CompoSecure Inc. (CMPO) said that it plans to spin-off a newly formed subsidiary called Resolute Holdings Management Inc.
As part of the spin-off transaction, a wholly owned subsidiary of CompoSecure, CompoSecure Holdings, L.L.C., will enter into a Management Agreement with Resolute Holdings under which CompoSecure Holdings, L.L.C. will pay Resolute Holdings a quarterly management fee in cash equal to 2.5% of CompoSecure's Latest Twelve Months' Adjusted EBITDA.
Resolute Holdings will be responsible for providing CompoSecure's business with certain services, including providing oversight of its capital allocation strategy, operational practices, as well as M&A sourcing and execution.
Resolute Holdings will be led by David Cote as Executive Chairman of the Board of Directors and Tom Knott as Chief Executive Officer. In addition to David Cote and Tom Knott, the Board of Directors will include John Cote, Joseph DeAngelo, Roger Fradin, Paul Galant, Brian Hughes, Mark James, Krishna Mikkilineni, and Jane Thompson.
Resolute Holdings is expected to trade under the ticker "RHLD" on Nasdaq following completion of the spin-off.
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