Compass Diversified Announces Sale of Crosman Air Gun Business
01 5월 2024 - 6:00AM
Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an
owner of leading middle market businesses, is announcing the
simultaneous entry into a definitive agreement (the “Agreement”)
and completion of its sale of Crosman Corporation (“Crosman”), the
air gun division of its Velocity Outdoor, Inc. subsidiary, to Daisy
Manufacturing Company (“Daisy”).
Crosman is a leading designer, manufacturer and
marketer of air guns, accessories and related consumables sold
under the Crosman, Benjamin, Game Face, LaserMax and Centerpoint
Optics brands. For more than 100 years, Crosman has served as a
pioneer of the air gun industry. Daisy is a designer, manufacturer
and marketer of youth and adult air guns, accessories and related
consumables sold under the Daisy, BSA, Red Ryder, GAMO and
Winchester brands and is a portfolio company of BRS & Co.
Proceeds from the transaction will be used to
pay down debt and for general corporate purposes.
Elias Sabo, CEO of Compass Diversified stated,
“Our partnership with Crosman dates back to 2006 when we first
acquired Crosman, and we are grateful for its history of
contributions to both Velocity Outdoor and CODI. We believe
Crosman’s sale to a recognized industry veteran in the air gun
space positions it well for future success.”
Tom McGann, Chairman of Velocity Outdoor,
commented, “On behalf of the Velocity team, I want to thank the
entire Crosman team for their dedication over the years. We wish
them nothing but continued success under new ownership.”
Robert W. Baird & Co acted as exclusive financial advisor
and Gibson, Dunn & Crutcher LLP acted as legal counsel to CODI.
Kirkland & Ellis LLP acted as legal counsel to Daisy.
About Compass Diversified
(“CODI”) Since its IPO in 2006, CODI has consistently
executed on its strategy of owning and managing a diverse set of
highly defensible, middle-market businesses across the industrial,
branded consumer, and healthcare sectors. CODI 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. 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 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.
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 sale of Crosman and expectations related to the
future performance of CODI, Crosman and Daisy. Words such as
"believes," "expects," “will,” “anticipates,” “intends,”
“continue,” “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 us. 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: changes in the
economy, financial markets and political environment; risks
associated with possible disruption in CODI’s 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); and other
considerations that may be disclosed from time to time in CODI’s
publicly disseminated documents and filings. Further information
regarding CODI and its subsidiaries 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 RelationsCompass
Diversifiedirinquiry@compassdiversified.com
Gateway GroupCody Slach949.574.3860CODI@gateway-grp.com
Media RelationsCompass
Diversifiedmediainquiry@compassdiversified.com
The IGB GroupLeon Berman212.477.8438lberman@igbir.com
Compass Diversified (NYSE:CODI)
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부터 8월(8) 2024 으로 9월(9) 2024
Compass Diversified (NYSE:CODI)
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