CVF Capital Partners Exits its Investment in Pioneer Recycling Services

The Central Valley Fund II Provided Subordinated Debt and Equity Financing to Support the Company's Growth

TACOMA, WA, and CLACKAMAS, OR (December 29, 2021) – CVF Capital Partners (CVF) exited its investment in Pioneer Recycling Services, LLC (“PRS” or “Pioneer Recycling”) as PRS announced today the sale of the Company to a financial buyer. CVF Capital Partners invested a combination of subordinated debt and equity financing from The Central Valley Fund II in December 2014 to support the Company’s rapid expansion plan. Financial terms have not been revealed.

Pioneer Recycling operates two of the Pacific Northwest’s largest material recycling facilities (“MRFs”) with over 200,000 of processed tons combined in 2020. Management acquired the assets of Pioneer Recycling with plans to improve sort quality and expand recycling capacity in the Pacific Northwest through improved plant efficiencies.

CVF worked with the founders of Pioneer Recycling Services to acquire two state-of-the-art MRF facilities in 2014, located in Tacoma, WA and Clackamas, OR. These plants were strategic to major metropolitan markets and included long-term agreements with leading waste haulers and paper mills throughout the Greater Northwest, including Idaho and Northern California.

Steve Frank, President & CEO: “The PRS team built a very solid franchise the last seven years with waste haulers servicing locally throughout both states. We have also truly enjoyed our business relationship with our partners at CVF over the years. They assisted in numerous ways regarding many financial and strategic solutions for PRS over the last seven years.”

Dave Claugus, Vice President & Chief Operating Officer, said, “For over 25 years, my partners and I have offered customers across the U.S. solutions to their solid waste recycling needs. We are now pleased to have built Pioneer Recycling into a regional market leader with strong values, a commitment to customer service, leading innovation, and a focus on sustainability.” Mr. Claugus added, “We pride ourselves on providing the highest levels of customer service and community engagement while at the same time focusing on being an employer of choice to our team of 200 dedicated employees.”

According to Jose Blanco, Partner at CVF Capital Partners, “We are delighted to have supported a great management team well versed in the solid waste recycling industry with a history of successful financial performance.” Blanco continued, “Steve and Dave were great partners and their efforts led to PRS responding to a greater demand by consumers in the Pacific Northwest to divert non-hazardous waste into reusable products.”

Added Chris Carleson, Vice President at CVF Capital Partners, “Steve Frank, Dave Claugus, and the management team at Pioneer Recycling have been great business partners over the last seven years and the success of PRS is a testament to their efforts. The growth of Pioneer Recycling has been remarkable and CVF has enjoyed working with the PRS team to continuously exceed expectations while providing a high-quality service in the Pacific Northwest. We look forward to tracking the success of PRS and recycling in the Northwest for years to come.” 

About Pioneer Recycling Services:Pioneer Recycling Services, LLC based in Tacoma, WA is an industry leader in non-hazardous recycling and solid waste in the Pacific Northwest. Pioneer Recycling’s recycling centers focus on providing reliable environmental services and solutions for commercial, industrial, municipal, and residential customers. Pioneer Recycling and its employees believe in protecting the planet and applying common-sense solutions to customers’ waste and recycling challenges. For more information, visit the Pioneer Recycling website at www.pioneerrs.com.

For more information contact:

Steve Frank

Email: SteveFrank@PioneerRS.com

Phone: 206-795-2873 

About CVF Capital Partners:

CVF Capital Partners was established in 2005 to finance later stage growth and buyouts through mezzanine and preferred equity investments and manages over $385 million in committed capital. The fund has offices in Davis, CA and San Diego, CA. It is focused on making investments in growing businesses in the lower middle-market of the Western United States. For more information, please visit www.cvfcapitalpartners.com.

