SCOTTSDALE, Arizona, October 05, 2021 (GLOBE NEWSWIRE) – Altor Solutions, Inc. (“Altor” or “Altor Solutions”), a subsidiary of Compass Diversified (NYSE: CODI) and a leading designer and manufacturer of products customized protective packaging solutions and components, today announced the acquisition of Plymouth Foam, LLC (“Plymouth”), a manufacturer of protective packaging and components, for an enterprise value of $ 56 million. dollars, excluding customary closing adjustments.
This transaction reinforces Altor’s status as a leading supplier of packaging and component solutions through an extended geographic presence, the addition of capabilities in the component design and cold chain sector and access to a broader customer base in a wide variety of end markets, including food and beverage, pharmaceuticals, recreational vehicles and construction. Plymouth, headquartered in Plymouth, Wisconsin and founded in 1978, operates two manufacturing plants in Plymouth and Gnadenhutten, Ohio. With a high-value product offering – including custom protective packaging, cold chain packaging and internal components made from expanded polystyrene and expanded polypropylene – Plymouth’s world-class engineers provide tailor-made solutions and design applications that Altor believes can be leveraged across its growing geographic footprint and customer base.
“This transaction builds on a period of growth and momentum that began with our rebranding to Altor Solutions earlier this year,” said James Hughes, CEO of Altor. “We believe that the acquisition of Plymouth, with its wide range of high-value, high-tech products, further expands our business and our capabilities. With access to Plymouth’s diverse customer base, two well-positioned manufacturing plants, complementary expertise and a talented team, we are confident that we will significantly expand the combined reach of Altor and Plymouth across the country. . We are delighted to welcome the impressive Plymouth team and look forward to capitalizing on the strengths of both companies to provide the best solutions to our growing customer base.
“Altor has capitalized on the strong packaging and components market, and we believe there is huge growth potential from this combination with Plymouth,” said Elias Sabo, CEO of CODI. “We are delighted to leverage CODI’s permanent capital structure to make this strategic investment and help grow our subsidiary’s business. With the support of CODI, Altor is able to facilitate this transaction at the right time and capitalize on evolving consumer demands to position its strong platform for growth, thereby enhancing long-term value for CODI shareholders. .
About Altor Solutions
Based in Scottsdale, Ariz., Altor Solutions is a dynamic, engineering-driven company focused on designing and manufacturing superior products that help customers meet their packaging, packaging, and packaging needs. insulation and components (PIC). The company offers a wide range of materials ranging from traditional plastics to organic and plant-based options. Founded in 1957, the company operates 16 state-of-the-art facilities across North America specializing in the production and assembly of key components used in protective packaging, OEM components and temperature-controlled containers. For more information, please visit www.altorsolutions.com.
About Compass Diversified (“CODI”)
CODI owns and operates a diverse set of highly defensible North American mid-market companies. Each of its current subsidiaries is a leader in its niche market.
Leveraging its permanent capital base, disciplined long-term approach and actionable expertise, CODI retains majority stakes in each of its subsidiaries, maximizing its ability to impact cash flow generation and value creation at long term. CODI provides its subsidiaries with both debt and equity, contributing to their financial and operational flexibility. CODI uses the cash flow generated by its subsidiaries to invest in its long-term growth and has always generated strong returns through its culture of transparency, alignment and accountability.
The ten subsidiaries majority owned by CODI carry out the following activities:
- The design and marketing of clothing and technical equipment specially designed for a wide range of global customers (5.11);
- The manufacture of rigid printed circuit boards with rapid rotation, small series and production (Advanced circuits);
- The design and manufacture of custom packaging, insulation and components (Altor Solutions);
- The manufacture of technical magnetic solutions for a wide range of specialized applications and end markets (Arnold Magnetic Technologies);
- The design and marketing of dial closure systems that provide a performance fit for footwear, headgear and medical corset products (BOA technology);
- The design and marketing of portable baby carriers, strollers and associated products (Ergobaby);
- The design, manufacture and marketing of unique and high-end jewelry (Lugano diamonds);
- The design and manufacture of baseball and softball equipment and clothing (Marucci Sports);
- The manufacture and marketing of portable food warming systems used in the restaurant industry, creative indoor and outdoor lighting and air freshener solutions for consumer markets (sterno); and
- The design, manufacture and marketing of air guns, archery products, optics and related accessories (External Velocity).
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding expectations relating to in the future performances of Altor and CODI. Words such as “believes”, “expects”, “will”, “anticipate”, “intend”, “projects”, “potential”, “assuming” and “in the future” or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the uncertainties inherent in forecasting future results and conditions, some of which are not currently known to CODI. In addition to factors previously disclosed in CODI’s reports filed with the SEC, the following factors could cause actual results to differ materially from forward-looking statements: business interruption after closing of the transaction; changes in the economy, financial markets and the political environment; risks associated with a possible disruption of CODI and / or Altor’s operations or the economy in general due to terrorism, natural disasters, social, civil and political unrest or the COVID-19 pandemic; future changes in laws or regulations (including the interpretation of such laws and regulations by regulatory authorities); general considerations associated with the COVID-19 pandemic and its impact on the markets in which CODI and / or Altor operate; and other considerations which may be disclosed from time to time in CODI’s publicly released documents and filings, including, but not limited to, the factors listed in Form 10-K filed by CODI with the SEC for the fiscal year ended December 31, 2020, the proxy circular filed by CODI with the SEC on June 23, 2021 and other documents filed with the SEC. Except as required by law, CODI assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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