Compass Diversified Holdings (NYSE: CODI)

Press Release

Press Release

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07/31/19
Compass Diversified Holdings Reports Second Quarter 2019 Financial Results

Generates Consolidated Operating Performance In-Line with Management Expectations and Sizeable Distributions to Shareholders

Increases Total Realized Gains to Shareholders to Over $1 Billion from Opportunistic Divestitures

WESTPORT, Conn., July 31, 2019 (GLOBE NEWSWIRE) -- Compass Diversified Holdings (NYSE: CODI) (“CODI,” “we,” “our” or the “Company”), an owner of leading middle market businesses, announced today its consolidated operating results for the three months ended June 30, 2019.

Second Quarter 2019 Highlights

  • Reported net sales of $336.1 million;
  • Reported net income of $218.2 million;
  • Reported non-GAAP Adjusted EBITDA of $52.1 million;
  • Reported Cash Provided by Operating Activities of $17.6 million, and non-GAAP Generated Cash Flow Available for Distribution and Reinvestment (“CAD”) of $26.2 million for the second quarter of 2019;
  • Paid a second quarter 2019 cash distribution of $0.36 per share on CODI’s common shares in July 2019, bringing cumulative distributions paid to $18.2352 per common share since CODI’s IPO in May of 2006;
  • Paid a quarterly cash distribution of $0.453125 per share on the Company’s 7.250% Series A Preferred Shares and $0.4921875 per share on the Company's 7.875% Series B Preferred Shares in July 2019;
  • Promoted Pat Maciariello to newly created position of Chief Operating Officer;
  • Completed the sale of our Clean Earth subsidiary for a gain of $206.3 million;
  • Compass Group Management volunteered to waive the management fee on cash balances held at CODI, commencing with the management fee due for the quarter ending June 30, 2019 and continuing until the quarter during which the Company next borrows under its revolving credit facility.

“The first half of 2019 was important for CODI, as we unlocked significant value for shareholders with the opportunistic and attractive divestitures of two subsidiaries, enabling us to significantly strengthen our balance sheet, while Compass Group Management waived the management fee on cash balances held at CODI,” said Elias Sabo, CEO of Compass Diversified Holdings. “For the six-month 2019 period, our leading branded consumer and niche industrial businesses also generated consolidated operating performance in-line with management expectations and sizable distributions to shareholders.”

Mr. Sabo continued, “We are pleased with CODI’s ongoing investments in our subsidiaries, highlighted by our success monetizing Manitoba Harvest and Clean Earth at attractive valuations, resulting in realized gains for shareholders of over $325 million year-to-date 2019 and over $1 billion since our IPO. Our previous investments in our 5.11 Tactical subsidiary are also evident, as 5.11 generated strong and markedly improved results thus far in 2019.  Moving forward, we will continue to work with our world-class management companies to unlock value for shareholders, while implementing our proven and disciplined acquisition strategy and providing annual distributions of $1.44 per share.

Operating Results

Net sales for the quarter ended June 30, 2019 were $336.1 million, as compared to $340.0 million for the quarter ended June 30, 2018. The June 30, 2018 net sales do not include Ravin net sales prior to CODI’s ownership.

Net income for the quarter ended June 30, 2019 was $218.2 million, as compared to net income of $0.5 million for the quarter ended June 30, 2018. Current quarter net income includes the $206.5 million gain on the sale of Clean Earth.

Adjusted EBITDA (see Note Regarding Use of Non-GAAP Financial Measures below) for the quarter ended June 30, 2019 was $52.1 million, as compared to $51.2 million for the quarter ended June 30, 2018. Adjusted EBITDA does not include the results of Ravin prior to CODI’s ownership.

CODI reported CAD (see Note Regarding Use of Non-GAAP Financial Measures below) of $26.2 million for the quarter ended June 30, 2019, as compared to $30.3 million for the prior year’s comparable quarter.  CODI’s CAD is calculated after taking into account all interest expense, cash taxes paid and maintenance capital expenditures, and includes the operating results of each of our businesses for the periods during which CODI owned them. However, CAD excludes the gains from monetizing interests in CODI’s subsidiaries, which have totaled over $1 billion since going public in 2006.  The decrease in CAD versus the prior year quarter is primarily the result of increased financing cost associated with the debt refinancing in April 2018 and the Series B Preferred Share issuance in March 2018.

