WESTPORT, CT (BRAIN) — Compass Diversified Holdings, the parent company of Fox and CamelBak, reported that Fox sales over the first half of the year reached $125.2 million, an increase of 18 percent from a year earlier, whereas CamelBak sales dropped 9 percent to $77.3 million.
Compass attributed Fox’s sales growth to its business with OEMs, where it continues to pick up additional spec. OEM sales increased $14.9 million to $98.2 million during the first six months of the year from $83.3 million for the same period in 2012. Fox’s aftermarket sales also are up but not as strongly. About 80 percent of Fox’s sales are to OEMs.
Compass took Fox public Thursday with an IPO. Compass purchased Fox for $80 million in 2008, and Fox is the first of Compass’ business divisions it has taken public. Compass will be using some of the proceeds of Fox’s IPO to pay off $61.5 million in Fox debt.
CamelBak saw sales of hydration systems fall by $6.9 million over the first six months of the year. Over the same period accessory sales fell by $700,000 and glove sales were down $3 million. Bottle sales for CamelBak were up $3.2 million, partly driven by brisk sales of its new Eddy and Podium bottles.
The company attributed slow hydration system sales to an usually wet first half of the year and the completion of a supply contract to the U.S. Marine Corps. CamelBak’s hydration sales to the military are a major business segment, about a third of its overall sales. It also pointed out that the drawdown of U.S. combat troops has slowed other military demand for its products.