Compass Diversified Completes Sale of Marucci Sports
2023年11月15日 - 10:00PM
Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an
owner of leading middle market businesses, announced today the
completion of the Company’s previously announced sale of its
majority owned subsidiary, Wheelhouse Holdings, Inc. (“Marucci”),
the parent company of Marucci Sports, LLC, to Fox Factory Holding
Corp. (NASDAQ: FOXF) (“FOX”), a designer and manufacturer of
performance-defining ride dynamics products primarily for a wide
range of bicycles, on-road and off-road vehicles.
The sale price was based on an enterprise value
of $572 million, subject to certain working capital and other
adjustments. After these adjustments, as well as for an allocation
to Marucci’s non-controlling shareholders and the payment of
transaction expenses, CODI received approximately $485 million of
total proceeds from the sale at closing. This amount was in respect
of its debt and equity interests in Marucci and the payment of
accrued interest. As previously announced, CODI expects to record a
pre-tax gain of approximately $225 million to $245 million from the
sale. Net proceeds will be used to pay down outstanding debt and
for general corporate purposes.
Elias Sabo, CEO of Compass Diversified, stated,
“We are pleased to complete our sale of Marucci Sports and believe
the Marucci team is well-positioned for future success under FOX
ownership. Our partnership with Marucci, which began in early 2020,
proved highly successful, and we are grateful for Kurt and the
Marucci team’s contributions over the years and look forward to
their continued success.”
Jefferies LLC acted as exclusive financial
advisor and Ropes & Gray LLP and Jones Walker LLP acted as
legal counsel to CODI. Squire Patton Boggs (US) LLP acted as legal
counsel to FOX.
About Compass Diversified
Since its founding in 1998, CODI has
consistently executed its strategy of owning and managing a diverse
set of highly defensible, middle-market businesses across the niche
industrial, branded consumer and healthcare 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 Fox Factory Holding Corp. (Nasdaq:
FOXF)
Fox Factory Holding Corp. designs and
manufactures performance-defining ride dynamics products primarily
for bicycles, on-road and off-road vehicles and trucks,
side-by-side vehicles, all-terrain vehicles, snowmobiles, specialty
vehicles and applications, motorcycles, and commercial trucks. FOX
is a direct supplier to leading powered vehicle original equipment
manufacturers (“OEMs”). Additionally, FOX supplies top bicycle OEMs
and their contract manufacturers, and provides aftermarket products
to retailers and distributors.
FOX is a registered trademark of Fox Factory,
Inc. NASDAQ Global Select Market is a registered trademark of The
NASDAQ OMX Group, Inc. All rights reserved.
FORWARD-LOOKING STATEMENTS
This press release contains certain
forward-looking statements, including statements with regard to the
expectations related to the sale of Marucci. 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 Securities and Exchange Commission (the
“SEC”) for the year ended December 31, 2022 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
irinquiry@compassdiversified.com
Gateway GroupCody Slach949.574.3860CODI@gateway-grp.com
Media Relations
The IGB GroupLeon Berman212.477.8438lberman@igbir.com
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