By Eric Smith
The owners of BOA Technology dialed in an impressive price tag — nearly half a billion dollars — for its pending sale and will now shift from being privately held to serving as the flagship asset of a publicly traded company with a penchant for outdoor brands.
Compass Diversified (NYSE: CODI), Westport, Connecticut, on Tuesday announced that it has agreed to acquire BOA Technology Inc. for $454 million. Denver-based BOA is the creator of the BOA Fit System that’s found in a number of snowsports products ranging from helmets to snowboard boots.
“BOA’s disruptive, innovative and high quality products are utilized by millions of consumers around the world, and we are pleased to partner with a true industry pioneer as the company builds upon its mission to advance human performance,” said Elias Sabo, CEO of Compass Diversified. “BOA has a proven, relentless focus on excellence, a unique culture and a passion for innovation, making the company an ideal addition to our diverse holdings. Leveraging CODI’s permanent capital base, we are continuing to strategically enhance our portfolio with rapidly growing companies like BOA in the branded consumer space. With significant potential for future growth across its major product categories, an in-depth understanding of consumer needs and preferences and efficient product development processes, we believe BOA is uniquely positioned to capitalize on the many opportunities ahead and increase market share across key industries.”
BOA was founded in 2001 with a revolutionary performance fit system that transformed how snowboarders “dialed in” their boots and offered a superior alternative to the traditional lace system. Nearly two decades later, the BOA Fit System has become the leading performance fit solution integrated into market-leading premium brand partner products across an array of segments, including snowboarding, cycling, golf, trail, hiking, mountaineering, running, court sports, workwear and medical.
“Born out of a simple, yet innovative idea to dramatically improve the fit and performance of snowboard lacing systems, BOA has continued to push the boundaries of what is possible, developing new ways to improve performance across a range of products with the BOA Fit System,” said Shawn Neville, CEO of BOA. “This announcement is a testament to the incredible dedication of our global team and our great brand partners around the world, and we look forward to working closely with the talented team at CODI to build on our momentum. With significant operational experience, global resources and a proven track record of collaborating with and building leading branded consumer companies over the long term, CODI is the right partner for BOA as we enter this exciting next chapter in our growth story.”
Headquartered in Denver, with operations in Austria, China, Japan and South Korea, BOA has built a talented team of more than 230 employees globally, as well as a strong infrastructure and systems to support future growth. BOA’s new, state-of-the-art Performance Fit Lab in Denver is pioneering new ways to enhance performance through independent scientific studies, hands-on research and biomechanical testing to quantitatively define and measure the impact of the BOA Fit System on athletic performance.
Following the close of the transaction, BOA will continue to be led by Neville and its current leadership team. BOA will maintain its headquarters in Denver.
The acquisition is expected to close within the next 45 days, subject to customary closing conditions. Harris Williams & Co. served as exclusive financial adviser to BOA.
CODI is the parent of 5.11 Tactical, The Sterno Group, Marucci Sports, Velocity Outdoor and other brands.
Photo courtesy BOA Technology