Newport Beach luxury jewelry maker Lugano Diamonds & Jewelry Inc. has been sold to Compass Diversified (NYSE: CODI) for an enterprise value of $256 million.

Lugano CEO and co-founder Moti Ferder is expected to continue to lead the company, along with the rest of the leadership team.

A minority stake in the jewelry business will remain with the company’s existing owners and managers, Compass said on Tuesday.

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Compass, based in Westport, Conn., is a multi-brand portfolio owner. It owns brands such as baby carrier company Ergobaby, circuit board maker Advanced Circuits and baseball and softball apparel and equipment maker Marucci Sports, along with seven other brands.

It’s also the parent to Irvine-based tactical gear maker and retailer 5.11 Inc., which last month filed a draft registration statement for an initial public offering.

Compass was trading up about 1% to $31.74 in midday trading Tuesday for a market cap of $2.1 billion.