WESTPORT, Conn., April 01, 2019 (GLOBE NEWSWIRE) -- Compass Diversified Holdings (CODI) (“CODI” or the “Company”), an owner of leading middle market businesses, announced today that Pat Maciariello has been promoted to Chief Operating Officer of the Company's Manager, Compass Group Management LLC (“CGM”), effective March 31, 2019. In this role, Pat will manage all of Compass Diversified Holdings’ transaction opportunities and have responsibility for financial and strategic oversight of all of its subsidiaries.
“Having significantly grown our family of niche leading businesses through platform and add-on acquisitions, we are pleased to appoint Pat to this newly created position of Chief Operating Officer, reflecting his important contributions to our success,” said Elias Sabo, CEO of Compass Diversified Holdings. “With our highly experienced and dedicated team, we are very well positioned to continue to execute on the value creation strategy we have developed for CODI’s shareholders. During his 14 year tenure, Pat has established himself as a skilled strategic leader, implementing our disciplined acquisition strategy and executing initiatives to strengthen our subsidiaries. Notably, Pat has had a significant impact serving as a board member of a number of our subsidiaries, including Manitoba Harvest, which we recently monetized and realized a sizeable gain on the sale.”
Mr. Maciariello stated, “I am excited to continue to work closely with Elias, our extraordinary team at Compass, and the world-class management teams at our subsidiary companies in my new role as COO. Over its history, Compass has created significant value by identifying attractive investment opportunities and proactively and collaboratively working with management teams to best capitalize on growth opportunities. I look forward to continuing these efforts to deliver value to all CODI stakeholders.”
Mr. Maciariello joined CGM in 2005, was appointed partner in 2011, and currently serves as a member of the company’s Investment Committee and head of CGM’s West Coast office. Mr. Maciariello is currently a director and the Chairman of The Sterno Group and Foam Fabricators. He is also a director and board member of 5.11, Advanced Circuits and Ergobaby. Prior to joining CODI, he was with Bain & Company and Deutsche Banc Alex Brown. Mr. Maciariello is a graduate of the University of Notre Dame and Columbia Business School.
About Compass Diversified Holdings (“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 tactical 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);
- Environmental services for a variety of contaminated materials including soils, dredged material, hazardous waste and drill cuttings (Clean Earth);
- 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 manufacture and marketing of portable food warming fuels for the hospitality and consumer markets, flameless candles and house and garden lighting for the home decor market, and wickless candle products used for home decor and fragrance systems (The Sterno Group); and
- The design, manufacture and marketing of airguns, archery products, optics and related accessories (Velocity Outdoor).
This press release may contain certain forward-looking statements, including statements with regard to the future performance of CODI. 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 SEC for the year ended December 31, 2018 and other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
|Compass Diversified Holdings |
Ryan J. Faulkingham
Chief Financial Officer
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The IGB Group