FOX FACTORY HOLDING CORP (FOXF): M&A transaction — Fox Factory closes $572M acquisition of Marucci Sports; expects immediate accretion

FOX FACTORY HOLDING CORP

Acquired Wheelhouse Holdings (Marucci Sports) for $572M EV; funded via $400M term loan + $200M delayed draw.
Transaction expected to be accretive on revenue, EBITDA margin, and EPS; Marucci in Specialty Sports Group.
Marucci's 22%/33% revenue/EBITDA CAGRs since 2019; FOXF reaffirms 2025 target of $2B sales & 25% EBITDA margin (ex-Marucci).
Up to $300M share repurchase plan announced (exp. Nov 2028); Marucci mgmt to continue daily operations.
Counter-cyclical diversification; builds on FOX's M&A track record outside core suspension business.

item 1.01 item 2.03 item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FOX FACTORY HOLDING CORP incurred term loan of $400 million with Bank of America, N.A., Wells Fargo Bank, National Association and PNC Bank, National Association at applicable margin ranging from 0.5% to 1.50% for base rate loans and 1.50% to 2. maturing April 5, 2027.

Instrument: term loan
Principal: $400 million
Counterparty: Bank of America, N.A., Wells Fargo Bank, National Association and PNC Bank, National Association
Rate: applicable margin ranging from 0.5% to 1.50% for base rate loans and 1.50% to 2.
Maturity: April 5, 2027
Event: incurrence

Exact text from the filing

the Incremental Lenders provided the Company with a term loan in an amount of $400 million (the "Incremental Term A Loan")

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FOX FACTORY HOLDING CORP incurred term loan of $200 million with Bank of America, N.A., Wells Fargo Bank, National Association and PNC Bank, National Association at applicable margin ranging from 0.5% to 1.50% for base rate loans and 1.50% to 2. maturing April 5, 2027.

Instrument: term loan
Principal: $200 million
Counterparty: Bank of America, N.A., Wells Fargo Bank, National Association and PNC Bank, National Association
Rate: applicable margin ranging from 0.5% to 1.50% for base rate loans and 1.50% to 2.
Maturity: April 5, 2027
Event: incurrence

Exact text from the filing

a delayed draw term loan in an amount of $200 million (the "Delayed Draw Term Loan"

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FOX FACTORY HOLDING CORP completed an acquisition involving Wheelhouse Holdings Inc. for enterprise value of $572 million (closed 2023-11-14).

Action: acquisition
Counterparty: Wheelhouse Holdings Inc.
Consideration: enterprise value of $572 million
Closing: 2023-11-14

Exact text from the filing

On November 14, 2023, the parties completed the Marucci Merger pursuant to the Merger Agreement. The purchase price of Wheelhouse, which was based on an enterprise value of $572 million, subject to certain adjustments based on matters such as transaction tax benefits, transaction expenses of Wheelhouse, the net working capital and cash and debt balances of

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53 debt financings filed in the last 30 days. Browse all debt financings →

FOX FACTORY HOLDING CORP filing history →

Source: SEC EDGAR

accession 0001424929-23-000156

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