Compass Diversified (NYSE: CODI) ("CODI" or the "Company”), an
owner of leading middle market businesses, today announced that it
has entered into a definitive agreement to partner with The Honey
Pot Company, LLC (“The Honey Pot Co.”), a leading “better-for-you”
feminine care brand, for an enterprise value of $380 million
(excluding working capital and certain other adjustments upon
closing). The Honey Pot Co. will continue to be led by its current
leadership team, and existing owners and management will retain a
significant minority stake in the company.
Based in Atlanta, Georgia, the idea for The
Honey Pot Co.’s feminine wash began in an apartment kitchen in
2012, fueled by Co-Founder Beatrice Dixon’s personal experiences
and ultimate desire to change how the world uses and perceives
feminine care products. Today, The Honey Pot Co. provides a
complete feminine care system – powered by plant-derived
ingredients and clinically tested formulas – with a diverse set of
products across the feminine hygiene, menstrual, consumer health
and sexual wellness categories.
The Honey Pot Co.’s unique formulations
containing plant-derived ingredients, coupled with its dedication
to fostering a high-touch community, have cultivated an
enthusiastic customer base that spans diverse cultures, ages and
needs. The Honey Pot Co.'s disruptive stance is not just about
selling products; it is a movement to empower consumers to embrace
their bodies and overall well-being. The Honey Pot Co.'s innovative
philosophy revolves around "normalizing the normal," breaking
barriers in a traditionally stagnant consumer packaged goods
category and redefining the narrative around personal care.
“We are excited to embark on this partnership
with CODI, a firm that aligns seamlessly with our values and is
dedicated to championing our vision of destigmatizing feminine care
through accessible products and promoting holistic wellness, both
inside and out,” said The Honey Pot Co.’s Co-Founder, Beatrice
Dixon, who will continue to lead the company in her current role as
CEO and Chief Innovation Officer. “We believe that this partnership
will not only enable us to sustain our commitment to innovation and
education but will also empower us to continue cultivating a
movement rooted in community and self-care.”
Ms. Dixon added, “I continue to be humbled by
the journey of The Honey Pot Co., and I hope that both the creation
of this business and where it stands today serve as a reminder that
while doors are often closed, there is always space for passionate
and visionary entrepreneurs. That space doesn’t have to be explored
alone, either. Partnerships and investments, both big and small,
enable the opportunity for your business to blossom and reach its
full potential. We want to thank our prior investment partners, New
Voices Fund and VMG Partners, for allowing us to do just that and
for their tremendous trust and support as we have expanded our
business to reach more humans in the past five years.”
CEO of Compass Diversified, Elias Sabo,
commented: “Beatrice and her team have done an amazing job building
The Honey Pot Co. into a leading feminine care brand that has
distinctive category ownership and unique brand positioning. They
have a strong leadership team, an efficacious line of products, and
a track record of impressive innovation and category disruption. We
believe they have tremendous growth opportunities on the horizon.
This partnership is a testament to the importance of brands built
on dedication to innovative products and fostering community. We
are so excited to provide The Honey Pot Co. with the resources
necessary to bring it closer to its goal of serving more people by
being the number one ‘better-for-you’ personal care brand in the
world.”
The acquisition is expected to close in
February, subject to customary closing conditions. Perella Weinberg
Partners served as exclusive financial advisor and Winston &
Strawn LLP acted as legal counsel to The Honey Pot Co., while
Gibson, Dunn & Crutcher LLP represented The Honey Pot Co.’s
management. William Blair & Company acted as exclusive
financial advisor and Ropes & Gray LLP acted as legal counsel
to Compass Diversified.
Additional information on the acquisition will
be available in CODI's current report on Form 8-K that will be
filed with the Securities and Exchange Commission (“SEC”).
Conference Call
Management will host a conference call today,
January 16, 2024, at 10:00 a.m. ET to discuss the transaction. The
dial-in number for callers in the U.S. is 1-888-259-6580 and the
dial-in number for international callers is 1-416-764-8624. The
Conference ID is 40321814. A live webcast will also be available on
the Company's website at compassdiversified.com. A replay of
the call will be available through January 16, 2025. To access the
replay, please dial 1-877-674-7070 in the U.S. and 1-416-764-8692
outside the U.S.
About Compass Diversified
Since its founding in 1998 and 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 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 The Honey Pot Co.
The Honey Pot Company is a leading feminine care brand, powered
by plant-derived ingredients and clinically tested formulas.
Founded in 2012 by CEO Beatrice Dixon, The Honey Pot Company is
rooted in the belief that all products should be made with healthy
and efficacious ingredients that are kind to and safe for skin. The
company offers an extensive range of holistic wellness products
across the feminine hygiene, menstrual, consumer health, and sexual
wellness categories. The Honey Pot Company’s mission is to educate,
support, and provide consumers around the world with tools and
resources that promote menstrual health and vaginal wellness. Their
products can be found in more than 33,000 stores across the U.S.
including Target, Walmart, CVS, and Walgreens, as well as online.
For more information on The Honey Pot Company, please
visit thehoneypot.co.
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 expectations related to the future performance
and management of The Honey Pot Co. and CODI and the anticipated
closing of the transaction. Words such as "believes," "expects,"
“will,” “anticipates,” “intends,” “continue,” "projects,"
“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 CODI. 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: ability to
obtain necessary approvals and meet other closing conditions to the
acquisition on the expected terms and schedule; delay in closing
the acquisition; difficulties and delays in integrating The Honey
Pot Co.’s business or fully realizing cost savings and other
benefits; business disruption following the closing of the
transaction; 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); general considerations associated with the COVID-19
pandemic and its impact on the markets in which we operate; and
other considerations that may be disclosed from time to time in
CODI’s publicly disseminated documents and filings. Further
information regarding CODI 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
Relationsirinquiry@compassdiversified.com
Gateway GroupCody
Slach949.574.3860CODI@gateway-grp.com
Media
RelationsMediainquiry@compassdiversified.com
The IGB GroupLeon
Berman212.477.8438lberman@igbir.com
Compass Diversified (NYSE:CODI)
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