Change of ownership at PrimaLoft
The owner of New York-based materials developer PrimaLoft, PrimaLoft Technologies Holdings, is to be acquired by US holding company Compass Diversified (CODI) in a deal which is expected to close next month.
CODI specialises in niche middle-market businesses, according to its website, and managed $3.1 billion in assets as of March 31.
The exact terms of the transaction were not disclosed, although PrimaLoft’s current leadership team is expected to remain in place following the purchase.
“I am thrilled to be partnering with CODI,” commented PrimaLoft president and chief executive, Mike Joyce. “We have built enduring partnerships with key customers through our ability to consistently deliver innovative products that elevate sustainability and performance, and we look forward to leveraging CODI’s world-class platform to continue to push the synthetic materials market forward."
Chief executive at CODI, Elias Sabo, described the appeal of his firm’s latest addition as tied to its position as a market leader in possession of “significant” intellectual property, which also shares CODI’s “responsible and ethical” values.
“PrimaLoft operates in a large, growing addressable market and is a high growth and high free cash flow generating business that operates at the forefront of sustainability,” Mr Sabo added.
Read more about PrimaLoft’s synthetic insulation technology in WSA here.
Image: PrimaLoft.
