike product lines, which we believe is a significant opportunity for FOX to further expand the penetration of our bike suspension products across more price points,” stated Larry L. Enterline, FOX’s Chief Executive Officer. “The Marzocchi team has a long history of performance suspension experience and we believe that this highly complementary transaction will allow for the increased growth of the Marzocchi brand worldwide. We expect this transaction will bring together and strengthen two highly complementary product lines and allow for FOX to leverage its marketing, engineering, distribution, and supply chain resources to drive increased top-line growth and profitability.”
FOX expects to report fiscal third quarter 2015 earnings results in early November and plans to provide additional financial and transactional details at that time.
Words: nasdaq.com | Photos: Trevor Worsey
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