Investment giant BofA Merrill Lynch has acquired around four million shares in the Fox Factory, giving it a near 10% stake in the suspension specialist.
In total, 4,025,000 shares were sold during a recent secondary public offering. 3.5 million of the shares, sold at $18 each, stemmed from former Fox parent Codi (Compass Group Diversified Holdings LLC), which reduces its stake in the business down to around 23%. Earlier in March of this year, Fox Factory acquired around 500,000 shares from Codi.
BofA Merrill Lynch acted as the sole underwriter for the offering.
The Compass Group are the very same backers behind this month’s majority buyout of outdoor business 5.11 Tactical.
More detail on Fox Factory’s share movements can be found here.