Liquidity and Capital Resources

For the quarter ended June 30, 2019, CODI reported Cash Provided by Operating Activities of $17.6 million, as compared to Cash Provided by Operating Activities of $28.7 million for the quarter ended June 30, 2018.

CODI’s weighted average number of shares outstanding for the quarters ended June 30, 2019 and June 30, 2018 were 59.9 million.

As of June 30, 2019, CODI had approximately $485.9 million in cash and cash equivalents, $493.8 million outstanding on its term loan facility, $400 million outstanding in Senior Notes and no outstanding borrowings under its revolving credit facility.  Subsequent to the end of the quarter, CODI prepaid $193.8 million on its term loan facility.

The Company has no significant debt maturities until 2023 and had net borrowing availability of $600 million at June 30, 2019 under its revolving credit facility.

Second Quarter 2019 Distributions

On July 3, 2019, CODI’s Board of Directors (the “Board”) declared a second quarter distribution of $0.36 per share on the Company’s common shares. The cash distribution was paid on July 25, 2019 to all holders of record of common shares as of July 18, 2019. Since its IPO in May of 2006, CODI has paid a cumulative distribution of $18.2352 per common share.

The Board also declared a quarterly cash distribution of $0.453125 per share on the Company’s 7.250% Series A Preferred Shares (the “Series A Preferred Shares”). The distribution on the Series A Preferred Shares covered the period from and including April 30, 2019, up to, but excluding, July 30, 2019. The distribution for such period was paid on July 30, 2019 to all holders of record of Series A Preferred Shares as of July 15, 2019.

The Board also declared a quarterly cash distribution of $0.4921875 per share on the Company's 7.875% Series B Preferred Shares (the "Series B Preferred Shares"). The distribution on the Series B Preferred Shares covered the period from and including April 30, 2019, up to, but excluding, July 30, 2019. The distribution for such period was paid on July 30, 2019 to all holders of record of Series B Preferred Shares as of July 15, 2019.

Conference Call

Management will host a conference call on Thursday, August 1, 2019 at 9:00 a.m. ET to discuss the latest corporate developments and financial results. The dial-in number for callers in the U.S. is (855) 212-2368 and the dial-in number for international callers is (315) 625-6886. The access code for all callers is 7355967. A live webcast will also be available on the Company's website at www.compassdiversifiedholdings.com.

A replay of the call will be available through August 8, 2019. To access the replay, please dial (855) 859-2056 in the U.S. and (404) 537-3406 outside the U.S., and then enter the access code 7355967.

Note Regarding Use of Non-GAAP Financial Measures

Adjusted EBITDA is a non-GAAP measure used by the Company to assess its performance.  We have reconciled Adjusted EBITDA to Net Income (Loss) on the attached schedules. We consider Net Income (Loss) to be the most directly comparable GAAP financial measure to Adjusted EBITDA. We believe that Adjusted EBITDA provides useful information to investors and reflects important financial measures as it excludes the effects of items which reflect the impact of long-term investment decisions, rather than the performance of near term operations. When compared to Net Income (Loss), Adjusted EBITDA is limited in that it does not reflect the periodic costs of certain capital assets used in generating revenues of our businesses or the non-cash charges associated with impairments, as well as certain cash charges. This presentation also allows investors to view the performance of our businesses in a manner similar to the methods used by us and the management of our businesses, provides additional insight into our operating results and provides a measure for evaluating targeted businesses for acquisition. We believe Adjusted EBITDA is also useful in measuring our ability to service debt and other payment obligations.

CAD is a non-GAAP measure used by the Company to assess its performance, as well as its ability to sustain quarterly distributions.  We have reconciled CAD to Net Income (Loss) and Cash Flow from Operating Activities on the attached schedules. We consider Net Income (Loss) and Cash Flow from Operating Activities to be the most directly comparable GAAP financial measures to CAD.

