Camelbak Products, maker of backpack canteens was acquired by Compass Diversified Holdings of Westport, Connecticut for $257.5 million on Aug. 24. The acquisition gives Compass 89.9% of the Petaluma based company.
Certain Camelbak management and one of Compass' largest lenders received stakes. Also in the deal were $145.2 million in loans to Camelbak. Sally McCoy, current CEO of Camelbak will retain her position at the company.
According to Compass CEO, Alan Offenberg, the acquisition of Camelbak will provide 15 to 20 cents per share of additional cash-flow.
Camelbak started in 1989 and had revenues of $122 million last year from a line of personal hydration products that now includes bottles as well as the backpacks. Camelbak has changed hands several times, including when Bear Stearns purchased the company in 2003 for $210 million.
Camelbak looks forward to working with their newest partners.
“We are eager to leverage the unique strengths of CODI’s financing structure and history of working with established middle-market companies to build upon our track record of success in providing advanced hydration solutions for customers on a worldwide basis,” Sally McCoy said in the announcement this morning.
Compass’ other eight portfolio companies are Advanced Circuits, American Furniture Manufacturing, Anodyne Medical Device, ERGObaby, HALO Branded Solutions, Liberty Safe and Staffmark.