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Altamont Capital Partners Announces Definitive Agreement to Sell Fox Racing to Vista Outdoor


Altamont Capital Partners Announces Definitive Agreement to Sell Fox Racing to Vista Outdoor

Palo Alto, CA – Altamont Capital Partners announced today that it has entered into a definitive agreement to sell Fox Racing, a leading global performance motocross, mountain bike and lifestyle gear brand, to Vista Outdoor Inc. (NYSE: VSTO). Altamont originally invested in Fox via majority recapitalization in 2014.

“Altamont has been proud to partner with the Fox Racing team to build upon the legacy and leadership of the brand,” said Altamont Capital Partners Co-Founder and Managing Director Keoni Schwartz. “Altamont believes in making purposeful, long-term investments that allow us to build strong businesses through collaborative work with our partners. We are grateful for the leadership of CEO Jeff McGuane and all the efforts of the entire Fox Racing family. We are proud of what we accomplished together over the course of our partnership.”

Kabir Mundkur, a Principal at Altamont, added, “Fox Racing has long been recognized as an iconic outdoor brand. We saw an opportunity to support continued innovation, invest in strategic distribution and enhance brand engagement. We are confident that Fox Racing is well positioned for continued success in this next chapter of growth.”

“Our partnership with Altamont has been crucial in strengthening our brand, driving growth, and building on a successful legacy that dates back to 1974,” said Fox Racing CEO Jeff McGuane. “Altamont has been a great partner supporting our business and our employees and has put us in a position for continued success going forward. We’re grateful to Altamont for their support and excited for the future as part of the Vista Outdoor family.”

Through its partnership with Altamont, Fox Racing’s projected revenue will reach approximately $350 million in calendar year 2022. 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 terms of the sale were disclosed at $540 million with an additional $50 million in potential earnout. The transaction is expected to close in the third quarter of calendar year 2022.

Robert W. Baird & Co. acted as financial advisor and Ropes & Gray provided legal advice to Fox Racing and Altamont Capital Partners on the transaction. Morgan Stanley & Co. LLC served as financial advisor and Reed Smith LLP served as legal advisor to Vista Outdoor in connection with the transaction.

About Altamont Capital Partners

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. Altamont is focused on investing in middle-market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including financial services, healthcare, business services, consumer/retail, and industrials.

About Fox Racing

Since 1974, when Geoff Fox first introduced the world to our iconic logo, Fox Racing has been all about family. Not just in name—a legacy that continues to this day—but the idea of celebrating and sharing the passion of life on two wheels with the world. This is what drives us, inspires us, and keeps us close. Because “skulk” is more than just a word for a family of foxes—it’s the adventure, the fidelity of friends, and everything that happens along the way.

About Vista Outdoor Inc.

Vista Outdoor (NYSE: VSTO) is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. We serve a broad and diverse range of consumers around the globe, including outdoor enthusiasts, golfers, cyclists, backyard grillers, campers, hunters, recreational shooters, athletes, as well as law enforcement and military professionals. Our reporting segments, Outdoor Products and Sporting Products, provide these consumers with a wide range of performance-driven, high-quality and innovative outdoor and sporting products. Our operating model leverages shared resources across brands to achieve levels of excellence and performance that would be out of reach for any one brand on its own. Brands include Remington Ammunition, Bushnell, CamelBak, Bushnell Golf, Foresight Sports, Fiber Energy Products, Bell Helmets, Camp Chef, Giro, QuietKat, Stone Glacier, Federal Ammunition and more. Vista Outdoor products are sold at leading retailers and distributors across North America and worldwide. For news and information, visit our website at