CODI - Compass Diversified Announces Sale of Crosman Air Gun Business | Benzinga
WESTPORT, Conn., April 30, 2024 (GLOBE NEWSWIRE) -- Compass Diversified (NYSE:CODI) ("CODI" or the "Company"), an owner of leading middle market businesses, is announcing the simultaneous entry into a definitive agreement (the "Agreement") and completion of its sale of Crosman Corporation ("Crosman"), the air gun division of its Velocity Outdoor, Inc. subsidiary, to Daisy Manufacturing Company ("Daisy").
Crosman is a leading designer, manufacturer and marketer of air guns, accessories and related consumables sold under the Crosman, Benjamin, Game Face, LaserMax and Centerpoint Optics brands. For more than 100 years, Crosman has served as a pioneer of the air gun industry. Daisy is a designer, manufacturer and marketer of youth and adult air guns, accessories and related consumables sold under the Daisy, BSA, Red Ryder, GAMO and Winchester brands and is a portfolio company of BRS & Co.
Proceeds from the transaction will be used to pay down debt and for general corporate purposes.
Elias Sabo, CEO of Compass Diversified stated, "Our partnership with Crosman dates back to 2006 when we first acquired Crosman, and we are grateful for its history of contributions to both Velocity Outdoor and CODI. We believe Crosman's sale to a recognized industry veteran in the air gun space positions it well for future success."
Tom McGann, Chairman of Velocity ...