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Compass Diversified Completes Sale of Advanced CircuitsFebruary 16, 2023 | Globe Newswire
Estimated 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.
Seven microelectronics firms received nearly $10 million in combined funding to commercialize technologies of interest to the U.S. military services as winners of the Defense Business Accelerator (DBX) Microelectronics Challenge. This groundbreaking initiative is funded by the Department of Defense (DoD) and led by the U.S. Partnership for Assured Electronics (USPAE).
The Cicor Group is publishing its financial mid-term targets for the next three to four years today and hosts its Capital Markets Event 2023 this evening in Zurich.
Global TV Shipments to Fall Below 197 Million Units for the First Time in 2023, Slight Growth of 0.2% Expected in 202411/29/2023 | TrendForce
TrendForce’s latest research indicates that despite a decrease in the CPI in Europe and the US this year, consumer budgets are still constrained due to the current high-interest-rate environment, and the real estate bubble in China has suppressed TV demand. Moreover, a significant increase in TV panel prices this year has led brands to scale down promotional events.
Jaltek Systems, a prominent UK contract electronics manufacturer with AS9100 and ISO 13485 accreditations and over 30 years of experience, joined hands with SG Automotive, a Slovenian Electronic Manufacturing Service (EMS) provider known for manufacturing printed circuit board assemblies (PCBA).
Mission to Explore Life on Mars One Step Closer as UK Team to Replace Russian Components for Mars Rover11/27/2023 | UK Space Agency
A European mission to explore life on Mars has been given a major boost after a UK firm was awarded more than £10 million to replace Russian components in the Rosalind Franklin Mars Rover, Space Minister Andrew Griffith announced.