Compass Diversified Terminates Agreement to Sell Advanced Circuits
29 Juli 2022 - 10:15PM
Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an
owner of leading middle market businesses, today announced that its
majority-owned subsidiary, Compass AC Holdings, Inc. (“Advanced
Circuits”), terminated the previously announced Agreement and Plan
of Merger, dated as of October 13, 2021 (the “Merger Agreement”),
pursuant to which Advanced Circuits was to be sold to Tempo
Automation, Inc. (“Tempo Automation”).
The closing of the transaction contemplated by
the Merger Agreement was conditioned upon Tempo Automation being
acquired by a publicly traded special purpose acquisition company
(the “SPAC Transaction”). Due to continued delay in closing the
SPAC Transaction, the Company and Advanced Circuits elected to
terminate the Merger Agreement.
“Advanced Circuits is a proven industry leader
in the PCB industry, and we’re proud of the Company’s success under
CODI’s ownership,” said Elias Sabo, CEO of Compass Diversified. “We
look forward to continuing our partnership with Advanced Circuits
and are excited about its future prospects which we believe will
drive enhanced value for CODI shareholders.”
About Compass Diversified
(“CODI”)
Since its founding in 1998, CODI has
consistently executed on its strategy of owning and managing a
diverse set of highly defensible, middle-market businesses across
the niche industrial and branded consumer sectors. The Company
leverages its permanent capital base, long-term disciplined
approach, and actionable expertise to maintain 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. For more information,
please visit compassdiversified.com.
About Advanced Circuits
Advanced Circuits offers one-stop PCB
fabrication, quick turn PCBs and assembly services that allow
customers to receive their printed circuit board orders in as soon
as one day. With its 24 hour online instant PCB quoting, best
on-time shipping record, and enhanced capabilities that
can produce and assemble any size order (from simple prototypes
PCBs, to complex designs and large-scale production PCBs), Advanced
Circuits delivers high quality and reliable PCB manufacturing and
assembly services. Advanced Circuits serves over 10,000 customers,
specializing in in the high tech aerospace, military (DOD contracts
ready), medical, and commercial industries. For more information,
visit www.4pcb.com or call 800-979-4PCB (4722).
Forward Looking Statements
This press release may contain certain
forward-looking statements, including statements with regard to the
future performance of CODI and its subsidiaries. Words such as
"believes," "expects," 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,
2021 and in 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
Compass Diversifiedirinquiry@compassdiversified.com
Gateway GroupCody Slach949.574.3860CODI@gatewayir.com
Media Relations
The IGB GroupLeon Berman212.477.8438lberman@igbir.com
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