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Compass Diversified Completes Sale of Advanced Circuits
February 16, 2023 | Globe NewswireEstimated reading time: 1 minute

Compass Diversified, an owner of leading middle market businesses, announced the completion of the Company’s previously announced sale of its majority-owned subsidiary, Compass AC Holdings, Inc., the parent company of Advanced Circuits, Inc., to APCT, Inc., a leading manufacturer of high reliability printed circuit boards, and portfolio company of Industrial Growth Partners.
The sale price was based on an enterprise value of $220 million plus estimated cash and working capital adjustments subject to customary post-closing true-ups. After these adjustments, as well as for an allocation to ACI’s non-controlling shareholders and the payment of transaction expenses, CODI received approximately $170 million of total proceeds from the sale at closing. This amount was in respect of its debt and equity interests in ACI and the payment of accrued interest. As previously announced, CODI expects to record a pre-tax gain of approximately $100 million to $110 million from the sale. Net proceeds will be used to pay off outstanding revolver borrowings.
Elias Sabo, CEO of Compass Diversified, stated, “We are deeply proud of our partnership and success with John and Jeff Yacoub, which started more than sixteen years ago. CODI’s permanent capital structure and support throughout this partnership has generated significant value for our shareholders, and we are grateful for the Advanced Circuit team’s contributions and look forward to their continued success.”
Jefferies LLC acted as exclusive financial advisor and Ropes & Gray LLP acted as legal counsel to CODI. Kirkland & Ellis LLP acted as legal counsel to APCT.
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