Compass Diversified Announces Planned CEO Transition at Subsidiary Company, The Sterno Group
October 02 2020 - 08:00AM
Compass Diversified (NYSE: CODI), an owner of leading middle market
businesses, today announced that Don Hinshaw, CEO of CODI
subsidiary company, The Sterno Group (“Sterno” or the "Company"), a
leading manufacturer and marketer of portable food warming systems
and creative table lighting solutions for the hospitality and
consumer industries, has announced his retirement, effective
December 31, 2020. Mr. Hinshaw will continue to serve as a Board
Member and advisor. Craig Carnes, President of the Company’s
Foodservice Group, has been named CEO, effective January 1, 2021.
Mr. Hinshaw joined Sterno’s predecessor, Candlelamp, as a
seasoned CEO 12 years ago, and has since overseen the sale of the
business to CODI and the acquisitions of Sterno, Sterno Home
(Northern International), Sterno Delivery and Rimports as well as
Sterno’s product line expansions and rebranding initiatives.
“Don has led Sterno’s growth and broadened its portfolio of
industry-leading products, positioning the Company as a true leader
in the space,” said Elias Sabo, CEO of Compass Diversified. “On
behalf of the CODI and Sterno teams, we thank Don for his
dedication and many contributions, and wish him all the best in
retirement. We are confident that the Company is poised for
continued success with Craig at the helm and are pleased to
continue working with him in this new role.”
“We are grateful for the trust Don placed in CODI when we began
this partnership six years ago. Don created a strong culture and
led with integrity, and we look forward to continuing to work with
him on the Board,” said Pat Maciariello, Partner and COO at Compass
Diversified and Chairman of The Sterno Group. “Having spent over a
decade at the Company and having led Sterno’s Foodservice Group,
Craig will bring a unique understanding of the business to the CEO
position. Craig is a seasoned industry veteran and under his
leadership, Sterno will continue adapting to meet the evolving
needs of its end-consumers and channel partners, while executing on
the many growth opportunities ahead.”
“It has been a true privilege to serve as CEO of Sterno and I am
incredibly proud of all we have accomplished together,” said Mr.
Hinshaw. “Through my role on the Board, I will continue to support
Craig, the leadership team and CODI as we position Sterno for
success in the years to come.”
Mr. Carnes added, “We have seen tremendous growth, both
organically and through acquisitions, during Don’s tenure and I
thank him for his leadership and partnership. I look forward to
building on that success by working with CODI and our talented
employee base to continue delivering quality innovative products
that provide solutions and value to our customers.”
About Compass Diversified (“CODI”)
CODI owns and manages a diverse family of established North
American middle market businesses. Each of its current subsidiaries
is a leader in its 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 shareholders.
Our nine majority-owned subsidiaries are engaged in the
following lines of business:
- The design and marketing of purpose-built technical apparel and
gear serving a wide range of global customers (5.11);
- The manufacture of quick-turn, small-run and production rigid
printed circuit boards (Advanced Circuits);
- The manufacture of engineered magnetic solutions for a wide
range of specialty applications and end-markets (Arnold Magnetic
Technologies);
- The design and marketing of wearable baby carriers, strollers
and related products (Ergobaby);
- The design and manufacture of custom molded protective foam
solutions and OE components (Foam Fabricators);
- The design and manufacture of premium home and gun safes
(Liberty Safe);
- The design and manufacture of baseball and softball equipment
and apparel (Marucci Sports);
- The manufacture and marketing of portable food warming systems
used in the foodservice industry, creative indoor and outdoor
lighting, and home fragrance solutions for the consumer markets
(Sterno); and
- The design, manufacture and marketing of airguns, archery
products, optics and related accessories (Velocity Outdoor).
About The Sterno GroupHeadquartered in Corona,
California, The Sterno Group consists of the companies Sterno LLC,
Sterno Home Inc., and Rimports,LLC who are the leading
manufacturers and marketers in portable food warming solutions and
restaurant table lighting, decorative flameless candles and outdoor
landscape lighting, and scented wax systems for homes and line of
essential oils, respectively. The Sterno Group is a subsidiary of
Compass Diversified (NYSE: CODI).
Media Contacts
Compass Diversified
(“CODI”)Jonathan Keehner / Kate Thompson / Julia
SottosantiJoele Frank, Wilkinson Brimmer Katcher212-355-4449
The Sterno GroupDavid AmiraultVice President of
Marketingamirault.david@sternoproducts.com
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