Growing fleet of 5.11 stationary fleets as part of the lifestyle brand strategy
Irvine retailer and tactical equipment manufacturer 5.11 ABR Corp. has submitted an IPO.
The company proposed in a filing on Monday that it should trade on the Nasdaq Global Market under the VXI.
Estimates of the stock price were not given and 5.11 listed a placeholder amount of $ 100 million for the proceeds of the IPO.
The company is part of Westport, Connecticut-based Compass Diversified (NYSE: CODI), which has a portfolio of multiple companies and a market c -italization of $ 2.1 billion. The most recent purchase was Newport Beach-based Lugano Diamonds & Jewelry Inc., which in September sold a 60% stake in Compass, which was valued at $ 256 million.
5.11 was launched in 2003 as a spin-off of the outdoor brand Royal Robbins, with Compass acquiring the business for $ 408.2 million in 2016.
5.11 had 85 stores at the end of September and stated in its filing that 43% of its total sales were generated through the direct-to-consumer channel.
The company had net sales of $ 401 million last year, 3.1% more than last year. The company posted net income of $ 10.3 million in 2020, compared to $ 4.1 million in 2019.