LightRiver Acquired by Leading Private Investment Firm

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

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.