CVF Capital Partners | 2026 Mid-Year Review

As we reach the midpoint of 2026, CVF Capital Partners is pleased to reflect on a strong first half of the year marked by continued portfolio growth, strategic investments, and meaningful partnerships across the Central Valley and Western United States. Our commitment to providing flexible capital and supporting exceptional management teams remains at the core of everything we do, and we look forward to building on this momentum in the months ahead.

Firm Leadership & Advancement

Dave Claugus Joins as Operating Partner

CVF Capital Partners is pleased to announce the addition of Dave Claugus as an Operating Partner, further strengthening the firm's ability to support portfolio companies through operational excellence and strategic growth initiatives.

Dave brings decades of executive leadership and operating experience across a variety of industries. CVF first partnered with Dave through its investment in Pioneer Recycling, where his leadership and collaboration with management helped drive significant value creation and ultimately contributed to a successful outcome for all stakeholders.

As an Operating Partner, Dave will work closely with CVF's investment team and portfolio company management teams, providing strategic guidance, operational expertise, and hands-on support to help businesses achieve their growth objectives.

“Dave has been an exceptional partner throughout our relationship with Pioneer Recycling,” said Jose Blanco, Managing Partner. “His experience, leadership, and practical approach to building businesses make him a valuable addition to the CVF team, and we are excited to continue working together to support our portfolio companies.”

Felipe Acosta Received the CFA Designation

CVF Capital Partners is proud to recognize Felipe Acosta for earning the Chartered Financial Analyst® (CFA) charter, a globally recognized credential in the investment management profession.

The CFA Program curriculum covers investment analysis, portfolio management, and ethical and professional standards. Felipe's achievement reflects his dedication to continuous learning and professional excellence, values that are central to CVF's investment approach.

New Financing Partnerships

Initiative Foods – Sanger, CA

Initiative Foods successfully closed a new financing facility, providing additional capital to support the company's continued growth and operational objectives.

The facility will fund investments in new manufacturing equipment designed to increase production capacity and efficiency, while also enhancing the company's working capital liquidity. This financing positions Initiative Foods to meet growing customer demand, support future expansion opportunities, and maintain the financial flexibility needed to execute its long-term strategic plan.

ComAv – Victorville, CA

ComAv closed a new financing facility, providing additional liquidity to support the company’s ongoing operations and growth initiatives. The facility enhances ComAv’s financial flexibility as it continues to execute on its strategic priorities.

Conferences

ComAv Team Attends MRO America

Members of the ComAv team attended MRO Americas 2026 in Orlando, one of the aviation industry's premier maintenance, repair, and overhaul conferences. The event provided valuable opportunities to connect with customers, suppliers, and industry leaders while gaining insight into emerging trends and developments across the aerospace sector.

CVF Team Attends M&A West

Members of the CVF team attended M&A West in Napa, California, connecting with business owners, advisors, lenders, and investors from across the lower middle market. The conference provided valuable opportunities to strengthen relationships, explore new investment opportunities, and stay informed on current market trends.

IF Team Presented at Consumer Summit 2026

Members of the Initiative Foods team presented at Consumer Summit 2026, sharing insights on the company's growth, capabilities, and position within the consumer products sector. The event provided an opportunity to engage with industry leaders, investors, and strategic partners from across the consumer ecosystem.

CVF Team Attends SBIA Mid-West

Members of the CVF team attended SBIA Mid-West, connecting with private equity professionals, lenders, and industry advisors from across the lower middle market. The conference provided valuable opportunities to strengthen relationships and discuss emerging trends in private investing.

Community Engagement

Chris Carleson presented at Strategic Storytelling an event hosted by ACG

Chris Carleson spoke at ACG’s Strategic Storytelling event, sharing insights on how companies can effectively communicate their growth strategy and investment narrative. The event provided a valuable forum to engage with business leaders, advisors, and members of the M&A community.

Save the Date! Business Focus 2026

Join us on Thursday, September 10th at the Sacramento State Alumni Center for our 12th Annual Business Focus program “AI and Value Creation: Strategic Considerations for Business Leaders.” Designed for executives, founders, and business leaders this timely program will explore the full spectrum of artificial intelligence, its opportunities, limitations, and real-world risks. Hear from industry experts on how AI can drive growth and reshape enterprise value, while also addressing the challenges and unintended consequences.

This year, we are honored to feature keynote speaker Kavita Ganesan, Ph.D., author of the Business Case for AI, Chief AI Strategist and Architect and the founder of Opinosis Analytics.

Whether you are actively implementing AI or evaluating where it fits into your strategy, this program will provide timely insights to help you make informed decisions and drive value.

