WESTPORT, Conn. and DENVER, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Compass Diversified (NYSE: CODI), an owner of leading middle market businesses, today announced the completion of the Company’s previously announced acquisition of BOA Technology Inc, .creators of the award-winning BOA® Fit System, delivering superior fit and performance in the Outdoor, Athletic, Workwear and Medical Bracing markets worldwide, pursuant to an agreement entered into on September 20, 2020.
BOA was founded in 2001 with a revolutionary performance fit system that transformed how snowboarders “dialed in” their boots and offered a superior alternative to the traditional lace system. Nearly two decades later, the BOA Fit System has become the leading performance fit solution integrated into market-leading premium brand partner products across an array of segments.
The acquisition was completed for a purchase price of $454 million (excluding working capital, other customary adjustments, and acquisition related costs) and funded through available cash on the Company’s balance sheet and a draw of $300 million on its revolving credit facility. CODI's initial equity ownership in BOA is 82%. BOA’s management team and existing shareholders invested alongside CODI and own the remaining 18%.
“We are pleased to have completed our acquisition of BOA and look forward to supporting its continued expansion and growth in the years to come,” said Elias Sabo, CEO of Compass Diversified. “The BOA Fit System is used in millions of boots, helmets, shoes, and other performance products around the world and we could not be more excited to welcome this extraordinary brand and team to the CODI family.”
“The closing of this transaction is an important milestone in BOA’s nearly 20-year history and I am confident that together with CODI we will continue to push the limits of performance fit,” said Shawn Neville, CEO of BOA. “CODI has the resources and expertise to help propel our brand to its next level of growth and I look forward to working closely with our collective teams as we execute on our shared long term-vision for BOA.”
About BOA Technology Inc. (“BOA Technology”)
BOA Technology creators of the revolutionary, award-winning, patented BOA Fit System, partners with market-leading brands to make the best gear even better. Delivering fit solutions purpose-built for performance, the BOA Fit System is featured in products across snow sports, cycling, hiking/trekking, golf, running, court sports, workwear, medical bracing, and prosthetics. The system consists of three integral parts: a micro-adjustable dial, super-strong lightweight laces, and low friction lace guides. Each unique configuration is engineered for fast, effortless, precision fit, and is backed by The BOA Guarantee. BOA Technology Inc. is headquartered in Denver, Colorado with offices in Austria, Hong Kong, China, South Korea, and Japan. For more information, visit BOAFit.com.
About Compass Diversified (“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. For more information, visit compassdiversified.com.
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.
