Compass Diversified Holdings (CODI) announced that Fox Factory Holding Corp. (FOX) closed on a secondary public offering of 4.03 million shares of Fox common stock held by certain Fox stockholders, including CODI.
CODI sold a total of 3.5 million shares of Fox common stock in the secondary public offering for total net proceeds of approximately $71.8 million.
Upon completion of the offering, CODI’s ownership in Fox was reduced from approximately 23 percent to 14 percent or 5.1 million shares of Fox’s common stock.
Alan Offenberg, CEO of Compass Diversified Holdings, commented, “With today’s transaction, we have further bolstered our financial liquidity for capitalizing on strategic add-on and platform acquisition opportunities, while increasing the total gains realized from investments in our subsidiaries to approximately $650 million. We continue to be a substantial shareholder in FOX and remain excited about the company’s growth potential.”
