Fox Factory Holding Corp. announced on September 25, 2026, the completion of the sale of Wheelhouse Holdings Inc., the parent company of Marucci Sports, LLC, to an investor group led by Squared Up Holdings, LLC. The transaction was valued at an enterprise value of $225 million, with the consideration structured as $200 million in cash at closing and an unsecured subordinated convertible promissory note in the amount of $25 million.
The $200 million in cash proceeds received at closing were applied in full to reduce outstanding borrowings under the Company’s credit facility. This payment reduced Fox Factory’s net leverage ratio from 3.7 times to approximately 2.7 times. Additionally, the transaction is expected to reduce annualized interest expense by approximately $16 million, with a total reduction of approximately $17 million anticipated once the $25 million note is paid in full.
The sale concludes a strategic review process for Marucci that began in February 2026. During this process, the Company and its financial advisors contacted over 80 potential acquirers and received 15 indications of interest. The Board of Directors approved the transaction as the best combination of value and path forward for Fox Factory and its shareholders. The Marucci management team, who participated in the buyer group, did not take part in the evaluation of proposals.
Marucci is a designer, manufacturer, and marketer of premium wood, aluminum, and composite baseball bats, as well as other diamond sports products. The company’s new ownership is led by members of its existing senior management. Fox Factory incurred approximately $7.5 million in transaction-related costs, which will be satisfied separately with cash on hand.
