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Compass Diversified, an owner of leading middle market businesses, announced that its majority-owned subsidiary, Compass AC Holdings, Inc. (Advanced Circuits), terminated the previously announced Agreement and Plan of Merger, dated as of October 13, 2021 (the Merger Agreement), pursuant to which Advanced Circuits was to be sold to Tempo Automation, Inc.
The closing of the transaction contemplated by the Merger Agreement was conditioned upon Tempo Automation being acquired by a publicly traded special purpose acquisition company (the SPAC Transaction). Due to continued delay in closing the SPAC Transaction, the Company and Advanced Circuits elected to terminate the Merger Agreement.
“Advanced Circuits is a proven industry leader in the PCB industry, and we’re proud of the Company’s success under CODI’s ownership,” said Elias Sabo, CEO of Compass Diversified. “We look forward to continuing our partnership with Advanced Circuits and are excited about its future prospects which we believe will drive enhanced value for CODI shareholders.”