Don Hinshaw to Retire as CEO, Effective December 31, 2020; Will Remain on Board of Directors
Sterno Veteran Craig Carnes Named CEO
WESTPORT, Conn., Oct. 02, 2020 (GLOBE NEWSWIRE) -- 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 Group
Headquartered 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).
Compass Diversified (“CODI”)
Jonathan Keehner / Kate Thompson / Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
The Sterno Group
Vice President of Marketing