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Stock Market & Financial Investment News

News Breaks
August 7, 2014
16:58 EDTCODICompass Diversified acquires Clean Earth Holdings for $243M
Compass Diversified Holdings announced that on August 7 it entered into an agreement to acquire Clean Earth Holdings. The acquisition is expected to close by the end of August. Clean Earth provides environmental services for a variety of contaminated materials including soils, dredged material, hazardous waste and drill cuttings. For the year ended December 31, 2013, Clean Earth reported revenue of approximately $155.9M. The purchase price for Clean Earth will be based on a total enterprise value of $243M and will also include cash and working capital adjustments upon closing. Clean Earth generated approximately $32M of EBITDA for the last twelve months ending June 30, 2014. In addition, Clean Earth incurs between approximately $4M-$5M in annual maintenance capital expenditures. CEO Alan Offenberg said, "This attractive platform acquisition, which will increase the current number of businesses we own to eight upon closing, in addition to a 41% ownership interest in FOX, is expected to provide approximately 28c-32c per share of cash flow accretion on a full year basis."
News For CODI From The Last 14 Days
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July 27, 2015
09:07 EDTCODICompass Diversified announces sale of CamelBak Products to Vista Outdoor
Compass Diversified (CODI) announced that it has entered into a definitive agreement to sell its majority owned subsidiary, CamelBak Products to Vista Outdoor (VSTO). The sale price for CamelBak will be based on a total enterprise value of $412.5 million and will be subject to a customary working capital adjustment. The divestiture is expected to close within the next month, subject to customary closing conditions. After the allocation of the sales price to non-controlling equityholders and the payment of transaction expenses, CODI expects to receive between $355M and $375M of total proceeds from the sale at closing. This amount is in respect of the company's outstanding loans to CamelBak and its equity interests in CamelBak, which was acquired by CODI on August 24, 2011. The proceeds will be used to repay all outstanding debt under the Company's revolving credit facility, with the balance increasing cash on the Company's balance sheet. The Company anticipates recording a gain on the sale of CamelBak ranging between $140M and $160M during the quarter ended September 30, 2015.

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