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5.11 Publicly Files for IPO

Irvine retailer and tactical gear maker 5.11 ABR Corp.’s filing for an initial public offering has been made public.

The company proposed in a filing Monday to trade on the Nasdaq Global Market under VXI.

Share price estimates were not specified and 5.11 listed a $100 million placeholder amount for the IPO’s proceeds.

The company is part of Westport, Conn.-based Compass Diversified (NYSE: CODI), which owns a portfolio of several businesses and had a recent market cap of $2.1 billion. Its most recent purchase was Newport Beach-based Lugano Diamonds & Jewelry Inc., which sold a 60% stake to Compass in September in a deal whose enterprise value was cited as $256 million.

5.11 was launched in 2003 as a spin off from the outdoor brand Royal Robbins, with Compass acquiring the business in 2016 for $408.2 million.

5.11 had 85 stores at the end of September and said in its filing 43% of its overall revenue is generated from the direct-to-consumer channel.

The business generated net sales last year of $401 million, up 3.1% from the prior year. The company recorded net income of $10.3 million in 2020, compared to $4.1 million in 2019.

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