Compass Diversified (CODI) Investor Presentation - Slideshow

Company Overview - Compass Diversified (CODI) manages $2.5 billion in assets across 10 current platforms, with approximately $500 million in dry powder pro forma for the BOA deal[12] - CODI has completed aggregate transactions of $6.4 billion, including 21 platforms and 27 add-ons, and realized gains of over $1.1 billion since its IPO, with 11 divestitures to date[11] - As of September 30, 2020, CODI's portfolio consisted of 6 branded consumer and 4 niche industrial subsidiaries[12] Financial Performance and Strategy - CODI's TTM revenues and subsidiary pro forma adjusted EBITDA as of September 30, 2020, were $1.6 billion and $284 million, respectively[23, 30] - The company's branded consumer EBITDA concentration increased to over half the portfolio on a pro forma basis, with branded consumer EBITDA growing year-over-year despite COVID[15] - CODI's capital allocation strategy involved divesting Clean Earth (EBITDA of $42 million) and Manitoba Harvest (EBITDA of $5 million) for total proceeds of $711 million, and acquiring BOA (estimated FY 2019 EBITDA of $30 million) and Marucci (estimated FY 2019 EBITDA of $14 million) for a total investment of $590 million[16] - Pro forma for the BOA acquisition, the leverage ratio is approximately 3.20:1.00[33] Subsidiary Performance - For the nine months ended September 30, 2020, niche industrial net revenues were $491.34 million, a decrease of 9.1% compared to $540.574 million in 2019, while branded consumer net revenues were $617.139 million, an increase of 7.8% compared to $572.667 million in 2019[40] - For the nine months ended September 30, 2020, niche industrial adjusted EBITDA was $85.715 million, a decrease of 16.1% compared to $102.209 million in 2019, while branded consumer adjusted EBITDA was $97.624 million, an increase of 17.7% compared to $82.926 million in 2019[41] - BOA Technology was acquired for $454 million on October 16, 2020[32, 64]