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FLAGSTAFF, AZ (April 10, 2023) – CVF Capital Partners (“CVF”) supported the acquisition of the Toxicology Direct Bill (“Direct Bill”) division of Cordant Health Solutions (“CHS”). The Direct Bill division provides drug testing and lab services for parole agencies, probation and drug courts as well as medication-assisted and abstinence clinics. As part of the transaction, CVF co-invested with DCA Capital Partners (“DCA”) to acquire CHS from a financial institution, who has been the owner since 2013. The other two divisions are the Toxicology Clinical and Pharmacy divisions, which did not form part of this transaction. The Direct Bill division experienced continuous growth in the last 15 years and have expanded to cover clients in 46 different States in the US. The carve-out will retain the name and logo of Cordant Health Solutions.


Steve Mills, Founder and Partner at DCA, said, “We are excited to partner up with a strong management team that has decades of experience in the industry and have built an organization that is ready to scale. The Company has a strong record of delivering their lab services to clients in better than industry average turnaround times thanks to its advanced IP capabilities to track millions of samples a year as well as its best-in-class lab specialists.”


José Blanco, a Founder and Managing Partner at CVF Capital Partners, said, “Cordant is essential in monitoring drug use and ensuring compliance with court-ordered drug treatment programs. Its services will continue to be needed to track the presence of new and dangerous illegal drugs that are constantly entering the market. The Company plays a critical role in preventing drug use, protecting public health, and ensuring safety in the society. The increase in the consumption of these drugs over the years has led to an increase in drug testing to treat and help increase the number of returning citizens to society and reduce if not abate recidivism. We are also excited about continuing working in another transaction with DCA after partnering up for an investment in Bonafide Medical Group last year.”

Brian Hoblit, Principal at CVF Capital Partners said, “We like the industry given the recession resistant aspect about it as well as reliable customer base where some of them had a contractual relationship with Cordant for up to 17 years. There are also different growth opportunities that we hope we can assist management to accomplish them during the holding period.”


About Cordant Health Solutions

Cordant Health Solutions is a leading US-based provider of medication monitoring and drug testing services. Founded in 1997, Cordant offers a wide range of testing solutions, including urine, saliva, and hair drug testing, as well as genetic testing and medication monitoring. Their services are used in addiction treatment centers, pain management clinics, behavioral health facilities, and drug courts, and are staffed by highly trained scientists and technicians who use the latest technology to provide accurate and reliable test results. To learn more, please visit www.cordantsolutions.com.


About DCA Partners

DCA Partners is an alternative asset manager and advisory firm based in Sacramento, CA. DCA’s private equity fund is focused exclusively on investing in and acquiring profitable growth businesses in partnership with great management teams. To learn more, please visit www.dcapartners.com.


About CVF Capital Partners

CVF Capital Partners was established in 2005 to finance later-stage growth, recaps, and buyout opportunities across the lower middle market. CVF invests both mezzanine debt and preferred equity and has raised $385 million in committed capital across its three funds. The fund has offices throughout California in Davis and San Diego. This geography allows the firm to attend to small businesses seeking capital throughout the broader Western United States. To learn more, please visit www.cvfcapitalpartners.com.


For More Information, Contact:

Jose Blanco, Managing Partner

CVF Capital Partners

Tel: (530) 757-7004




WASHINGTON, D.C. [April 4, 2022] —Grain Management, LLC (“Grain” or the “Firm”), a leading private investment firm exclusively focused on broadband technology and the global communications sector, announced today it has acquired LightRiver’s Technologies & Software entities, comprising a premier optical network integration solution provider to the telecommunications, utilities, datacenter and cloud industries.

Since its establishment in 1998, LightRiver has delivered over $1 billion in carrier-grade transport network solutions, including certified design, professional staging services, deployment services, and network automation products to over 150 clients in North America and Europe. The business offers full lifecycle hardware, software, services, and support solutions in multi-technology networking. It specializes in the design, procurement, delivery, and ongoing technical support of heterogenous transport networks and the open software tools to discover, monitor, provision and control multi-vendor packet optical networks.

“Grain’s focus on connectivity makes them an ideal partner. Their support positions LightRiver to build on our market and technology leadership while enhancing the commitment to our customers and partners, and enabling teammates in those key markets,” states Glenn Johansen, LightRiver Founder and CEO. “We look forward to leveraging Grain’s market, management, and financial strengths to grow our platform and expand our solution portfolio and customer base.”

