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Compass Diversified sales total $488 million in third quarter

Published November 1, 2021

WESTPORT, Conn. (BRAIN) — Compass Diversified, the owner of BOA Technology and Lizard Skins as well as a variety of other middle-market businesses, reported net sales of $488 million in its fiscal third quarter, up from $388 million in the same period last year. During the quarter, Compass sold its Liberty Safe business for $73 million. Net income was $90 million.

During the quarter Compass (traded as "CODI" on the New York Stock Exchange) also acquired Lugana Diamonds and Jewelry for $256 million. 

"CODI's strong momentum continued in the third quarter as we generated outstanding results primarily due to heightened demand at our leading consumer brands," said Elias Sabo, CEO of Compass Diversified. "With our permanent capital structure giving us flexibility through economic cycles, we have remained focused on building businesses for the future and supporting the brands we own. We are proud of our subsidiary teams, who have worked diligently to expertly navigate this current inflationary period by adeptly managing supply chains and prioritizing our customers, and believe they continue to be well positioned to grow."

Mr. Sabo continued, "Recently, we announced a series of compelling transactions, including the strategic divestment of Liberty Safe in August 2021, the anticipated sale of Advanced Circuits, and the acquisition of luxury goods brand Lugano Diamonds. We also acquired Plymouth Foam and Lizard Skins as complementary add-ons to our strong Altor and Marucci subsidiaries, respectively. We continue to succeed at identifying, acquiring and investing in a diversified group of leading consumer and industrial businesses, which we believe will drive sustainable, long-term value for our shareholders."

Compass previously owned Fox Factory and CamelBak. It bought BOA Technology last year.

On October 5, Compass declared a third-quarter distribution of $0.36 per share on the company's common shares. The cash distribution was paid on Oct. 22.

Compass said it expects its current subsidiaries to produce consolidated Adjusted EBITDA for the full calendar year of 2021 of between $380 million and $390 million.


Topics associated with this article: Mergers, Acquisitions & Investments

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