Attached files
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8-K - FORM 8-K - Compass Group Diversified Holdings LLC | w81685e8vk.htm |
Exhibit 99.1
Compass Diversified Holdings
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Investor Relations and Media Contacts: | |
James J. Bottiglieri
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The IGB Group | |
Chief Financial Officer
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Leon Berman / Michael Cimini | |
203.221.1703
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212.477.8438 / 212.477.8261 | |
jim@compassequity.com
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lberman@igbir.com / mcimini@igbir.com |
Compass Diversified Holdings Chief Executive Officer to Take Leave of Absence
Westport,
Conn., February 17, 2011
Compass Diversified Holdings (NYSE: CODI) (CODI or the Company), an owner of leading
middle market businesses, announced today that Joe Massoud, its Chief Executive Officer, has requested,
and the Board has approved, a leave of absence to focus his attention on
an informal regulatory inquiry that Mr. Massoud has received on matters unrelated to CODI.
CODI also announced that its manager, Compass Group Management LLC (CGM), has nominated,
and that its Board has approved, Alan Offenberg to assume the role of CEO on an interim
basis, as well as Mr. Massouds seat on the Companys Board of Directors. Commenting
on the transition, Mr. Offenberg said, I am honored to be able to serve CODIs
shareholders in this capacity. Joe will continue to be available to us during
his leave and we are all very excited about the many opportunities the Company
has to build value for our owners.
Mr. Offenberg has been
a partner with CGM and its predecessor since 1998. Prior to that, Mr. Offenberg
was with Trigen Energy, Creditanstalt Bankverein and GE Capital. Mr. Offenberg
is a graduate of Tulane University and the Northeastern University Graduate
School of Business. Mr. Offenberg is currently a director and chair of American
Furniture Manufacturing, Inc. and Liberty Safe and Security Products, Inc.
About Compass Diversified Holdings (CODI)
Compass Diversified Holdings ("CODI") owns and manages a diverse family of established North American
middle market businesses. Each of its eight 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 owners.
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, 2009 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.
A copy of this press release, and of past press
releases, is available on Compass Diversified
Holdings website located at www.compassdiversifiedholdings.com.