CODI Announces Strengthened Capital Structure
17 November 2021 - 10:15PM
Compass Diversified (NYSE: CODI), an owner of leading middle market
businesses, today provided an update on its capital structure.
Compass Group Diversified Holdings, LLC (the “Company” and,
together with Compass Diversified, “CODI”) completed its previously
announced offering of $300 million in aggregate principal amount of
5.000% senior unsecured notes due 2032 (the “Notes”) in a private
offering. In conjunction with the completion of this offering, CODI
has reduced its revolver borrowings by $297 million and now has
access to approximately $583 million of its $600 million revolving
credit facility.
“We are very pleased to have completed this offering, which is
yet another demonstration of our commitment to deepening our
competitive advantage through the pursuit of a lower weighted
average cost of capital,” said Elias Sabo, CEO of Compass
Diversified. “By extending our debt maturities and increasing our
flexibility, we believe CODI remains poised to efficiently deploy
capital in pursuit of new acquisitions while also investing in its
subsidiaries to achieve both short and long-term growth goals. We
are confident that our permanent capital advantage, supported by
our strengthened balance sheet, positions us well to create
considerable, long-term value for shareholders.”
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.
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. CODI 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 its long-term growth 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, engineering and marketing of dial based fit systems
delivering a scientifically proven performance advantage for
athletes (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, as supplemented by the risk factor
discussion in the Form 10-Q filed by CODI with the SEC
for the quarter ended September 30, 2021, 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: |
Media Contact: |
The IGB Group |
Joele Frank, Wilkinson Brimmer Katcher |
Leon Berman |
Jon Keehner / Kate Thompson / Lyle Weston |
212-477-8438 |
212-355-4449 |
lberman@igbir.com |
|
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