CAD is calculated after taking into account all interest expense, cash taxes paid and maintenance capital expenditures, and includes the operating results of each of our businesses for the periods during which CODI owned them.  We believe that CAD provides investors additional information to enable them to evaluate our performance and ability to make anticipated quarterly distributions.

Neither of Adjusted EBITDA nor CAD is meant to be a substitute for GAAP measures and may be different from or otherwise inconsistent with non-GAAP financial measures used by other companies.

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 eight 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);
  • The design and marketing of wearable baby carriers, strollers and related products (Ergobaby);
  • The design and manufacture of custom molded protective foam solutions and OE components (Foam Fabricators);
  • The design and manufacture of premium home and gun safes (Liberty Safe);
  • The manufacture and marketing of portable food warming fuels for the hospitality and consumer markets, flameless candles and house and garden lighting for the home decor market, and wickless candle products used for home decor and fragrance systems (The Sterno Group); and
  • The design, manufacture and marketing of airguns, archery products, optics and related accessories (Velocity Outdoor)

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, 2018 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.



Compass Diversified Holdings
Condensed Consolidated Statements of Operations
(unaudited) 
               
  Three months ended June 30,   Six months ended June 30,
(in thousands, except per share data) 2019   2018   2019   2018
Net sales $ 336,084     $ 339,989     $ 674,941     $ 626,119  
Cost of sales 213,521     221,510     432,823     403,753  
Gross profit 122,563     118,479     242,118     222,366  
Operating expenses:              
Selling, general and administrative expense 80,312     81,513     161,709     161,676  
Management fees 8,521     10,799     19,478     21,436  
Amortization expense 13,522     14,465     27,112     22,745  
Operating income 20,208     11,702     33,819     16,509  
Other income (expense):              
Interest expense, net (18,445 )   (13,474 )   (36,899 )   (19,592 )
Amortization of debt issuance costs (928 )   (953 )   (1,855 )   (2,051 )
Loss on sale of Tilray securities         (5,300 )    
Other expense, net (90 )   (2,207 )   (524 )   (3,540 )
Income (loss) from continuing operations before income taxes 745     (4,932 )   (10,759 )   (8,674 )
Provision for income taxes 4,551     3,330     5,975     2,087  
Loss from continuing operations (3,806 )   (8,262 )   (16,734 )   (10,761 )
Income from discontinued operations, net of tax 15,474     7,630     16,901     8,508  
Gain on sale of discontinued operations, net of tax 206,505     1,165     328,164     1,165  
Net income (loss) 218,173     533     328,331     (1,088 )
Less: Income from continuing operations attributable to noncontrolling interest 1,387     1,486     2,755     1,787  
Less: Income (loss) from discontinued operations attributable to noncontrolling interest 252     (45 )   (266 )   374  
Net income (loss) attributable to Holdings $ 216,534     $ (908 )   $ 325,842     $ (3,249 )
               
Basic income (loss) per common share attributable to Holdings            
Continuing operations $ (0.32 )   $ (0.25 )   $ (0.64 )   $ (0.34 )
Discontinued operations 3.70     0.14     5.77     0.16  
  $ 3.38     $ (0.11 )   $ 5.13     $ (0.18 )
               
Basic weighted average number of common shares outstanding 59,900     59,900     59,900     59,900  
               
Cash distributions declared per Trust common share $ 0.36     $ 0.36     $ 0.72     $ 0.72  
               


Compass Diversified Holdings
Net Sales to Pro Forma Net Sales Reconciliation
(unaudited)
               
  Three months ended June 30,   Six months ended June 30,
  2019   2018   2019   2018
               
Net Sales $ 336,084     $ 339,989     $ 674,941     $ 626,119  
Acquisitions (1)             39,828  
Pro Forma Net Sales $ 336,084     $ 339,989     $ 674,941     $ 665,947  
               


(1 )   Net sales of Foam Fabricators and Rimports (Sterno Group add-on) as if those businesses were acquired January 1, 2018.


