WESTPORT, Conn., Oct. 19 /PRNewswire-FirstCall/ -- Compass Diversified Holdings (Nasdaq: CODI) ("CODI" or the "Company") an owner of leading middle market businesses, announced today that its subsidiary, ERGObaby, has appointed Tim Bruer as Chief Executive Officer (CEO), effective October 25th. He will succeed Karin Frost, Founder of ERGObaby, who will remain with the company as Chief Design Officer, as planned.
"We are so very pleased to welcome Tim to the ERGObaby family. We feel incredibly fortunate to have found a person with the high level of skill, rich background, professional integrity and proven success that Tim brings to his work," Ms. Frost noted. "Tim has a deep understanding of our values; an unwavering dedication to the safety, comfort and utility of our products, promotion of baby wearing and the benefits it provides, and unmatched customer service."
Joe Massoud, CEO of CODI, commented, "We are delighted to welcome Tim Bruer as the new CEO of ERGObaby. Tim is a seasoned executive with an impressive background that includes extensive experience in consumer goods as well as mergers and acquisitions. His leadership qualities, business acumen and successful track record provide an ideal fit as we intend to accelerate ERGObaby's strong growth. Consistent with our plan upon acquiring ERGObaby last month, this appointment will also enable Karin Frost to continue to provide dedicated focus on product refinements and new product design and development."
Mr. Bruer, 53, has approximately 20 years of executive experience at consumer goods companies. Previously, he served as CEO of Genisoy Food Company, one of the largest providers of soy protein products sold to the natural food class of trade. Under his leadership, the company increased both revenue and profitability through the successful implementation of a new business strategy, including the restructuring of operations to improve efficiencies and responsiveness, and development and introduction of new products. Prior to that, Mr. Bruer was President and CEO of Nonni's Food Company, a leading producer of premium products in the specialty cookie, snack crackers and chip categories, from 1998-2005. Mr. Bruer's numerous accomplishments at Nonni's Food included the launch of Mrs. Field's licensed cookies, which propelled the company's significant growth during his tenure. From 1992-1997, Mr. Bruer served as Vice President and General Manager at Nestle USA, a subsidiary of Switzerland's Nestle S.A., the world's largest food company. At Nestle USA, he was responsible for managing the $750 million Culinary Division, which included ethnic foods and baking products, and led the successful acquisition of Ortega Mexican-style foods from RJR Nabisco. From 1985-1992, Mr. Bruer worked for Bain & Co., a global business consulting firm, where he was promoted to Partner in 1990.
"I am excited to join ERGObaby as the new CEO," said Mr. Bruer. "The company's attractive industry position and strong brand awareness for high-quality babywearing products and accessories provide compelling growth opportunities. I look forward to leveraging my executive management experience to build upon ERGObaby's past success and drive future performance."
Mr. Bruer is a current Director for Del Monte Foods. He received an MBA from the University of Chicago and a BA in Economics from Stanford University.
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 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.anodynemedicaldevice.com);
- The design and marketing of wearable baby carriers 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 Racing Shox, www.foxracingshox.com);
- The design, sourcing and fulfillment of logo based promotional products (Halo Lee Wayne, www.haloleewayne.com);
- The design and manufacture of premium home and gun safes (Liberty Safe, www.libertysafe.com); and
- The provision of temporary staffing services, operating approximately 300 locations in 29 states (Staffmark, www.staffmark.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, 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.
SOURCE Compass Diversified Holdings