Tech News Flash – January 8, 2008 Edited by James Huang Got tech? Send press releases, news, and tech questions to the Cyclingnews tech desk. Compass Diversified Holdings purchases majority stake in FOX Racing Shox Bicycle suspension giant FOX Racing Shox Photo ©: James Huang Fox Racing Shox announced today that Compass Diversified Holdings (CODI) has purchased a majority interest in the Watsonville, California-based suspension giant. Comments from company founder Bob Fox suggest that the move was made out of a conscious desire for continued growth and not out of financial strife. "For over thirty years FOX Racing Shox has been devoted to fulfilling the performance needs of our customers," he said in a press release. "Over the last several years FOX has experienced unprecedented growth, and we now look forward to being partnered with Compass for the next chapter in our Company's history. Being a successful, healthy company, FOX had the luxury of being able to carefully search out and select the best partner for this transition. The financial strength and resources Compass provides will enable FOX to continue our strong growth and leadership in all of our markets. Importantly, the Compass vision provides a transition that will be seamless and virtually invisible to all concerned - including customers, vendors, and employees." Bob Fox will remain as Chief Executive Officer and will also retain 'significant ownership' in the company along with other senior managers. "It's been a wonderful and exhilarating ride to see the company I started in my friend's garage grow to sales of over $100-million [US]," he continued. "I am proud of what we've done so far and know FOX will be a stronger company going forward than I alone had the resources to provide for." CODI Chief Executive Officer Joe Massoud stated that "FOX is a strong addition to CODI. This company possesses the critical characteristics we look for in all of our businesses, including market leadership and proven management. Bob Fox and [Fox Racing Shox's] senior management team have driven growth by providing innovative suspension products for over three decades and we look forward to working with them to continue and accelerate this growth." Bob Fox also noted that the move would allow him the ability to devote energy to other aspects of the business: "I particularly look forward to the freedom this will provide me to again devote much of my time and energy doing the things - design, engineering, and innovation - that I love the most. A rich backlog of exciting, innovative concepts have been building up over the last few years, and I can hardly wait to start working on them with our engineering team." Photography For a thumbnail gallery of these images, click here Images by James Huang/Cyclingnews.com Bicycle suspension giant FOX Racing Shox has announced that it has sold a majority stake in the company to Compass Diversified Holdings.