Compass Diversified (CODI) Enters Agreement to Sell Anodyne Medical Device
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Compass Diversified Holdings (NYSE: CODI) announced that on September 21, 2016 it entered into a definitive agreement and consummated the sale of its majority owned subsidiary, Anodyne Medical Device, Inc., also doing business and known as Tridien Medical ("Tridien"), to Hill-Rom, Inc.
CODI does not expect to record a significant gain or loss as a result of the sale. The proceeds will be used to pay down outstanding debt under the Company's revolving credit facility.
"We have enjoyed working with the management team of Tridien and wish the company continued success in the future," said Alan Offenberg, CEO of Compass Diversified Holdings. "Moving forward, we will continue to utilize our solid balance sheet and considerable financial flexibility to pursue both attractive platform and add-on acquisitions that create long-term shareholder value while providing consistent cash distributions."
Additional information on the transaction will be available on the Company's current report on Form 8-K that will be filed with the Securities and Exchange Commission.
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