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SternoCandleLamp (SCL) is pleased to announce it has been acquired by Compass Diversified Holdings (NYSE:CODI), an owner of leading middle market businesses.
Unlike many traditional private equity firms, CODI maintains a longer term outlook as to the ownership of businesses where such an outlook is required to maximize stakeholder interests.
Westar Capital had owned Candle Lamp since 2006 and acquired Sterno in 2012, forming SternoCandleLamp. SCL is a national brand leader and recognized innovator within the food heating and table lighting industry with a diverse portfolio of products that address the needs of its institutional foodservice and consumer customer base. SCL manufactures and distributes chafing fuels, butane products, candles, lamps, and table lighting fixtures for casual eateries, fine restaurants, hotels, resorts, home entertainment, and outdoor uses. SCL’s primary brand, Sterno, has an accomplished 100 year long history and enjoys excellent brand awareness within Foodservice and Retail segments.
“We are excited to join Compass Diversified Holdings and believe their ownership will allow SCL to reach new heights and achieve our expansion and growth goals within the foodservice, consumer and international markets,” said Don Hinshaw, CEO and President of SternoCandleLamp. “We look forward to Compass Diversified Holdings support as we grow organically and continue to seek acquisitions that complement our 100 year old Sterno Brand.”
SternoCandleLamp will continue to be headquartered in Corona, CA and expects business to continue as usual.
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. CODI provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI’s eight other majority-owned subsidiaries include: Advanced Circuits, American Furniture Manufacturing, Arnold Magnetic Technologies, CamelBak Products, Clean Earth, Ergobaby, Liberty Safe, and Tridien. In addition, CODI owns approximately 41% of the common stock of Fox Factory Holding Corp. (Nasdaq: FOXF), a former subsidiary business that completed its initial public offering in August 2013.