Compass Diversified Holdings
Subsidiary Pro Forma Net Sales
(unaudited)
           
  Three months ended June 30,   Six months ended June 30,
(in thousands) 2019   2018   2019   2018
               
Branded Consumer              
5.11 Tactical $ 92,836     $ 84,723     $ 180,925     $ 168,680  
Ergobaby 22,971     23,954     45,423     46,116  
Liberty 20,633     20,416     42,837     43,869  
Velocity Outdoor (2) 29,611     35,570     60,748     59,977  
Total Branded Consumer $ 166,051     $ 164,663     $ 329,933     $ 318,642  
               
Niche Industrial              
Advanced Circuits $ 22,439     $ 22,967     $ 45,508     $ 45,030  
Arnold Magnetics 29,481     31,196     59,509     60,595  
Foam Fabricators (1) 31,648     33,194     62,330     63,684  
Sterno Group (1) 86,465     87,969     177,661     177,996  
Total Niche Industrial $ 170,033     $ 175,326     $ 345,008     $ 347,305  
               
  $ 336,084     $ 339,989     $ 674,941     $ 665,947  


(1 )   Foam Fabricators and Rimports (Sterno Group add-on) are proforma as if those businesses were acquired January 1, 2018.
     
(2 )   The above 2018 results exclude management's estimate of net sales of $10.7 million and $21.6 million for the three and six months ended June 30, 2018, respectively, at Ravin before our ownership.  Ravin was acquired by Velocity Outdoor in August 2018.


Compass Diversified Holdings
Net Income to Adjusted EBITDA and Cash flow Available for Distribution and Reinvestment
(Unaudited)
               
  Three months ended June 30,   Six months ended June 30,
(in thousands) 2019   2018   2019   2018
Net income (loss) $ 218,173     $ 533     $ 328,331     $ (1,088 )
Income from discontinued operations, net of income tax 15,474     7,630     16,901     8,508  
Gain on sale of discontinued operations 206,505     1,165     328,164     1,165  
Loss from continuing operations $ (3,806 )   $ (8,262 )   $ (16,734 )   $ (10,761 )
Provision for income taxes 4,551     3,330     5,975     2,087  
Income (loss) from continuing operations before income taxes $ 745     $ (4,932 )   $ (10,759 )   $ (8,674 )
Other expense, net (90 )   (2,207 )   (524 )   (3,540 )
Amortization of debt issuance costs (928 )   (953 )   (1,855 )   (2,051 )
Loss on sale of securities         (5,300 )    
Interest expense, net (18,445 )   (13,474 )   (36,899 )   (19,592 )
Operating Income $ 20,208     $ 11,702     $ 33,819     $ 16,509  
Adjusted For:              
Depreciation 8,230     7,951     16,225     14,909  
Amortization 13,522     19,084     27,112     27,978  
Non-controlling shareholder compensation 1,601     2,047     3,329     3,999  
Acquisition expenses             2,189  
Integration services fees     938     281     1,594  
Management fees 8,521     10,799     19,478     21,436  
Other (1 )   (1,278 )   324     (905 )
Adjusted EBITDA $ 52,081     $ 51,243     $ 100,568     $ 87,709  
Interest at Corporate, net of unused fee (1) (15,550 )   (13,911 )   (32,365 )   (22,243 )
Swap payment (209 )   (380 )   (303 )   (1,086 )
Management fees (8,521 )   (10,799 )   (19,478 )   (21,435 )
Capital expenditures (maintenance) (4,362 )   (6,069 )   (8,009 )   (10,698 )
Current tax expense (cash taxes) (2) (2,555 )   (1,372 )   (6,010 )   (3,139 )
Preferred share distributions (3,782 )   (1,812 )   (7,563 )   (3,625 )
Discontinued operations 9,076     12,396     16,987     18,361  
Miscellaneous items     999         469  
Cash Flow Available for Distribution or Reinvestment ('CAD') $ 26,178     $ 30,295     $ 43,827     $ 44,313  


     
(1 )   Interest expense at Corporate reflects consolidated interest expense less non-cash components such as, unrealized gains and losses on our swap and original issue discount amortization.  We include the cash component of our swap payment above in our reconciliation to CAD.
     
