Former Honeywell CEO Completes Purchase of 60% Stake in CompoSecure

MT Newswires Live09-18

CompoSecure (CMPO) late Tuesday said that Resolute Holdings has closed on its strategic transaction between the metal payments card company and the investment vehicle for former Honeywell (HON) chief executive David Cote, who becomes executive board chairman while holding a 60% stake in the company.

The company and the Cote family announced the deal on Aug. 7, with Resolute taking over for long-time institutional investor LLR Partners at the company's helm. Resolute paid $372 million to buy out LLR and other class B shareholders and then swapped those shares for 49.3 million class A CompoSecure shares, ending its two-class stock structure and acquiring a roughly 60% stake in the company.

Cote also gained control of the CompoSecure board, placing six directors on the 11-member panel. It also said chief executive Jon Wilk and other current managers are expected to remain with the company.

Price: 12.51, Change: +0.18, Percent Change: +1.46

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