WESTPORT, Conn., Nov. 30,
2012 /PRNewswire/ -- Compass Diversified Holdings (NYSE: CODI)
("CODI"), an owner of leading middle market businesses, announced
today that Mr. Alan Offenberg, who
has served as interim CEO since February 17,
2011, has been elected by the Company's Board as CEO, and
will remain on the Company's Board of Directors. Mr.
Offenberg is a founding partner of Compass Group Management LLC
("CGM") and has been with CGM and its predecessor since 1998.
Mr. I. Joseph Massoud, who has been
on a leave of absence from his duties as Chief Executive Officer
and a director of the Company since February
17, 2011, resigned from his position as Chief Executive
Officer and a director of the Company.
Mr. Sean Day, CODI's Chairman of
the Board, commented, "During his tenure as CEO, Alan has
demonstrated strong leadership, as the Company has continued to
successfully execute its strategy. Since February 2011, we have completed three
acquisitions and profitably sold two subsidiary businesses.
We also completed a $545 million
refinancing of the Company's existing debt at favorable
rates. With disciplined investing and a strong balance sheet,
CODI remains well positioned to capitalize on favorable growth
opportunities to enhance future performance and provide
shareholders with attractive distributions."
Mr. Massoud's resignation follows an announcement that a
settlement has been reached between the U.S. Securities and
Exchange Commission ("SEC") and Mr. Massoud in connection with an
investigation of personal trading matters from 2009, unrelated to
CODI, its operations, its subsidiaries and securities. Mr.
Massoud has neither admitted nor denied the SEC's
claims.
In addition, CGM has informed the Company that Mr. Massoud
intends to step down as its managing member. Mr. Elias J. Sabo, a founding partner of CGM, will
replace him in that capacity.
Mr. Day concluded, "It is with deep regret that the Board
accepts Mr. Massoud's resignation. We would like to thank Mr.
Massoud for his service. He was instrumental in founding CODI
in 2006, and gave us five years of strong and successful
leadership. We wish him all of the very best in his future
endeavors."
About Compass Diversified Holdings ("CODI")
CODI owns
and manages a diverse family of established North American middle
market businesses. Each of its eight current subsidiaries is a
leader in their niche market.
CODI maintains controlling ownership interests in each of its
subsidiaries in order to maximize its ability to impact long term
cash flow generation and value. The Company provides both debt and
equity capital for its subsidiaries, contributing to their
financial and operating flexibility. CODI utilizes the cash flows
generated by its subsidiaries to invest in the long-term growth of
the Company and to make cash distributions to its owners.
Our subsidiaries are engaged in the following lines of
business:
- The manufacture of quick-turn, prototype and production rigid
printed circuit boards (Advanced Circuits,
www.advancedcircuits.com);
- The design and manufacture of promotionally priced upholstered
furniture (American Furniture Manufacturing,
www.americanfurn.net);
- The design and manufacture of medical therapeutic support
surfaces and other wound treatment devices (Anodyne Medical
Device, also doing business and known as Tridien
Medical, www.tridien.com);
- The manufacture of engineered magnetic solutions for a wide
range of specialty applications and end-markets (Arnold Magnetic
Technologies, www.arnoldmagnetics.com);
- The design and manufacture of personal hydration products for
outdoor, recreation and military use (CamelBak Products,
www.camelbak.com);
- The design and marketing of wearable baby carriers, strollers
and related products (ERGObaby,
www.ergobabycarriers.com);
- The design, manufacture and marketing of premium suspension
products for mountain bikes and powered off-road vehicles
(FOX, www.ridefox.com);
- The design and manufacture of premium home and gun safes
(Liberty Safe,
www.libertysafe.com).
To find out more about Compass Diversified Holdings, please
visit www.compassdiversifiedholdings.com.
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of the Company. Words such as "believes," "expects,"
"projects," and "future" or similar expressions, are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions. Certain factors could cause actual
results to differ materially from those projected in these
forward-looking statements, and some of these factors are
enumerated in the risk factor discussion in the Form 10-K filed by
CODI with the Securities and Exchange Commission for the year ended
December 31, 2011 and other filings
with the Securities and Exchange Commission. CODI undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Compass Diversified Holdings