“We’ve been deeply impressed by the strong technical capabilities and compelling offerings the LightRiver team brings to a fast-growing segment,” said Michael McKenzie, Managing Director at Grain. “We look forward to partnering with this deep and talented team to advance their services and software platform.”

Grain acquired LightRiver from CVF Capital Partners and Plexus Capital. Cowen and Company, LLC served as exclusive financial adviser to LightRiver, CVF and Plexus in the transaction and Donahue Fitzgerald LLP served as legal counsel. Morgan, Lewis & Bockius, LLP served as legal counsel to Grain in connection with the transaction. Financial terms of the transaction were not disclosed.

About Grain Management

Grain Management, LLC is a leading private investment firm that focuses on broadband infrastructure and technology companies that connect the world to the information economy. Founded in 2007, Grain invests exclusively in the telecommunications sector, employing a rigorous, data-based process buoyed by deep industry expertise to identify investment opportunities in key areas of telecommunications infrastructure, including fiber networks, wireless spectrum, and cell towers. For more information visit www.graingp.com.

About LightRiver

LightRiver is the premier provider of next generation, multi-vendor, Factory Built Networks® and netFLEX® vendor neutral, Optical Domain Control Software solutions. LightRiver is an expert in Packet Optical, DWDM/ROADM, MPLS and Carrier Ethernet systems and designs, engineers, commissions, automates and supports next generation, software controlled, transport networks for mission-critical clients that require the highest capacity, reliability, resiliency and manageability that today’s optical communications technology can deliver. LightRiver delivers unique value with turnkey hardware and software solutions, carrier-grade quality and unparalleled customer care in multi-technology networking. For additional information about LightRiver, please visit www.lightriver.com

Contacts:

LightRiver Public Relations Jaymie Scotto & Associates (JSA) +1 888.695.3620 ext. 6 pr@jsa.net

Grain Management Public Relations PR@graingp.com

Vege Labs Takes on Private Equity Investment to Fund Growth


San Diego, CA (March 25, 2021)- Vege Labs, LLC (“Vege Labs” or the “Company”, previously Vege Kurl, Inc.), a leading value-added formulator and manufacturing partner for personal care products using organic and natural ingredients for leading brands, announces it has received a strategic investment from Hemingway Capital (“Hemingway”) and middle market private equity firm, CVF Capital Partners Capital (“CVF Capital Partners”). With its new partners, Vege Labs plans to accelerate its organic growth and pursue acquisitions that will expand its product and service offerings for their clients.

For over six decades, Vege Labs has manufactured a wide variety of products in the personal care industry, with extended capabilities in the household cleaning and pet care arenas. The Company specializes in being a value-added partner for companies selling hair care and skincare solutions, hand sanitizers, fragrances and other alcohol-based products, as well as OTC, topical ointments, and botanical extracts.

“We are very excited to partner with CVF Capital Partners as we focus on our next phase of growth,” said John Matise, CEO of Vege Labs. “Both Hemingway and CVF Capital Partners bring extensive industry experience that we can leverage to further advance our business and meet the growing needs of our clients.”

“We chose Hemingway and CVF Capital Partners because of the strong alignment of culture, commitment to management teams, proven track record of investing and helping the businesses they acquire, and a parallel vision for the natural and sustainable products industry,” added John Matise, Chairman and shareholder.

“Vege Kurl has significantly expanded its product and market reach while demonstrating a high level of service and commitment to the customers they serve. We are delighted that they chose to partner with Hemingway and CVF,” said Stefan Okhuysen, Partner at CVF Capital Partners.

About Vege Labs, LLC: Headquartered in Glendale, CA., Vege Labs was founded in the 1950s as a private label contract manufacturing partner and formulator of high-quality cosmetic, cosmeceutical, health & beauty, and household products. The Company provides a wide range of products such as: shampoos, conditioners, hairsprays, serums, permanent waves and relaxers, skincare creams and lotions, alcohol-based products such as hand sanitizers, colognes, and fragrances, OTC products, plus spa and esthetics products. Our expertise even lends itself to pet care and household cleaning products.

The Company’s sister company, Vege Tech, is a Certified Organic company that offers many natural botanical technologies as well as marketing savvy to customers wishing to create leading edge products with a Natural or Organic marketing flair. We strive to build a more sustainable world through natural products, lower waste, and involvement in saving the Amazonian Rainforest. http://www.vegelabs.com/




CVF Captial Partners - Horizontal White PNG.png
1590 Drew Avenue, Suite 110 Davis, CA 95618      cvfcapitalpartners.com  |   530-757-7004
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