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News Breaks
July 16, 2014
16:22 EDTCODI, FOXFCompass Diversified announces partial divestiture of Fox Factory
Compass Diversified (CODI) announced today that Fox Factory Holding Corp. (FOXF) closed on a public offering of 5.75M shares held by certain FOX shareholders, including the company, at a price of $15.50 per share for total net proceeds to selling shareholders of approximately $84.4M. As a selling shareholder, the company sold a total of 4.47M shares of FOX common stock, including 633,955 shares sold in connection with underwriters' exercise of the over-allotment option in full, for total net proceeds of approximately $65.5M. Upon completion of the offering, CODI's ownership in FOX was lowered from approximately 53% to 41%, or 15,108,718 shares of FOX's common stock.
News For CODI;FOXF From The Last 14 Days
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October 13, 2014
08:35 EDTCODICompass Diversified acquires SternoCandleLamp for $163M
Compass Diversified announced that on October 10, 2014, it entered into an agreement to acquire and consummated the acquisition of Candle Lamp Company, a manufacturer and marketer of portable food warming fuel and creative table lighting solutions for the foodservice industry. SternoCandleLamp's product line includes wick and gel chafing fuels, butane stoves and accessories, liquid and traditional wax candles, catering equipment and lamps. For the year ended December 31, 2013, SternoCandleLamp reported net revenue of approximately $133.6M. The purchase price for SternoCandleLamp of $163M was based on a total enterprise value of $161.5M and included approximately $1.7M of cash and working capital adjustments. SternoCandleLamp generated approximately $20M of EBITDA for the last twelve months ending September 30, 2014. Acquisition related costs were approximately $2.7M. CODI funded the acquisition through a draw of $166M on its revolving credit facility. On a primary basis, CODI will initially own all of the common equity ownership in SternoCandleLamp. In addition to its equity investment in SternoCandleLamp, CODI provided loans totaling approximately $91.6M to SternoCandleLamp as part of the transaction. CEO Alan Offenberg said, "This platform acquisition, our second in 2014, is expected to provide approximately 20c per share of cash flow accretion on a full year basis and, combined with our acquisition of Clean Earth Holdings in August 2014, has significantly strengthened our earnings power. Going forward, we will continue to enter into additional accretive acquisitions of leading businesses aimed at creating long-term shareholder value."

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