WESTPORT, Conn., July 20, 2017 /PRNewswire/ -- Compass
Diversified Holdings (NYSE: CODI) ("CODI" or the "Company"), an
owner of leading middle market businesses, announced today that its
subsidiary, Crosman Corporation ("Crosman"), has acquired the
Commercial business of LaserMax, Inc. ("LaserMax"), a leading
designer and manufacturer of gun mounted laser aiming devices.
Since being founded in 1989, LaserMax has grown to become a
global leader in hardened and miniaturized laser systems, offering
a comprehensive line of premium laser sights for home defense,
personal protection and training use. The company's Commercial
business provides laser sighting solutions and tactical lights to
the firearm OEM and retail channels. LaserMax has developed
significant intellectual property in laser technology, resulting in
a comprehensive IP portfolio. For the trailing twelve months ended
June 30, 2017, LaserMax reported net
revenue of approximately $8 million.
CODI funded the purchase price through a draw on its revolving
credit facility.
Alan Offenberg, CEO of CODI,
stated, "The addition of LaserMax's Commercial business supports
Crosman's strategic initiative of expanding into attractive
adjacent markets and realizing cross-selling opportunities with
current big box retail and international customers. Further, adding
this premium laser sight brand to Crosman's product offering in the
outdoor recreation market will enable it to reach a wider range of
new customers across retail channels. Moving forward, CODI will
continue to use its strong balance sheet to pursue compelling
add-on and platform acquisitions that build long-term shareholder
value."
Robert Beckwith, CEO of Crosman,
commented, "LaserMax is well-known for its innovative laser
products in the shooting sports accessory market, and the
cross-selling synergies with Crosman's airgun and archery products
are clear and highly attractive. With CODI's support, we are
excited to be able to strengthen our product line for outdoor
enthusiasts by adding this iconic brand to the Crosman
portfolio."
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 nine 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, manufacture and marketing of airguns, archery
products, optics and related accessories (Crosman);
- 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).
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, 2016 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