For more information contact:

Jose Blanco

Managing Partner

Email: jblanco@cvfcapitalpartners.com

Phone: 530-757-7004 ext. 227

Vista Recreation, Formerly RRM, Recognized by the Tennessee Valley Authority for its Operation of Camp-Right Campgrounds

Vista Recreation's Douglas Headwater Campground and Watauga Dam Campground were both recognized by the Tennessee Valley Authority for their exceptional implementation of the Camp-Right program and dedication to preserving and enhancing the natural resources of the Tennessee Valley.

The company’s Douglas Headwater Campground believes in taking environmentally responsible actions through its use of solar power, automatic timers to conserve energy, dark sky lighting fixtures to reduce light pollution, and low-flow showerheads. Not only are these efforts environmentally friendly and important to visitors, but the staff is also in full support of the initiatives. This includes Rick Odle, the site manager who said, “we proudly fly our Camp-Right flag. It reflects our campground’s belief in resource and environmental conservation.”

Meanwhile, the Watauga Dam Campground has focused on educating campers of all ages about “the importance of natural resource protection and wildlife management practices,” according to manager Sandy Martin. A particular emphasis is placed on keeping trees safe from pests and disease through the proper use of local or certified firewood.

The actions of the Douglas Headwater and Watauga Dam Campgrounds are emblematic of Vista’s commitment to preserving the environment and promoting conservation efforts, as well as CVF’s continued goal of encouraging ESG practices and investments throughout its portfolio.

Cool Mountain Transport Names Richard Coyle as President and Chief Executive Officer

Nampa, ID – Cool Mountain Transport, one of the Intermountain West’s premier transportation companies of food products, is naming industry veteran Richard (Dick) Coyle as its new President and Chief Executive Officer effective December 1, 2021. Mr. Coyle most recently was President at Devine Intermodal, a leading intermodal and truckload carrier and third-party logistics operator headquartered in West Sacramento, California. Mr. Coyle was also President and Chairman of the Board of the California Trucking Association during 2015 and 2016, respectively, and has been a Vice President of the American Trucking Associations for the past twelve years. Mr. Coyle is also a proud graduate of Stanford University.

Mr. Coyle said: “I’ve led Devine for the past three decades from being a smaller player in the intermodal market in California to being a diversified hauler in the western United States. Through myriad successes, mergers, acquisitions, and countless changes throughout over the years I tried to manage with the philosophy of putting customers and co-workers first.”

Interim President of Cool Mountain Transport Brian Hoblit said, “This is an enormous hire for Cool Mountain. I’ve known Dick for over a decade and found him to be one of the most intelligent leaders in the transportation industry. He’s the right leader at the right time for this company. Our customers are going to appreciate working with Dick, as will our employees, vendors and suppliers.” Mr. Hoblit also works with CVF Capital Partners, the investment firm that owns the investment vehicle that is the majority owner in Cool Mountain Transport. “Our investment is in the great hands with Dick Coyle,” said Mr. Hoblit.

Cool Mountain Transport’s Board Member Tony Powe said, “I was immediately impressed with meeting Dick. He has the unique ability to connect with drivers, with management, with the Board, with clients and with vendors. He will get the most out of Cool Mountain. Welcome aboard, Dick!”

About Cool Mountain Transport

Cool Mountain Transport was founded in 2009 to provide food and livestock waste by-product hauling. While the company continued to grow in that field, it diversified its offering to provide additional transportation services and general over-the-road trucking.

Currently, the Cool Mountain Transport provides general logistics solutions to a variety of businesses throughout the United States. For over ten years, the Cool Mountain Transport has partnered with customers by offering reliable, safe, and transparent supply chain solutions. For more about Cool Mountain Transport, visit www.coolmountaintransport.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, Fresno and San Diego. This geography allows the firm to attend to small businesses seeking capital throughout the broader Western United States. For more information, please visit www.cvfcapitalpartners.com.

For more information, contact:

Jose Blanco

Managing Partner

Email: jblanco@cvfcapitalpartners.com

Phone: 530-757-7004 ext. 227

Richard (Dick) Coyle

Cool Mountain Transport

President and Chief Executive Officer

Tel: (208) 475-2500Cell: (916) 712-8866

Email: rcoyle@coolmtntransport.com