WESTPORT, Conn., July 20, 2017 /PRNewswire/ -- Compass Diversified Holdings (NYSE: CODI) ("CODI" or the "Company"), an owner of leading middle market businesses, announced today that its subsidiary, Crosman Corporation ("Crosman"), has acquired the Commercial business of LaserMax, Inc. ("LaserMax"), a leading designer and manufacturer of gun mounted laser aiming devices.
Since being founded in 1989, LaserMax has grown to become a global leader in hardened and miniaturized laser systems, offering a comprehensive line of premium laser sights for home defense, personal protection and training use. The company's Commercial business provides laser sighting solutions and tactical lights to the firearm OEM and retail channels. LaserMax has developed significant intellectual property in laser technology, resulting in a comprehensive IP portfolio. For the trailing twelve months ended June 30, 2017, LaserMax reported net revenue of approximately $8 million. CODI funded the purchase price through a draw on its revolving credit facility.
Alan Offenberg, CEO of CODI, stated, "The addition of LaserMax's Commercial business supports Crosman's strategic initiative of expanding into attractive adjacent markets and realizing cross-selling opportunities with current big box retail and international customers. Further, adding this premium laser sight brand to Crosman's product offering in the outdoor recreation market will enable it to reach a wider range of new customers across retail channels. Moving forward, CODI will continue to use its strong balance sheet to pursue compelling add-on and platform acquisitions that build long-term shareholder value."
Robert Beckwith, CEO of Crosman, commented, "LaserMax is well-known for its innovative laser products in the shooting sports accessory market, and the cross-selling synergies with Crosman's airgun and archery products are clear and highly attractive. With CODI's support, we are excited to be able to strengthen our product line for outdoor enthusiasts by adding this iconic brand to the Crosman portfolio."
About Compass Diversified Holdings ("CODI")
CODI owns and manages a diverse family of established North American middle market businesses. Each of its current subsidiaries is a leader in its niche market.
CODI maintains controlling ownership interests in each of its subsidiaries in order to maximize its ability to impact long term cash flow generation and value. The Company provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in the long-term growth of the Company and to make cash distributions to its shareholders.
Our nine majority-owned subsidiaries are engaged in the following lines of business:
- The design and marketing of purpose-built tactical apparel and gear serving a wide range of global customers (5.11);
- The manufacture of quick-turn, small-run and production rigid printed circuit boards (Advanced Circuits);
- The manufacture of engineered magnetic solutions for a wide range of specialty applications and end-markets (Arnold Magnetic Technologies);
- Environmental services for a variety of contaminated materials including soils, dredged material, hazardous waste and drill cuttings (Clean Earth);
- The design, manufacture and marketing of airguns, archery products, optics and related accessories (Crosman);
- The design and marketing of wearable baby carriers, strollers and related products (Ergobaby);
- The design and manufacture of premium home and gun safes (Liberty Safe);
- The manufacture and marketing of branded, hemp-based food products (Manitoba Harvest); and
- The manufacture and marketing of portable food warming fuels and creative ambience solutions for the hospitality and consumer markets (Sterno Products).
This press release may contain certain forward-looking statements, including statements with regard to the future performance of CODI. Words such as "believes," "expects," "projects," and "future" or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by CODI with the SEC for the year ended December 31, 2016 and other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Compass Diversified Holdings