WASHINGTON (June 1, 2006) – Sutherland Asbill & Brennan LLP served as counsel for Compass Diversified Trust in a uniquely structured $202.5 million initial public offering. Westport, Conn.-based Compass Diversified Trust completed its sale of 13,500,000 shares at an offering price of $15.00 per share on May 17.
Net proceeds from the offering were used to purchase four initial businesses from different industries including human resources outsourcing firm CBS Personnel Holdings, Inc.; recreational products provider Crosman Acquisition Corp.; electronic components maker Compass AC Holdings, Inc.; and hard coatings company Silvue Technologies Group, Inc.
This IPO's structure allows investors to own businesses that traditionally have been held and managed by private equity firms, private individuals, financial institutions or large conglomerates and gives them access to the public markets.
The Sutherland legal team for Compass Diversified included: lead partners Steven B. Boehm and Cynthia M. Krus, lead tax partner H. Karl Zeswitz, Jr.., counsel Christopher M. Zochowski, associates Nina Mojiri-Azad and Marc E. Rivera, all from Washington and tax associate William R. Pauls from Atlanta.
In 2006, Mr. Boehm, Ms. Krus and their team have represented issuers in six IPOs totaling $700 million. Several of these IPOS have been structured with alternative financing vehicles, such as business development companies (BDCs), special purpose acquisition corporations (SPACs) and trusts as holding companies for a limited liability corporation (T-LLC), as in the Compass Diversified transaction.
Sutherland Asbill & Brennan LLP is a national law firm known for solving challenging business problems and resolving unique legal issues for many of the world's largest companies. Founded in 1924, the firm has grown to approximately 500 lawyers with offices in Atlanta, Austin, Houston, New York, Tallahassee and Washington. For further information about the firm, please visit sutherland.com.