CamelBak acquired for $257 million

PETALUMA -- CamelBak Products, LLC, best known for its line of backpack canteens, was acquired by a Connecticut-based publicly traded investment group for $257.5 million.

Compass Diversified Holdings (NYSE: CODI) of Westport, Conn., acquired 89.9 percent of the Petaluma company on Aug. 24. Some CamelBak management and one of Compass' largest lenders also acquired stakes. The deal included $145.2 million in loans to CamelBak.

Sally McCoy will remain chief executive officer of CamelBak.

"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," she said in the announcement this morning.

Compass CEO Alan Offenberg said the acquisition of CamelBak would provide his shareholders 15 to 20 cents per share of added cash-flow per year.

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