Compass Diversified Declares Third Quarter 2021 Distributions on Common and Series A, B and C Preferred Shares
05 Oktober 2021 - 10:15PM
Compass Diversified (NYSE: CODI) (“CODI” or the Company”), an owner
of leading middle market businesses, announced today that its Board
of Directors (the “Board”) has declared a quarterly cash
distribution of $0.36 per share on the Company’s common shares (the
“Common Shares”). The distribution for the three months ended
September 30, 2021 is payable on October 22, 2021 to all holders of
record of Common Shares as of October 15, 2021.
“Following our transition to be treated as a
corporation and simplifying our tax structure last month, we are
excited to mark the first time CODI will pay common and preferred
cash distributions, which to the extent of earnings and profits,
will be qualified dividends,” said Elias Sabo, CEO of CODI. “With a
significantly lower cost of capital and a number of other tangible
benefits, we are confident this was the right step for the company
to unlock substantial value for our shareholders. We look forward
to continuing to leverage our permanent capital structure to drive
long term shareholder value.”
The Board also declared a quarterly cash
distribution of $0.453125 per share on the Company’s 7.250% Series
A Preferred Shares (the “Series A Preferred Shares”). The
distribution on the Series A Preferred Shares covers the period
from, and including, July 30, 2021, up to, but excluding, October
30, 2021. The distribution for such period is payable on October
30, 2021 to all holders of record of Series A Preferred Shares as
of October 15, 2021. The payment will occur on November 1, 2021,
the next Business Day following the payment date.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
B Preferred Shares (the “Series B Preferred Shares”). The
distribution on the Series B Preferred Shares covers the period
from, and including, July 30, 2021, up to, but excluding, October
30, 2021. The distribution for such period is payable on October
30, 2021 to all holders of record of Series A Preferred Shares as
of October 15, 2021. The payment will occur on November 1, 2021,
the next Business Day following the payment date.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
C Preferred Shares (the “Series C Preferred Shares”). The
distribution on the Series C Preferred Shares covers the period
from, and including, July 30, 2021, up to, but excluding, October
30, 2021. The distribution for such period is payable on October
30, 2021 to all holders of record of Series A Preferred Shares as
of October 15, 2021. The payment will occur on November 1, 2021,
the next Business Day following the payment date.
About Compass Diversified
(“CODI”)CODI owns and manages a diverse set of highly
defensible North American middle market businesses. Each of its
current subsidiaries is a leader in its niche market. For more
information,
visit compassdiversified.com.
Leveraging its permanent capital base, long-term
disciplined approach and actionable expertise, CODI maintains
controlling ownership interests in each of its subsidiaries,
maximizing its ability to impact long-term cash flow generation and
value creation. The Company provides both debt and equity capital
for its subsidiaries, contributing to their financial and operating
flexibility. CODI utilizes the cash flows generated by its
subsidiaries to invest in the long-term growth of the Company and
has consistently generated strong returns through its culture of
transparency, alignment and accountability.
Our ten majority-owned subsidiaries are engaged in
the following lines of business:
- The design and marketing of
purpose-built technical apparel and gear serving a wide range of
global customers (5.11);
- The manufacture of quick-turn,
small-run and production rigid printed circuit boards
(Advanced Circuits);
- The design and manufacture of
custom packaging, insulation and componentry (Altor
Solutions);
- The manufacture of engineered
magnetic solutions for a wide range of specialty applications and
end-markets (Arnold Magnetic Technologies);
- The design and marketing of
dial-based fit systems that deliver performance fit across
footwear, headwear and medical bracing products (BOA
Technology);
- The design and marketing of
wearable baby carriers, strollers and related products
(Ergobaby);
- The design, manufacture, and
marketing of high-end, one-of-a kind jewelry (Lugano
Diamonds);
- The design and manufacture of
baseball and softball equipment and apparel (Marucci
Sports);
- The manufacture and marketing of
portable food warming systems used in the foodservice industry,
creative indoor and outdoor lighting, and home fragrance solutions
for the consumer markets (Sterno); and
- The design, manufacture and
marketing of airguns, archery products, optics and related
accessories (Velocity Outdoor).
Forward Looking Statements
This press release may contain certain
forward-looking statements, including statements with regard to the
future performance of CODI. Words such as “believes,” “seek,”
“expects,” “projects,” and “future” or similar expressions, are
intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. Certain
factors could cause actual results to differ materially from those
projected in these forward-looking statements, and some of these
factors are enumerated in the risk factor discussion in the Form
10-K filed by CODI with the SEC for the year ended December 31,
2020 and other filings with the SEC. Except as required by law,
CODI undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Relations:The IGB Group
Leon Berman 212.477.8438 lberman@igbir.com |
Media Contact:Joele Frank, Wilkinson Brimmer KatcherJon Keehner /
Kate Thompson / Lyle Weston212-355-4449 |
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