As we close another year, CVF Capital Partners is proud to reflect on a year of leadership transitions, successful exits, and continued investment in people and communities across California’s Central Valley and Western United States. In 2025, CVF celebrated 20 years in business, underscoring our long-standing commitment to partnering with management teams, providing flexible capital, and building enduring businesses.
Portfolio Leadership & Growth
Initiative Foods – Sanger, CA
Initiative Foods, one of the nation’s largest baby food manufacturers, announced the appointment of Don Ephgrave as Chief Executive Officer, effective October 6, 2025.
Don brings decades of senior leadership experience in the food and consumer products industry, most recently serving as a President and CEO, where he drove strong top and bottom line performance. His prior roles include Vice President of Operations, Senior Director of Operations, and General Manager.
Don is known for his “win with people” philosophy, building cultures of trust, accountability, and performance, and joins Initiative Foods at a pivotal moment as the company is well positioned for continued expansion.
“Don brings a wealth of experience, proven leadership, and deep industry knowledge that make him the ideal choice to guide the company forward,” said Jose Blanco, Managing Partner at CVF Capital Partners. “ We are confident that under Don’s leadership, the company will continue to thrive, innovate, and strengthen its position as a leader in the baby food industry.”
Gary Platt Seating – Reno, NV
CVF Capital Partners is pleased to announce the appointment of Gary Toms as Chief Executive Officer of Gary Platt Seating, a global leader in gaming seating.
Gary brings extensive experience across the gaming industry and a proven track record of driving innovation, operational excellence, and growth. His appointment follows a recent growth capital investment positioning Gary Platt Seating for expansion and success.
“Gary brings deep industry experience, proven operational leadership, and a clear strategic vision that position Gary Platt Seating well for its next chapter of growth. We are excited to partner with an outstanding management team as the company builds on its legacy and advances its mission,” said Chris Carleson.
Under Gary’s leadership, Gary Platt Seating will continue setting the standard for comfort, performance, and durability in gaming environments worldwide, while strengthening partnerships and delivering exceptional solutions to casino operators and gaming customers globally.
Successful Portfolio Exits
Vista Recreation – Red Bluff, CA/ Phoenix, AZ
CVF successfully exited Vista Recreation. CVF invested in Vista to support the company’s expansion strategy and partnered closely with management to complete three strategic follow-on acquisitions, significantly broadening Vista’s geographic footprint and scale.
Founded as a leading operator of outdoor recreation assets, Vista Recreation has grown into one of the largest privately owned campground and recreation management companies in the United States. The company partners with federal, state, and local public agencies to operate campgrounds and recreation areas under long-term concession agreements, playing a critical role in expanding access to outdoor recreation nationwide.
“Vista Recreation has built a strong platform and an outstanding reputation as a trusted partner to public agencies,” said Chris Carleson. “We are proud to have supported the team’s growth and wish them continued success in their next chapter.”
Utility Telecom – Stockton, CA
CVF Capital Partners successfully exited its investment in Utility Telecom through an owner led bank recapitalization, marking a significant milestone in a decade-long partnership.
CVF initially invested debt and equity in Utility Telecom in 2015 and supported the company through five strategic acquisitions, reinforcing CVF’s ability to provide flexible capital solutions to growing businesses in the Central Valley.
Founded in 1996, Utility Telecom is one of the region’s largest providers of networking, communications, and technology solutions, serving more than 5,000 enterprise, government, and wholesale customers across California and Nevada. The company operates a fully redundant OC-48 fiber network, delivering high-speed connectivity critical to regional infrastructure and economic growth.
“Utility Telecom is an example of how long-term partnership and flexible capital can drive meaningful value creation,” said Jose Blanco. “We are proud of what the team accomplished and the durable platform built over the course of our investment.”
Firm Leadership & Advancement
Chris Carleson Promoted to Partner
Early this year, CVF Capital Partners promoted Chris Carleson to Partner, recognizing over a decade of leadership, investment execution, and value creation.
Since joining CVF in 2012, Chris has played a central role across numerous portfolio companies, including Vista Recreation, Precision Machine & Manufacturing, and Signature Coast. His hands-on approach, strategic insight, and partnership with management teams have been instrumental in driving operational improvements and sustainable growth.
“His promotion reflects our commitment to fostering talent and ensuring that we continue to build on our strong foundation of investment excellence,” said Jose Blanco, Managing Partner.
Community Engagement
ACG SF Panel – Sacramento, CA
CVF was pleased to announce that Jose Blanco, Managing Partner, moderated an ACG SF panel discussion titled “Driving Value in the Middle Market: An M&A Success Story.”
Held in Sacramento, the event brought together seasoned business leaders and expert advisors to share real-world insights into the strategies behind successful mergers and acquisitions. Attendees gained actionable perspectives on value creation, deal execution, and growth strategies, while connecting with peers across Sacramento’s thriving middle-market business community.
Business Focus Webinar – Tax Legislation Update
“Tax Legislation Alert: Key Implications of the ‘One Big Beautiful Bill’ for Businesses & Business Owners.”
Following the signing of President Trump’s One Big Beautiful Bill (OBBB) into law on July 4, 2025, the webinar provided an in-depth discussion of the bill’s wide-ranging impact on U.S. businesses. Legal and financial experts explored implications for domestic tax policy, government spending, and the effects on start-ups, manufacturing companies, and the M&A landscape.
Looking Ahead
As CVF enters its next chapter, we remain focused on supporting exceptional companies, investing in people, and strengthening the communities we serve. With $375 million in committed capital, 45 platform and tuck-in investments, and more than 1,500 employees across our portfolio, we are proud of the scale and impact built over 20 years of providing flexible capital to the Central Valley and Western United States. We are grateful to our investors, management partners, and community stakeholders who make this work possible, and we look forward to building on this momentum in the year ahead.
For more information, contact:
Phone: 530-757-7004 ext. 227
