Compass Diversified Declares Third Quarter 2020 Distributions on Common and Series A, B and C Preferred Shares
October 01 2020 - 4:15PM
Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an
owner of leading middle market businesses, announced today that its
Board of Directors (the “Board”) has declared a quarterly cash
distribution of $0.36 per share on the Company’s common shares (the
“Common Shares”). The distribution for the three months ended
September 30, 2020 is payable on October 22, 2020 to all holders of
record of Common Shares as of October 15, 2020.
The Board also declared a quarterly cash
distribution of $0.453125 per share on the Company’s 7.250% Series
A Preferred Shares (the “Series A Preferred Shares”). The
distribution on the Series A Preferred Shares covers the period
from, and including, July 30, 2020, up to, but excluding, October
30, 2020. The distribution for such period is payable on October
30, 2020 to all holders of record of Series A Preferred Shares as
of October 15, 2020.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
B Preferred Shares (the “Series B Preferred Shares”). The
distribution on the Series B Preferred Shares covers the period
from, and including, July 30, 2020, up to, but excluding, October
30, 2020. The distribution for such period is payable on October
30, 2020 to all holders of record of Series B Preferred Shares as
of October 15, 2020.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
C Preferred Shares (the “Series C Preferred Shares”). The
distribution on the Series C Preferred Shares covers the period
from, and including, July 30, 2020, up to, but excluding, October
30, 2020. The distribution for such period is payable on October
30, 2020 to all holders of record of Series C Preferred Shares as
of October 15, 2020.
“We are pleased that our Board declared a
quarterly cash distribution of $0.36 per share on our Common Shares
for the 39th consecutive quarter, as well as distributions on our
Series A, B and C Preferred Shares,” said Elias Sabo, CEO of
Compass Diversified. “Our ability to pay sizable distributions to
shareholders every quarter as a publicly listed company, especially
amidst the COVID-19 pandemic, is a differentiator in the market and
underscores the advantages of our business model. We continue to
showcase how our unique permanent capital structure allows us to
make compelling acquisitions as evidenced by the recent BOA
announcement, and our focus on working with top-tier management
teams across highly diversified businesses has positioned us to
consistently drive strong subsidiary performance and long-term
value for our shareholders.”
About Compass Diversified
(“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 technical 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);
- The design and marketing of
wearable baby carriers, strollers and related products
(Ergobaby);
- The design and manufacture of
custom molded protective foam solutions and OE components
(Foam Fabricators);
- The design and manufacture of
premium home and gun safes (Liberty Safe);
- The design and manufacture of
baseball and softball equipment and apparel
(Marucci Sports);
- The manufacture and marketing of
portable food warming systems used in the foodservice industry,
creative indoor and outdoor lighting, and home fragrance solutions
for the consumer markets (Sterno); and
- The design, manufacture and
marketing of airguns, archery products, optics and related
accessories (Velocity Outdoor).
This press release may contain certain
forward-looking statements, including statements with regard to the
future performance of CODI. Words such as "believes," "expects,"
“anticipates,” “estimate,” "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,
2019, 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.
Investor Relations:The IGB Group
Leon Berman 212.477.8438 lberman@igbir.com |
Media Contact:Joele Frank, Wilkinson Brimmer KatcherJon Keehner /
Julie Oakes / Kate Thompson212-355-4449 |
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