logo
  

Compass Diversified To Sell Liberty Safe For $147.5 Mln

Compass Diversified (CODI), that owns and manages several middle market businesses, on Monday announced it has entered into a definitive agreement to sell its unit Liberty Safe Holding Corporation, to an affiliate of Monomoy Capital Partners for approximately $147.5 million in cash.


The closing of this transaction is expected to occur by the end of August 2021.


Liberty Safe Holding Corporation is the parent company of Liberty Safe and Security Products, Inc and is involved in the design and manufacture of premium home and gun safes.


Monomoy Capital Partners is a middle market private investment firm which invests in the debt and equity of manufacturing, distribution and consumer product businesses.


Compass Diversified expects a gain of approximately $75 million to $85 million on the sale. Net proceeds are intended to be used for general corporate purposes and to fund the previously announced special distribution of $0.88 per common share in connection with the company's tax reclassification later this quarter or early in the fourth quarter.


Lincoln International LLC acted as financial advisor and Squire Patton Boggs (US) LLP acted as legal counsel to CODI. Ropes & Gray LLP acted as legal advisor to Monomoy.


Shares of Compass Diversified are currently trading at $24.08, down $0.42 or 1.71 percent from previous close.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Boeing expects Europe's commercial aviation fleet to need 8,705 new airplanes through 2040 to cater to the growing leisure travel market in the region and fleet replacements with more fuel-efficient models, according to the Boeing's 2021 Commercial Market Outlook (CMO), an annual forecast of long-term demand for commercial airplanes and services. The U.S. Food and Drug Administration authorized marketing of a software developed by Paige.AI, a provider of AI-based digital diagnostics, which could help pathologists to identify prostate cancer. The software, called Paige Prostate, is the first and only artificial intelligence or AI-based pathology product to receive FDA approval for in vitro diagnostic or IVD use in detecting cancer... General Mills (GIS) said its first-quarter top- and bottom-line results were ahead of its expectations. The company also reaffirmed its fiscal 2022 outlook. Looking forward, General Mills anticipates changes in consumer behaviors driven by the COVID-19 pandemic will result in ongoing elevated consumer...
RELATED NEWS
Follow RTT