Fox Is Acquired by Vista Outdoor 


Fox, a portfolio company of Altamont, acquisition by Vista Outdoor  


Fox Racing (“Fox”), a portfolio company of Altamont Capital Partners (“Altamont”), has entered into an agreement to be acquired by Vista Outdoor Inc. (“Vista Outdoor”) (NYSE: VSTO) for $540 million, with the potential for an additional $50 million earnout based on Fox’s financial performance. The transaction is subject to various regulatory approvals and customary closing conditions. Vista Outdoor expects to close the transaction in the second fiscal quarter of FY 2023.

Baird served as financial advisor to Fox Racing on this transaction.


Originating on the track nearly 50 years ago, Fox Racing has evolved from a niche, disruptive gear brand in motocross to a global icon in performance motocross, mountain bike and lifestyle gear for adventure seekers. Fox Racing’s reach continues to grow, extending from the Americas, through Europe and reaching Asia Pacific, connecting with riders all across the world. Since 1974, when Geoff Fox first introduced the world to the 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, inspires, and keeps riders 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. Fox is headquartered in Irvine, California.

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.

Vista Outdoor is the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products. Vista Outdoor serves 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. Vista Outdoors’s 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. The 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.

Fox, a portfolio company of Altamont, acquisition by Vista Outdoor  

July 2022
Fox Racing
M&A - Sellside
Performance & Lifestyle Apparel and Footwear
Outdoor Recreation & Sporting Goods
Target Geography
North America
Acquiror Geography
North America