WESTPORT, Conn., Jan. 19, 2023 (GLOBE NEWSWIRE) — Compass Diversified Holdings (NYSE: CODI), an owner of leading middle market businesses, today announced that its Board of Directors authorized the repurchase of up to $50 million of CODI’s issued and outstanding common shares.
“CODI continues to produce strong financial and operational results, and the implementation of our first share repurchase program reflects our confidence in the future of the Company,” said Elias Sabo, CEO of Compass Diversified. “CODI’s long-term ownership of leading middle market businesses using our permanent capital base has been a proven driver of shareholder returns, and we believe this new repurchase program is another tool to opportunistically maximize this value.”
Under the authorization, CODI may purchase common shares through December 31, 2023 utilizing one or more open market transactions, transactions structured through investment banking institutions, in privately-negotiated transactions or otherwise, by direct purchases of common shares or a combination of the foregoing in compliance with the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”).
The timing of the purchases and the amount of common shares repurchased is subject to CODI’s discretion and will depend on market and business conditions, applicable legal and credit requirements and other corporate considerations.
About Compass Diversified
Since its founding in 1998, CODI has consistently executed on its strategy of owning and managing a diverse set of highly defensible, middle-market businesses across the niche industrial, branded consumer and healthcare sectors. The Company leverages its permanent capital base, long-term disciplined approach, and actionable expertise to maintain controlling ownership interests in each of its subsidiaries, maximizing its ability to impact long-term cash flow generation and value creation. 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 has consistently generated strong returns through its culture of transparency, alignment and accountability. For more information, please visit compassdiversified.com.
