The Westport-based holding company Compass Diversified has acquired PrimaLoft Technologies Holdings Inc., the parent company of PrimaLoft Inc. a leading provider of synthetic insulation and materials used primarily in consumer outerwear and accessories, for an enterprise value of $530 million.
Based in Latham, New York, 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 holds more than 90 global patents and serves over 950 active brand partners including Patagonia, Nike, Stio, La Sportiva, Polo Ralph Lauren, Helly Hansen, Marmot, Moncler, and Canada Goose.
Following the close of the transaction, PrimaLoft will continue to be led by its current leadership team including President and CEO Mike Joyce.
Elias Sabo, CEO of Compass Diversified, observed, “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.”
Photo: A Land’s End jacket made with PrimaLoft insulation
