Compass Diversified-Backed Altor Solutions Announces Acquisition of Foam Concepts to Strengthen Position as Leading Provider of Packaging and Componentry Solutions
02 Februar 2022 - 2:30PM
Altor Solutions (“Altor”), a subsidiary of Compass Diversified
(NYSE: CODI) and a leading designer and manufacturer of custom
protective packaging solutions and componentry, today announced
that it has acquired Foam Concepts, Inc. (“Foam Concepts”).
Financial terms of the transaction were not disclosed.
Altor’s acquisition of Foam Concepts strengthens
its position as a leading provider of packaging and componentry
solutions. Founded in 1986 and headquartered in Uxbridge,
Massachusetts, Foam Concepts is a manufacturer of expanded
polystyrene (EPS) foam products for the cold chain, protective
packaging and construction end-markets. With the addition of Foam
Concepts and its facility, Altor will operate 19 manufacturing
facilities across the United States to help customers solve their
Packaging, Insulation and Componentry (PIC) needs.
“We are confident this is another key milestone
as Altor continues its growth trajectory as one of the leading
providers of customer packaging solutions,” said James Hughes, CEO
of Altor. “Foam Concepts is a natural, complimentary fit for Altor,
as we continue to pursue our consolidation strategy. With its
strategically located facility in the Northeast, we believe the
addition of Foam Concepts will further expand our customer base,
especially in the cold-chain end-market, while improving
profitability and efficiency. We look forward to welcoming Foam
Concepts to our team and are poised to continue delivering for our
collective customer base as we deliver on our strategic objectives
to offer the best packaging solutions for our customers.”
“We are excited for Foam Concepts to join forces
with an industry leader like Altor,” said Philip Michaelson and
Mark Villamaino, co-owners of Foam Concepts. “For over 25 years, we
have taken great pride in providing high quality products for our
customers and we look forward to continuing to deliver on our
customer-driven approach benefiting from Altor’s resources and
capabilities.”
About Altor Solutions
Headquartered in Scottsdale, AZ, Altor Solutions is a dynamic,
engineering-driven company whose goal is to design and produce
superior products that help customers solve their needs for
Packaging, Insulation and Componentry (PIC). The company offers a
wide range of materials from traditional plastics to organic and
plant-based options. Founded in 1957, the company operates 19
state-of-the-art facilities across North America specializing in
the production and assembly of key components utilized in
protective packaging, OEM componentry and temperature-controlled
containers. For more information, please visit
www.altorsolutions.com.
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:
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The design and
marketing of purpose-built technical apparel and gear serving a
wide range of global customers (5.11); |
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The manufacture of
quick-turn, small-run and production rigid printed circuit boards
(Advanced Circuits); |
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The design and
manufacture of custom packaging, insulation and componentry
(Altor Solutions); |
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The manufacture of
engineered magnetic solutions for a wide range of specialty
applications and end-markets (Arnold Magnetic
Technologies); |
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The design,
engineering and marketing of dial based fit systems delivering a
scientifically proven performance advantage for athletes
(BOA Technology); |
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The design and
marketing of wearable baby carriers, strollers and related products
(Ergobaby) |
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The design,
manufacture, and marketing of high-end, one-of-a-kind jewelry
(Lugano Diamonds); |
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The design and
manufacture of baseball and softball equipment and apparel
(Marucci Sports); |
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The manufacture
and marketing of portable food warming systems used in the
foodservice industry, indoor lighting, and home fragrance solutions
for the consumer markets (Sterno); and |
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The design,
manufacture and marketing of airguns, archery products, optics and
related accessories (Velocity Outdoor). |
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Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements with regard to the expectations
related to the future performance of CODI, Altor and Foam Concepts.
Words and phrases such as "believes," "expects," “are confident,”
“will,” “anticipates,” “intends,” “continue,” "projects,"
“potential,” “assuming,” 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, some of
which are not currently known to CODI or Altor. In addition to
factors previously disclosed in CODI’s reports filed with the SEC,
the following factors, among others, could cause actual results to
differ materially from forward-looking statements: difficulties and
delays in integrating Foam Concepts’ business or fully realizing
cost savings and other benefits; business disruption following the
closing of the transaction; changes in the economy, financial
markets and political environment; risks associated with possible
disruption in Altor’s or Foam Concepts’ operations or the economy
generally due to terrorism, natural disasters, social, civil and
political unrest or the COVID-19 pandemic; future changes in laws
or regulations (including the interpretation of these laws and
regulations by regulatory authorities); general considerations
associated with the COVID-19 pandemic and its impact on the markets
in which we operate; and other considerations that may be disclosed
from time to time in CODI’s publicly disseminated documents and
filings. Further information regarding CODI and Altor and factors
which could affect the forward-looking statements contained herein
can be found in CODI’s annual reports on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K.
Forward-looking statements speak only as of the date they are made.
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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