Resolute Holdings has successfully completed the acquisition of a majority interest in Composecure, Inc. This acquisition involved the exchange of the entirety of the selling shareholders' class B units for class A shares, resulting in Resolute Holdings acquiring 49.3 million class A shares, which represents approximately 60% of Composecure’s outstanding shares. The transaction was valued at approximately $372 million.
Following the acquisition, significant changes have been made to Composecure’s board of directors. David Cote, former CEO of Honeywell, has been appointed as the executive chairman of the board. Additionally, five new board members have been appointed, including Tom Knott, Joseph DeAngelo, Roger Fradin, Mark James, and John Cote. This expansion has increased the total number of board members to 11.
David Cote and Tom Knott, representing Resolute Holdings, expressed their excitement and plans to focus on enhancing Composecure’s organic growth, operational efficiency, and evaluating potential diversification of its customer base and business mix through mergers and acquisitions.
Furthermore, Jon Wilk, President and CEO of Composecure, welcomed the new board members and expressed confidence in their valuable guidance as the company executes its strategic vision. Wilk also acknowledged the departure of two long-standing board members, Mitchell Hollin and Michele Logan, as part of the transaction.
Resolute Holdings, led by David Cote and Tom Knott, aims to invest in businesses that can benefit from the systematic deployment of Cote’s operating system. Cote brings over 40 years of operating experience and a proven track record in delivering shareholder value through disciplined portfolio management and mergers and acquisitions.
On the other hand, Composecure, founded in 2000, is a technology partner that enables trust for millions of people globally, combining elegance, simplicity, and security to deliver exceptional experiences and peace of mind in the physical and digital world.
The acquisition and subsequent board changes mark a significant development for both Resolute Holdings and Composecure, setting the stage for potential strategic shifts and operational enhancements under the leadership of the new executive chairman and the expanded board. Today the company's shares have moved -0.1% to a price of $12.33. If you want to know more, read the company's complete 8-K report here.
