Compass Diversified Holdings (NYSE: CODI), an owner of middle market businesses, has entered a definitive agreement to acquire 5.11 Tactical (5.11) for a purchase price of $400 million.

The acquisition is expected to close within the next 45 days, subject to customary closing conditions. The purchase price excludes working capital and certain other adjustments upon closing.

5.11 is a designer and marketer of purpose-built tactical apparel and gear serving a wide range of global customers including law enforcement, military special operations and firefighters, as well as outdoor enthusiasts.

“5.11 represents a strong addition to our family of leading middle market businesses, and we welcome the opportunity to serve law enforcement, first responders, military personnel as well as the tactical consumer market,” said Alan Offenberg, CEO of Compass Diversified Holdings.

Tom Davin, CEO of 5.11, and Francisco Morales, its president, will continue to serve in the same roles at the company. Mr. Davin commented, “At 5.11 our mission is to create purpose-built, functionally innovative tactical apparel and gear for the most demanding situations. CODI’s acquisition of 5.11 provides an excellent platform to further that mission.”