Compass Diversified (CODI) Closes Parital Divestiture of Fox Factory (FOXF) for $71.8M Net Proceeds
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Compass Diversified Holdings (NYSE: CODI), an owner of leading middle market businesses, announced today that Fox Factory Holding Corp. ("FOX") (Nasdaq: FOXF) closed on a secondary public offering of 4,025,000 shares of FOX common stock held by certain FOX stockholders, including CODI. CODI sold a total of 3,500,000 shares of FOX common stock in the secondary public offering for total net proceeds of approximately $71.8 million.
Upon completion of the offering, CODI's ownership in FOX was reduced from approximately 23% to 14% or 5,108,718 shares of FOX's common stock.
Alan Offenberg, CEO of Compass Diversified Holdings, commented, "With today's transaction, we have further bolstered our financial liquidity for capitalizing on strategic add-on and platform acquisition opportunities, while increasing the total gains realized from investments in our subsidiaries to approximately $650 million. We continue to be a substantial shareholder in FOX and remain excited about the company's growth potential."
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement, IPO
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