DENVER (BRAIN) — Compass Diversified announced Tuesday that it will acquire BOA Technology Inc., creators of the BOA Fit System for shoes and other products. 

The purchase price is $454 million, excluding working capital and other adjustments upon closing. BOA will continue to be led by CEO Shawn Neville and the current leadership team and maintain its headquarters in Denver. Compass Diversified is located in Westport, Connecticut.

BOA was founded in 2001, offering a fit system that changed how snowboarders “dialed in” their boots as an alternative to the traditional lace system. Nearly two decades later, the BOA Fit System has become a partner with more than 400 brands and products, including cycling, golf, trail, hiking, mountaineering, running, court sports, workwear, and medical.

“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. 

Compass Diversified once owned Fox Factory and CamelBak and sold off its last remaining shares of Fox in 2017. Compass sold CamelBak to Vista Outdoor in 2015. 

“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,” Neville said. “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.”

With operations in Austria, China, Japan, and South Korea, BOA has a team of more than 230 employees globally. Its new Performance Fit Lab is located 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 advisor to BOA.