Lizard Skins and BOA parent delivers record results
Compass Diversified, the parent group to Lizard Skins and BOA Technologies, among many other middle market labels, has reported a record year in its FY21 results, with annual sales reaching $1.842 billion.
Both relatively new additions to the Compass portfolio, Lizard Skins and BOA are already making their contributions with the firm’s full year and Q4 statement revealing that the dial-based lacing system maker BOA had tallied $14.1 million of sales in the fourth quarter, up substantially from $8.8 million in Q4 of last year.
“Our momentum continued in the fourth quarter as CODI delivered a fourth consecutive quarter of record results and the best year-end results in our history,” said Elias Sabo, CEO of Compass Diversified. “Our consumer business again delivered solid results, driven by continued strong performance at our most recent acquisitions, and our niche industrial business experienced increased demand for their products during the fourth quarter. We continued to deploy capital into our existing subsidiaries in the fourth quarter acquiring Lizard Skins and Plymouth Foam as strategic add-ons to Marucci Sports and Altor Solutions, respectively, demonstrating our sustainable investing philosophy and continued commitment to deploying capital to enhance value at a subsidiary level.”
Mr. Sabo continued, “Looking ahead, we enter 2022 with a strong balance sheet, substantial liquidity and remain confident in our ability to generate long term shareholder value in the years ahead through the continued deployment of capital into accretive platform and add-on acquisitions and subsidiary growth opportunities.”
For group as a whole in Q4, net sales for the quarter ended December 31, 2021 were $536.6 million, as compared to $421.6 million for the quarter ended December 31, 2020.
Forward guidance
Full year 2022 guidance estimated an earning before tax of between $400 and $420 million, though this prediction is “absent of any acquisitions or divestitures”, suggesting further activity may be planned for the year ahead.
In addition, the Company expects to produce Adjusted Earnings in 2022 of between $110 million and $125 million.
Compass Diversified was set to launch an IPO during 2022, but at the time of writing the plans have been shelved due to prevailing market conditions.
The Lizard Skins brand is carried in the UK by 2pure.
