WESTPORT, Conn., Sept. 22, 2016 /PRNewswire/ -- Compass
Diversified Holdings (NYSE: CODI) ("CODI" or the "Company"), an
owner of leading middle market businesses, announced that on
September 21,
2016 it entered into a definitive agreement and
consummated the sale of its majority owned subsidiary, Anodyne
Medical Device, Inc., also doing business and known as Tridien
Medical ("Tridien"), to Hill-Rom, Inc.
CODI does not expect to record a significant gain or loss as a
result of the sale. The proceeds will be used to pay down
outstanding debt under the Company's revolving credit facility.
"We have enjoyed working with the management team of Tridien and
wish the company continued success in the future," said
Alan Offenberg, CEO of Compass
Diversified Holdings. "Moving forward, we will continue to utilize
our solid balance sheet and considerable financial flexibility to
pursue both attractive platform and add-on acquisitions that create
long-term shareholder value while providing consistent cash
distributions."
Additional information on the transaction will be available on
the Company's current report on Form 8-K that will be filed with
the Securities and Exchange Commission.
About Compass Diversified Holdings ("CODI")
CODI owns
and manages a diverse family of established North American middle
market businesses. Each of its current subsidiaries is a leader in
its niche market.
CODI maintains controlling ownership interests in each of its
subsidiaries in order to maximize its ability to impact long term
cash flow generation and value. 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 to make cash distributions to its shareholders.
Our eight majority-owned subsidiaries are engaged in the
following lines of business:
- The design and marketing of purpose-built tactical 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 manufacture of engineered magnetic solutions for a wide
range of specialty applications and end-markets (Arnold Magnetic
Technologies);
- Environmental services for a variety of contaminated materials
including soils, dredged material, hazardous waste and drill
cuttings (Clean Earth);
- The design and marketing of wearable baby carriers, strollers
and related products (Ergobaby);
- The design and manufacture of premium home and gun safes
(Liberty Safe);
- The manufacture and marketing of branded, hemp-based food
products (Manitoba Harvest); and
- The manufacture and marketing of portable food warming fuels
and creative ambience solutions for the hospitality and consumer
markets (Sterno Products).
In addition, we own approximately 23% of the common stock of Fox
Factory Holding Corp. ("FOX", Nasdaq: FOXF), a former
subsidiary business that completed its initial public offering in
August 2013. FOX designs and manufactures
high-performance suspension products primarily for mountain bikes,
side-by-side vehicles, on-road and off-road vehicles and trucks,
all-terrain vehicles, snowmobiles, specialty vehicles and
applications, and motorcycles.
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of CODI. Words such as "believes," "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, 2015 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.
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SOURCE Compass Diversified Holdings