Codi Sells Camelbak to Vista Outdoor
WESTPORT, USA – Vista Qutdoor Inc. acquired Camelbak Products LLC from private equity firm Compass Diversified Holdings (Codi). The sale price for Camelbak will be based on a total enterprise value of 371.7 million euro. The divestiture is expected to close within the next month.
In August 2011 Codi obtained an 89.9% majority share in the drinking system pioneer Camelbak. Looking back it seems as if they have never been that happy about this acquisition. Nevertheless Codi announced that they, “Expect to receive between 321 million euro and 339 million euro of total proceeds from the sale at closing. This amount is in respect of the company’s outstanding loans to Camelbak (including accrued interest) and its equity interests in Camelbak.”
“The proceeds will be used to repay all outstanding debts under the company’s revolving credit facility, with the balance increasing cash on the company’s balance sheet. We anticipate recording a gain on the Camelbak sale ranging between 127 and 145 million euro during the quarter ending 30 September 2015.”
According to Codi CEO Alan Offenberg, “Over the past four years, we enjoyed working closely with Camelbak’s management team, led by its CEO Sally Mc Coy, and are proud of our accomplishments together. Codi’s strategic investments enabled Camelbak to increase consumer penetration levels, build cash flows and generate greater organic growth. Camelbak has established itself as the global leader in personal hydration products, and we wish the company and Vista Outdoor continued success.”
After its Camelbak sale Codi still keeps a stake in another bicycle-related company. After it sold its 53% majority stake in suspension specialist Fox Factory in June 2014 the private equity firm is still keeping a 41% stake in that company. That still makes Codi the largest single shareholder in Fox Factory.
The new Camelbak owner Vista Outdoor is also a US listed company. Among others they operate brands like Blackhawk, Bollé, Bushnell, Federal Premium, Primos and Savage Arms.