Register For the Event

Looking Ahead

As we look ahead to the second half of 2026, CVF remains committed to supporting our portfolio companies and strengthening the relationships that drive long-term success. We look forward to continuing our active involvement in the communities we serve while partnering with management teams to create lasting value for all stakeholders.

For more information, contact:

Jose Blanco

Managing Partner

Email: jblanco@cvfcapitalpartners.com

Phone: 530-757-7004 ext. 227

Register Now: September Business Focus Seminar

Join us on Thursday, September 10th at the Sacramento State Alumni Center for our 12th Annual Business Focus program “AI and Value Creation: Strategic Considerations for Business Leaders.” Designed for executives, founders, and business leaders this timely program will explore the full spectrum of artificial intelligence, its opportunities, limitations, and real-world risks. Hear from industry experts on how AI can drive growth and reshape enterprise value, while also addressing the challenges and unintended consequences.

This year, we are honored to feature keynote speaker Kavita Ganesan, Ph.D., author of the Business Case for AI, Chief AI Strategist and Architect and the founder of Opinosis Analytics.

Whether you are actively implementing AI or evaluating where it fits into your strategy, this program will provide timely insights to help you make informed decisions and drive value.

Bonus: The first 50 registrants will receive a copy of Kavita's book

Complimentary Registration

Registration is available at this link: Register Now

Kavita Ganesan is the author of The Business Case for AI and the founder of Opinosis Analytics, where she specializes in AI strategy and implementation. A PhD graduate in Computer Science from the University of Illinois Urbana-Champaign, with a master’s from the University of Southern California, she brings deep expertise in applied AI, natural language processing, and search technologies. Kavita has been featured in Forbes, VentureBeat, and CMSWire for her insights on AI adoption and business transformation. With more than 20 years of experience, she has led AI initiatives for organizations including eBay, 3M, and GitHub, and collaborated with entities such as McKesson, the U.S. Department of Energy, and the University of Sydney.

EVENT SCHEDULE

Registration & Networking | 3:30 - 4:00 PM

Program | 4:00 - 6:00 PM

Networking Reception | 6:00 - 6:30 PM

 

LOCATION

Sacramento State University | Harper Alumni Center

6000 J Street, Sacramento, CA 95819

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A California-based private investment firm providing flexible capital solutions, including subordinated debt and preferred equity, to help small and medium-sized businesses grow and succeed.

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An innovative provider of sophisticated legal services to dynamic businesses and business owners, individuals, emerging companies, and nonprofits. with 80+ attorneys across 5 location in over 45 practice areas.

Don Ephgrave and Initiative Foods Present at Consumer Summit 2026

May 8, 2026 — Initiative Foods (“IF”) and CEO Don Ephgrave participated and presented in the Intrepid & MUFG Consumer Summit 2026, which brought together over 35 private companies, investment bankers, lenders, investors, and other industry players.

During the summit, Mr. Ephgrave presented on several emerging trends in baby food industry and how Initiative Foods is positioning itself to capitalize on these opportunities.

One major trend is the continued shift toward on-the-go convenience, snacking culture, and the growth of higher-income and dual-income households. In response to this, IF has invested in pre-formed spouted pouch filling capabilities to meet the for convenient and “on-the-go” packaging solutions.

A second trend highlighted was the change in retail merchandising, including expanded shelf space in the baby category and more products using pouches in adjacent categories. IF is researching and identifying additional pouch capabilities beyond pre-formed spouted pouches in various industries.

Mr. Ephgrave said, "At IF, we continue to innovate and become more efficient. We have deployed new technologies to better track and monitor our operations and give us a real-time score board. Along side this, we have implemented new equipment that is faster and ultimately better. IF is in a great position for the future."

Mr. Ephgrave also emphasized the importance of continued operational efficiency. To address this, IF is increasing automation throughout its operations to reduce costs, increase output, and remain competitive.

Looking ahead, Initiative Foods identified several key growth opportunities, including:

Securing additional volume from existing customers;

Investing in additional filling equipment to address growing demand;

Expanding automation initiatives to reduce costs and improve operational output;

Exploring packaging solutions where demand currently exceeds supply; and

Optimizing technology systems to enhance visibility and insights for both IF and its customers.

Other presenters shared broader observations on trends across the food and beverage industry, including increasing consumer focus on healthier lifestyles, growing impact of weight-loss medications, policy-driven initiatives focused on ultra-processed foods and certain food dyes, and changing dietary guidance. Additionally, the industry continues to develop ways to store food longer, as consumers try to minimize food waste.

For more information, contact:

Jose Blanco

CVF Capital Partners

Managing Partner

Email: jblanco@cvfcapitalpartners.com

Phone: 530-757-7004 ext. 227