WESTPORT, Conn. (BRAIN) — Compass Diversified, which owns BOA and Lizard Skins, has agreed to buy PrimaLoft, a Latham, N.Y.-based textile company. PrimaLoft makes synthetic insulation primarily used in sports apparel.
PrimaLoft was established in 1983 by Albany International Corporation in response to a U.S. Army request to develop a synthetic insulation for soldiers that replicated the warmth and weight characteristics of traditional goose down, but also remained warm when wet.
Today, PrimaLoft is used by more than 950 brands, including Patagonia, Pearl Izumi and Endura.
"PrimaLoft has all the attributes we look for in an acquisition and once closed, will add to CODI's track record of acquiring industry-leading, innovative businesses with strong competitive advantages," said Elias Sabo, CEO of Compass Diversified. "PrimaLoft is a market leader and possesses significant intellectual property, operates in a large, growing addressable market, and has a world-class management team led by Mike Joyce. In addition, PrimaLoft is a high-growth and high free cash flow generating business that operates at the forefront of sustainability and is fully aligned with CODI's mission of conducting our business in a responsible and ethical manner while delivering superior investment results. We're excited to support PrimaLoft's next phase of growth."
The acquisition is expected to close in July.
