- The Lenox Group (“Lenox”) served as exclusive financial advisor to Fox Enterprises, Inc. (“Fox Electronics” or the “Company”) in its sale to Integrated Device Technology, Inc. (“IDT”; NASDAQ: IDTI). Lenox served as the Company’s exclusive financial advisor in three separate transactions over nine years.
- Fox Electronics, located in Fort Myers, Florida, was founded by Edward L. Fox in 1979. The Company has become one of the most recognized brands in frequency control and has provided frequency control timing products to the worldwide electronics market for over 33 years. Fox Electronics’ expansive portfolio includes the XpressO family of revolutionary quick-turn oscillator products, quartz crystals, voltage-controlled crystal oscillators and more.
- Fox Electronics originally retained Lenox to refinance its existing debt facility and raise growth capital. A few years later when Fox had outgrown that lender, Lenox was again retained to find a senior partner.
- Over the years, Lenox and Fox strategically planned for the sale of the business. Lenox advised on the most appropriate timing of sale based on market and industry dynamics in addition to family considerations. The founders were passive and wanted liquidity while the second generation and management owners wished to continue running operations and participate in the future growth of the Company.
- Lenox advised the Company’s owners on appropriate valuation and negotiated the terms of the Fox sale to IDT.
- IDT designs, develops, manufactures, and markets a range of integrated circuits for communications, computing, and consumer industries worldwide. The acquisition of Fox Electronics made IDT the industry’s most comprehensive one-stop shop for frequency control products.
- Fox’s owners received full liquidity and the management team secured an equity incentive plan tied to performance.
- Following the sale transaction, Lenox assisted in the negotiation of the earn-out payment due to the Fox shareholders.