Ownership of BOA Technology Inc. has officially traded hands after its buyer, publicly traded Compass Diversified, Westport, Conn., completed the previously announced acquisition valued at $454 million.
Denver-based BOA is the creator of the ubiquitous BOA Fit System — the fit system found in a number of snowsports products. BOA technology is also found in a number of outdoor sports, workwear and medical bracing products.
“We are pleased to have completed our acquisition of BOA and look forward to supporting its continued expansion and growth in the years to come,” said Elias Sabo, CEO of Compass Diversified. “The BOA Fit System is used in millions of boots, helmets, shoes, and other performance products around the world and we could not be more excited to welcome this extraordinary brand and team to the CODI family.”
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.
The acquisition was completed for a purchase price of $454 million (excluding working capital, other customary adjustments, and acquisition related costs) and funded through available cash on the Company’s balance sheet and a draw of $300 million on its revolving credit facility. CODI’s initial equity ownership in BOA is 82%. BOA’s management team and existing shareholders invested alongside CODI and own the remaining 18%.
“The closing of this transaction is an important milestone in BOA’s nearly 20-year history and I am confident that together with CODI we will continue to push the limits of performance fit,” said Shawn Neville, CEO of BOA. “CODI has the resources and expertise to help propel our brand to its next level of growth and I look forward to working closely with our collective teams as we execute on our shared long term-vision for BOA.”
Photo courtesy BOA Technology Inc.