Compass Diversified Acquiring BOA Technology
Compass Diversified, the publicly traded parent of 5.11, Velocity Outdoor and baseball brand Marucci is acquiring BOA Technology, the Denver-based dial-based fit system firm for $454 million in a merger transaction projected to close by Oct. 31. Footwear industry veteran R. Shawn Neville, CEO of BOA since April 2017, will continue to lead the 230-person company after the deal closes with management and the seller retaining 18 percent ownership.
BOA Fit Systems, which today counts more than 400 brand partners in performance footwear, headwear and medical bracing products, owns more than 160 patents with an additional 85 pending. Annual revenues exceed $100 million for the company that was founded by Gary Hammerslag in 2001. K2 and Vans were BOA’s first brand partners, utilizing forms of the closure technology on snowboard boots. Today, BOA fit systems are utilized in run, golf, tennis, workwear, cycling and hiking footwear. Brand partners include La Sportiva, DC, Saucony, FootJoy, Adidas and Vans.