Fox Factory completes $225 million sale of Marucci Sports to investor group led by management
FOXF•Fox Factory completed the sale of Marucci Sports parent Wheelhouse Holdings to Squared Up Holdings for an enterprise value of $225 million. The deal includes $200 million in cash applied to credit-facility borrowings and a $25 million convertible note.
1. Sale and debt reduction
Fox Factory completed the sale of Wheelhouse Holdings, parent of Marucci Sports, to Squared Up Holdings for an enterprise value of $225 million. The consideration includes $200 million in cash at closing, subject to adjustments, applied in full to repay credit-facility borrowings, plus a $25 million unsecured subordinated convertible promissory note maturing Dec. 31, 2026. Unpaid balances on the note can be converted into equity.
2. Leverage and interest
Based on a pro forma assumption that the sale closed on July 3, 2026, net leverage fell to about 2.7 times from 3.7 times. Annualized interest expense is expected to drop by about $16 million, rising to about $17 million once the note is paid.
