Compass Diversified Holdings (Codi) has launched a secondary offering of trust shares intended to raise up to $125 million to repay a portion of its credit facility. Codi is the parent company of Camelbak Products, Ergobaby and Liberty Safe. It is also a minority shareholder in Fox Factory, which is no longer consolidated since July 10. The company has already offered 6,000,000 trust shares, giving underwriters the option to purchase up to 900,000 more shares within a 30-day period. Codi made the announcement after reporting a drop in operating income of about $700,000 to $2.8 million for Camelbak in the third quarter ended Sept. 30 on 3.4 percent lower sales of $33.5 million. The group's operating profit declined by 89.1 percent to $9.7 million as total revenues went down by 23.5 percent to $203.1 million, but net earnings went up by 235 percent to $262.1 million.