(2 )   Current tax expense is calculated by deducting the change in deferred tax from the statement of cash flows from the income tax provision on the statement of operations


Compass Diversified Holdings
Adjusted EBITDA (1)
(unaudited)
               
  Three months ended June 30,   Six months ended June 30,
(in thousands) 2019   2018   2019   2018
               
Branded Consumer              
5.11 Tactical $ 11,256     $ 7,862     $ 19,561     $ 13,758  
Ergobaby 5,220     6,137     10,817     10,835  
Liberty 2,195     2,136     4,417     5,482  
Velocity Outdoor (2) 3,734     5,919     7,721     9,066  
Total Branded Consumer $ 22,405     $ 22,054     $ 42,516     $ 39,141  
               
Niche Industrial              
Advanced Circuits $ 7,172     $ 7,211     $ 14,511     $ 14,076  
Arnold Magnetics 3,953     4,682     7,163     8,080  
Foam Fabricators (2) 7,820     7,885     15,046     11,388  
Sterno Group (2) 13,840     14,120     27,740     23,028  
Total Niche Industrial $ 32,785     $ 33,898     $ 64,460     $ 56,572  
               
Corporate expense (3) (3,109 )   (4,709 )   (6,408 )   (8,004 )
Total Adjusted EBITDA $ 52,081     $ 51,243     $ 100,568     $ 87,709  


(1 )   Please refer to our recently filed 10-Q for detail on subsidiary pro forma adjusted EBITDA, and reconciliation to net income.
     
(2 )   The above 2018 results exclude management's estimate of adjusted EBITDA, before our ownership, of $5.5 million at Rimports, $2.8 million at Foam Fabricators and $6.1 million at Ravin for the six months ended June 30th, and $3.2 million at Ravin for the three months ended June 30th.
     
(3 )   Please refer to the recently filed 10-Q for a reconciliation of our Corporate expense to Net Income.


Compass Diversified Holdings
Summarized Statement of Cash Flows
(unaudited)
       
  Six months ended June 30,
(in thousands) 2019   2018
Net cash provided by operating activities $ 8,654     $ 35,312  
Net cash provided by (used in) investing activities 718,000     (454,715 )
Net cash (used in) provided by financing activities (292,750 )   415,358  
Effect of foreign currency on cash (1,366 )   1,616  
Net increase (decrease) in cash and cash equivalents 432,538     (2,429 )
Cash and cash equivalents — beginning of period (1) 53,326     39,885  
Cash and cash equivalents — end of period $ 485,864     $ 37,456  
       


(1 )   Includes cash from discontinued operations of $4.6 million at January 1, 2019 and $4.2 million at January 1, 2018.


Compass Diversified Holdings
Condensed Consolidated Table of Cash Flow Available for Distribution and Reinvestment
(unaudited)
 
  Three months ended June 30,   Six months ended June 30,
(in thousands) 2019   2018   2019   2018
Net income (loss) $ 218,173     $ 533     $ 328,331     $ (1,088 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation and amortization 27,853     34,198     56,491     57,131  
Gain on sale of business (206,505 )   (1,165 )   (328,164 )   (1,165 )
Amortization of debt issuance costs and original issue discount 1,080     971     2,159     2,324  
Unrealized (gain) loss on derivatives 2,251     (999 )   3,350     (3,900 )
Noncontrolling stockholder charges 3,063     2,614     5,268     5,165  
Provision for loss on receivables 49     (230 )   745     98  
Other 162     312     496     135  
Deferred taxes (10,043 )   1,069     (12,366 )   (3,242 )
Changes in operating assets and liabilities (18,493 )   (8,634 )   (47,656 )   (20,146 )
Net cash provided by operating activities 17,590     28,669     8,654     35,312  
Plus:              
Unused fee on revolving credit facility 495     403     882     855  
Successful acquisition costs 230     158     596     1,594  
Integration services fee (1)     938     281     2,347  
Realized loss from foreign currency effect (2)     908     363     2,247  
Changes in operating assets and liabilities 18,493     8,634     47,656     20,146  
Loss on sale of Tilray securities         5,300      
Less:              
Maintenance capital expenditures (3) 6,507     8,296     11,504     14,268  
Payment of interest rate swap 209     380     303     1,086  
Preferred share distributions 3,782     1,812     7,563     3,625  
Other 132         535      
CAD $ 26,178     $ 30,295     $ 43,827     $ 44,313  
               
