Westport-based Compass Diversified Holdings Inc. has announced the closing of the $145 million acquisition of Rimports Inc. by its subsidiary Sterno Products LLC. Compass Diversified Holdings funded the acquisition by drawing on its revolving credit facility.
Rimports is headquartered in Provo, Utah, and is a manufacturer and distributor of branded and private label scented wickless candle products used for home décor and fragrance. Sterno Products is based in Corona, Calif., and is a manufacturer and marketer of portable food warming fuels and creative table lighting solutions for consumer, food service and hospitality markets.
“This marks our second accretive acquisition since the year began, including our recent platform acquisition,” said Alan Offenberg, CEO of Compass Diversified Holdings, which acquired a majority interest in Sterno Products in October 2014. “This transaction will strengthen Sterno Products by adding a complementary product line of scented wickless candle products, and expanded retail channel penetration.”
