CVF Supports Investment in HOB Custom Power

CVF Teams Up with Elan Growth Partners and Management to Drive Continued Growth in Innovative Custom Power Assemblies


HOB Custom Power Logo

The Central Valley Fund (CVF) announces a $9 million investment consisting of both mezzanine debt and equity, to support Elan Growth Partners’ (Elan) investment in HOB Custom Power (HOB or Company), based in Fountain Valley, CA,

Since 1990, HOB Custom Power (originally known as “House of Batteries”) has been designing and assembling custom power solutions for medical, military, security, and a large range of industrial and commercial applications. The company provides power solutions ranging from single-cell to multi-cell assemblies often with onboard electronic circuitry and integrated battery management system (BMS) firmware, utilizing a variety of advanced chemistries including lithium ion, lithium iron phosphate, nickel metal hydride, and others. HOB’s combined expertise in engineering and manufacturing has enabled the company to provide custom-designed, cost-competitive solutions that solve the myriad of challenges faced by military, medical, industrial and security related OEMs.

Given recent advances in lithium-ion technology, customer demand has grown exponentially during the last 20 years as electronic devices become more mobile, require more power density, and are subject to increasingly harsh environments.

A related growth market for mobile power solutions is in heavy industrial applications such as lift trucks, sweepers and scrubbers, airport ground support applications, and automatic guided vehicles (AGVs). These niche applications have been historically served by lead-acid batteries and internal combustion engines, but the economics have rapidly shifted in favor of more advanced battery chemistries.

“In 2019 alone, over 40 private equity investments have been made into lithium-ion based technologies,” according to Stefan Okhuysen, Principal at CVF Capital Partners. “In addition, we also see quite a bit of funding going to energy storage systems by many oil and gas companies, as well as utilities, who are actively investing in battery storage, smart grid, and efficiency companies as the public and private sectors look for safer and more sustainable energy solutions.”

Commenting on Elan’s latest investment in HOB, Craig Dupper, Managing Partner at Elan added “OEMs are looking for more complex and higher-performing battery technologies to efficiently operate increasingly power-hungry technology and equipment. While advances in lithium-ion technology have accelerated this trend, new and even more complex chemistries are emerging. Given the specialized engineering required to manage these custom-designed power systems, HOB and its team of engineers are well-positioned to meet this growing need.”

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 from the $385 million in committed capital it has raised across three funds. The fund has offices throughout California – Davis, Fresno and San Diego. This geographical footprint allows the firm to attend to small businesses seeking capital throughout California and the broader Western United States. For more information, please visit

About Elan Growth Partners

Headquartered in Carlsbad, California, Elan Growth Partners invests in lower middle market companies operating in the precision manufacturing, niche software, business services and food sectors that seek to accelerate growth and unlock embedded enterprise value. As an independent sponsor, the Firm invests $5-25 million of equity per transaction, helping businesses evolve to the next level. For more information about Elan, please visit


At Elan Growth Partners:

Craig Dupper, Founder & Managing Partner: (760) 309-9436 ext. 101

Max Young, Principal: (760) 309-9436 ext. 102

At CVF Capital Partners:

José Blanco, Managing Partner: (530) 757-7004

Stefan Okhuysen, Principal: (619) 400-4881

SOURCE CVF Capital Partners