Distribution paid in April 2019/ 2018 $     $     $ 21,564     $ 21,564  
Distribution paid in July 2019/ 2018 21,564     21,564     21,564     21,564  
  $ 21,564     $ 21,564     $ 43,128     $ 43,128  


(1 )   Represents fees paid by newly acquired companies to the Manager for integration services performed during the first year of ownership, payable quarterly.
     
(2 )   Reflects the foreign currency transaction gain/ loss resulting from the Canadian dollar intercompany loans issued to Manitoba Harvest.
     
(3 )   Excludes growth capital expenditures of approximately $3.9 million and $8.3 million for the three months ended June 30, 2019 and 2018, respectively, and $6.4 million and $14.5 million for the six months ended June 30, 2019 and 2018, respectively.

 


Compass Diversified Holdings
Maintenance Capital Expenditures
(unaudited)
           
  Three months ended June 30,   Six months ended June 30,
(in thousands) 2019   2018   2019   2018
Niche Industrial              
Advanced Circuits $ 938     $ 426     $ 1,126     $ 523  
Arnold Magnetics 694     871     1,806     2,123  
Foam Fabricators 438     542     936     940  
Sterno Group 769     658     1,221     1,042  
Total Niche Industrial $ 2,839     $ 2,497     $ 5,089     $ 4,628  
               
Branded Consumer              
5.11 Tactical $ 1,124     $ 1,067     $ 1,336     $ 2,429  
Ergobaby 166     119     237     407  
Liberty 181     874     307     935  
Velocity Outdoor 52     1,512     1,040     2,299  
Total Branded Consumer $ 1,523     $ 3,572     $ 2,920     $ 6,070  
               
Total maintenance capital expenditures $ 4,362     $ 6,069     $ 8,009     $ 10,698  


Compass Diversified Holdings
Condensed Consolidated Balance Sheets
       
  June 30, 2019   December 31, 2018
(in thousands) (unaudited)    
Assets      
Current assets      
Cash and cash equivalents $ 485,864     $ 48,771  
Accounts receivable, net 187,321     205,545  
Inventories 327,657     307,437  
Prepaid expenses and other current assets 85,280     29,670  
Current assets of discontinued operations     89,762  
Total current assets 1,086,122     681,185  
Property, plant and equipment, net 143,313     146,601  
Goodwill and intangible assets, net 1,060,018     1,086,707  
Other non-current assets 96,538     8,378  
Non-current assets of discontinued operations     449,464  
Total assets $ 2,385,991     $ 2,372,335  
       
Liabilities and stockholders’ equity      
Current liabilities      
Accounts payable and accrued expenses $ 178,966     $ 183,781  
Due to related party 8,045     11,093  
Current portion, long-term debt 5,000     5,000  
Other current liabilities 26,650     6,912  
Current liabilities of discontinued operations     52,494  
Total current liabilities 218,661     259,280  
Deferred income taxes 33,813     33,984  
Long-term debt 869,918     1,098,871  
Other non-current liabilities 86,818     12,615  
Non-current liabilities of discontinued operations     48,243  
Total liabilities 1,209,210     1,452,993  
Stockholders' equity      
Total stockholders' equity attributable to Holdings 1,130,804     859,372  
Noncontrolling interest 45,977     39,922  
Noncontrolling interest of discontinued operations     20,048  
Total stockholders' equity 1,176,781     919,342  
Total liabilities and stockholders’ equity $ 2,385,991     $ 2,372,335  
       


Compass Diversified Holdings
Ryan J. Faulkingham
Chief Financial Officer
203.221.1703
ryan@compassequity.com
Investor Relations and Media Contact:
The IGB Group
Leon Berman
212.477.8438
lberman@igbir.com

Compass Diversified Holdings Logo.JPG

Source: Compass Diversified Holdings