Compass Diversified (CoDi), the Connecticut-based owner PrimaLoft, Boa Technology, 5.11 and Velocity Outdoor, completed a $75.2 million private placement offering of approximately 3.6 million of its common shares to an Allspring Global Investments mutual fund for $21.18 per share.
“We are thrilled to receive this substantial investment from Allspring,” commented Elias Sabo, CEO of CoDi. “This patient and long-term institutional capital aligns with our long-term strategy and will allow us to get the jump on potential acquisition opportunities in 2024 while many of our competitors are still struggling to access capital.”
The equity investment will enable CoDi “to grow our subsidiaries and act on new acquisition opportunities that align with our strict standards,“ Sabo continued. “Our aim with this capital remains unchanged: delivering strong returns to our shareholders through the management and ownership of middle market businesses – something we have consistently done in the past.”
