Compass Diversified (CoDi) has completed the previously announced acquisition of PrimaLoft Technologies Holdings, Inc, the parent company of PrimaLoft, from Victor Capital Partners and minority owners according to an agreement signed on June 4 of this year. The acquisition was completed for a purchase price of $530 million (excluding working capital, other customary adjustments and acquisition-related costs). CoDi financed the acquisition through a new five-year $400 million Term Loan A and amended its existing credit agreement to extend its $600 million revolver through July 2027. CoDi’s initial ownership interest in PrimaLoft is approximately 91 percent. PrimaLoft’s management team and existing shareholders co-invested with CoDi and hold the remaining 9 percent.
Mike Joyce, president and CEO of PrimaLoft, commented, “The closing of this transaction is an important milestone in PrimaLoft’s nearly 40-year history, and I’m excited to be partnering with the CoDi team as we work to drive continued growth. CoDi has the resources and partnership experience we need to advance our company to the next level, and we look forward to collaborating and growing together.”
Based in Latham, New York, PrimaLoft was founded in 1983 by Albany International Corporation in response to a request from the U.S. Army to develop synthetic insulation for soldiers that had the warmth and weight characteristics of traditional goose down, but remained warm even when wet. The PrimaLoft synthetic insulation portfolio not only offers high performance in wet conditions but also products that can mimic the aesthetics of natural down and provide the freedom to design garments that range from elegant buffers to lightweight functional clothing.
