Greenwich, CT – April 1, 2010 – Catterton Partners, one of the leading consumer-focused private equity firms in North America, today announced that it has sold Liberty Safe and Security Products, Inc., the #1 seller of full-size residential safes in the United States, to an affiliate of Compass Diversified Holdings (Nasdaq: CODI).
Since investing in Liberty Safe in 2005, Catterton Partners has worked with the Liberty Safe team to implement a number of manufacturing, sales and marketing initiatives that have enabled the company to increase sales by approximately 15% per annum and more than double its earnings. Over this period, Liberty Safe has successfully transitioned from a manufacturing to a sales orientation, and today benefits from a demand-based production platform. In addition, the company has significantly expanded its distribution footprint and doubled its sales to national, big box and sporting goods retailers, while also strengthening its reach and relationships in its traditional dealer channel.
“We are proud of the profitable growth and market expansion that Liberty Safe has achieved working with Catterton,” said Jeff Talley, President and Chief Executive Officer of Liberty Safe. “Catterton’s expertise and guidance have been instrumental in the exceptional results we have delivered over the last five years. We appreciate the partnership Catterton has extended in helping us to build our business and look forward to continuing this momentum as part of Compass Diversified Holdings.”
Scott Dahnke, Managing Partner of Catterton Partners, said, “Through a dedication to superior products and service and a drive towards continuous improvement, the Liberty Safe team has established an enviable leadership position in the industry. We are pleased to have worked with this talented team and to have participated in the company’s success.”
Robert W. Baird & Co. acted as financial advisor to Liberty in connection with the Compass Diversified Holdings transaction.
About Liberty Safe
Liberty Safe and Security Products, Inc. is the #1 seller of full-size residential safes in the U.S. The company offers the broadest line of home, gun, office and commercial safes available from any one company. The company’s products are offered under three popular brands – Liberty, National Security and Centurion.
Liberty Safe’s market leadership is founded on high quality, innovative products offering superior fire protection, technologically advanced security, exquisite styling and functional storage capacity. Its products are sold through a nationwide network of full-service dealers and mass retail outlets, providing expert sales and service.
Founded in 1988, Liberty Safe is headquartered in Payson, Utah. Additional information about the company can be found at http://www.libertysafe.com.
About Catterton Partners
With more than $2.3 billion under management, Catterton Partners is a leading consumer-focused private equity firm in North America. Since its founding in 1989, Catterton has leveraged its investment capital, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market consumer industry.
Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, and Media and Marketing Services. Representative investments that Catterton Partners has led include Breyers Yogurt, Cheddar’s Restaurants, Heartland Recreational Vehicles, O.N.E. (One Natural Experience) beverages, Nature’s Variety Pet Food and Restoration Hardware. Representative realized investments include Baja Fresh Mexican Grill, Build-A-Bear Workshop, Frederic Fekkai, Kettle Foods, Odwalla, P.F. Chang’s China Bistro and Wellness Pet Food.
More information about the consumer-focused private equity firm can be found at http://www.cpequity.com.
Eric Brielmann / Andi Salas
Joele Frank, Wilkinson Brimmer Katcher