| Over a week ago | ||||
Compass Diversified… Compass Diversified announced that it has been added to the Russell 2000 and 3000 Indexes at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US stock market opens today. | ||||
Compass Diversified… Compass Diversified announced that it has entered into a definitive agreement to acquire the equity of PrimaLoft Technologies Holdings, Inc., the parent company of PrimaLoft, for an enterprise value of $530 million. Based in Latham, New York, PrimaLoft was established in 1983 by Albany International Corporation in response to a U.S. Army request to develop a synthetic insulation for soldiers that replicated the warmth and weight characteristics of traditional goose down, but also remained warm when wet. In addition to maintaining high performance in wet conditions, the portfolio of PrimaLoft synthetic insulations offers products that can both mimic natural down aesthetics and provide the freedom to design garments ranging from stylish puffers to lightweight performance apparel. PrimaLoft insulations also offer superior economics to the brand partner and enable better sustainability characteristics through the use of recycled, low-carbon inputs. Today, PrimaLoft serves over 950 active brand partners, including Patagonia, Nike, Stio, La Sportiva, Polo Ralph Lauren, Helly Hansen, Marmot, Moncler, and Canada Goose. As a technology leader with over 90 global patents, along with process trade secrets, PrimaLoft is revolutionizing synthetic alternatives to down in the insulated jacket market with technologies like its patented ThermoPlume product. ThermoPlume insulation features comparable performance to down insulation when dry, superior performance to down insulation when wet, can be made with 100% recycled raw materials, and can be seamlessly integrated into the traditional down manufacturing process. The acquisition is expected to close in July, subject to customary closing conditions. Following the close of the transaction, PrimaLoft will continue to be led by its current leadership team. | ||||
| Over a month ago | ||||
Virtual Meeting to be… Virtual Meeting to be held on May 11 hosted by Oppenheimer. | ||||
Virtual Meeting to be… Virtual Meeting to be held on May 11 hosted by Oppenheimer. | ||||
As a result of the strong… As a result of the strong financial performance in the first quarter, as well as the expectations for the remainder of 2022, the Company is raising its guidance and expects its current subsidiaries, including Advanced Circuits, to produce consolidated Adjusted EBITDA the full calendar year of 2022 of between $410 million and $430 million. This estimate is based on the summation of our expectations for our current subsidiaries in 2022, absent additional acquisitions or divestitures, and excludes corporate expenses such as interest expense, management fees and corporate overhead. In addition, the Company expects to earn between $120 million and $135 million in Adjusted Earnings for the full year of 2022, excluding Advanced Circuits subsidiary results as this business has been classified as held for sale and is presented as discontinued operations. | ||||
Reports Q1 revenue… Reports Q1 revenue $510.5M, consensus $481.25M. | ||||
B. Riley initiated… B. Riley initiated coverage of Compass Diversified Holdings with a Buy rating and $33 price target. | ||||
| Over a quarter ago | ||||
Reports Q4 revenue… Reports Q4 revenue $536.6M, consensus $510.29M. "Our momentum continued in the fourth quarter as CODI delivered a fourth consecutive quarter of record results and the best year-end results in our history. Our consumer business again delivered solid results, driven by continued strong performance at our most recent acquisitions, and our niche industrial business experienced increased demand for their products during the fourth quarter. We continued to deploy capital into our existing subsidiaries in the fourth quarter acquiring Lizard Skins and Plymouth Foam as strategic add-ons to Marucci Sports and Altor Solutions, respectively, demonstrating our sustainable investing philosophy and continued commitment to deploying capital to enhance value at a subsidiary level. Looking ahead, we enter 2022 with a strong balance sheet, substantial liquidity and remain confident in our ability to generate long term shareholder value in the years ahead through the continued deployment of capital into accretive platform and add-on acquisitions and subsidiary growth opportunities," said Elias Sabo, CEO of Compass Diversified. | ||||
Altor Solutions, a… Altor Solutions, a subsidiary of Compass Diversified, announced that it has acquired Foam Concepts, Inc. . Financial terms of the transaction were not disclosed. Altor's acquisition of Foam Concepts strengthens its position as a leading provider of packaging and componentry solutions. Founded in 1986 and headquartered in Uxbridge, Massachusetts, Foam Concepts is a manufacturer of expanded polystyrene foam products for the cold chain, protective packaging and construction end-markets. With the addition of Foam Concepts and its facility, Altor will operate 19 manufacturing facilities across the United States to help customers solve their Packaging, Insulation and Componentry needs. | ||||
Compass Diversified… Compass Diversified announced that D. Eugene Ewing, a member of the CODI Board of Directors, passed away on January 9, 2022. Ewing served as a director of the Company since April 2006, as Chairman of the Company's Audit Committee from April 2006 through October 2021, and as Independent Lead Director from July 2019 through October of 2021. Ewing's seat on the Company's Board of Directors will not be filled at this time. | ||||
