Mason Wells Newsletter 2025 – Volume 1

• RJW Logistics Group Receives Strategic Investment from Berkshire Partners
• Industrial Labels Holdings Corp. Acquires Trebnick Systems, Inc.
• Buffalo Games, LLC Acquires Boogie Board
• Mela Water Joins the Calypso Beverage Platform
• KDV Label Honored with TLMI Eugene Singer Award for Second Consecutive Year

On November 26, 2024, RJW Logistics Group, a portfolio company of Mason Wells Buyout Fund IV, LP (Fund IV), announced a strategic investment from Berkshire Partners, a private equity firm based in Boston. Fund IV will maintain a minority equity investment in RJW.

“This strategic investment from Berkshire will enable us to continue providing industry-leading performance and customer service, drive future innovations, and expand our geographic reach,” said RJW CEO Kevin Williamson. “We believe Berkshire is the ideal partner to support RJW in our next chapter of growth. They are aligned with our culture, goals, and strategy and have substantial resources to support us.”

RJW’s retail logistics solutions help turn supply chain challenges into business growth drivers. The Company’s unique network, deep retailer knowledge, and technology-enabled solutions save cost, improve visibility, and achieve industry-leading On-Time, In-Full (OTIF) performance. This superior solution drives increased in-stock rates and sales, benefiting both CPG brands and their retailer partners.

“Mason Wells was a great partner for the business over the last five years assisting RJW in its tremendous growth since 2019,” said RJW CEO Kevin Williamson.

“We are pleased to have supported the RJW team as they built an industry-leading company and look forward to continuing as a minority investor in the Company’s exciting next growth phase,” said Kevin Kenealey, Senior Managing Director at Mason Wells.

For more information, please visit the Company’s website at www.rjwgroup.com.

On September 5, 2024, Industrials Labels Holdings Corp. (“ILH”), a Mason Wells Buyout Fund V, LP portfolio company, acquired Trebnick Systems, Inc. (“Trebnick”) located in Springboro, Ohio.

Trebnick was founded in 1985 and manufactures custom durable labels and tags primarily for construction and infrastructure applications. Trebnick’s product offering includes custom printed labels and tags, GHS labels, and RFID tags for demanding applications. The Trebnick value proposition centers around customer service, materials expertise, and application knowledge.

Trebnick’s capabilities and end market focus complement those of ILH, a manufacturer of durable labels and tags for harsh industrial applications. Trebnick has built a leadership position within their core market niches, which are largely new markets for ILH. Trebnick will also add RFID manufacturing capabilities to the ILH platform. For Trebnick customers, they will now have access to ILH’s resources, North American facility footprint, precision manufacturing capabilities, and diverse product offering.

“Trebnick is a great fit with ILH and adds complementary market exposure. Adding Trebnick continues to advance our vision of building the leading player focused on providing durable labels and tags for harsh industrial applications,” said Brad Zechman, President and Chief Executive Officer of ILH.

In September 2021, IDENTCO and Reliance Label Solutions combined to form ILH, a Mason Wells Buyout Fund V, LP portfolio company.

For more information, please visit the brand websites: www.identco.com, www.reliancelabel.com, and www.trebnick.com.

Buffalo Games, LLC, a Mason Wells Buyout Fund IV, LP portfolio company and manufacturer and marketer of puzzles, board games, and other indoor/outdoor games, acquired Boogie Board on March 17, 2025.

Located Kent, Ohio, Boogie Board® is a leading innovator and provider of reusable drawing and writing tablets used in creative place, arts & crafts, and learning applications.

This strategic acquisition aligns with Buffalo Games’ core mission to provide innovative and category-disrupting personal enrichment products that support mindfulness and mental acuity, social engagement, and development across a wide range of demographics.

“We have enjoyed our successful relationship with Boogie Board over the past 4+ years. Boogie Board has built an incredible reputation for blending technology with creativity,” said Nagendra Raina, Chief Executive Officer of Buffalo Games. “By bringing Boogie Board into our family, we’re excited to continue driving innovation and expanding the ways people play, create, and learn.”

In 2009, Kent Displays launched the Boogie Board brand of reusable writing tablets that leverage patented liquid crystal technologies. Boogie Board’s leading product lines include the popular Sketch Pals™, VersaNotes™, Jot™, and Blackboard™ brands, among others. Boogie Board has sold millions of units across over 40 countries. Customers can expect a seamless transition, with Boogie Board products continuing to be available through existing retail and online channels.

For more information, please visit the Company’s website at www.buffalogames.com.

On April 2, 2025, KJ Holding Corp. (King Juice Company), a Mason Wells Buyout Fund IV, LP portfolio company, and the parent company of Calypso Lemonades, acquired Mela Water, a plant-based hydration brand known for its premium watermelon water. This acquisition brings together two complementary, high-performing brads, disrupting their respective categories and will allow both brands to benefit from the strong business platform established by Calypso.

Mela Water is the leading provider of premium watermelon waters and participates in the rapidly growing plant-based functional hydration category while Calypso has ascended to the top of the lemonade category with its innovative line of flavored lemonades and continues to take market share through category-leading velocity.

“We are thrilled to welcome Mela to the beverage platform we have built behind Calypso. Mela is a great brand with strong consumer appeal that is delivering outstanding growth,” said David Klavsons, Chief Executive Officer of Calypso. “Mela’s exceptional taste, unique flavors, tropical vibe, and functional hydration make it a strong complement to our Calypso brand. We believe our national and international DSD network coupled with our commercial and supply chain capabilities will significantly accelerate Mela’s growth.”

Mela’s premium portfolio of watermelon waters contains electrolytes and antioxidants with a focus on delivering amazing taste. The line-up including Original, Passionfruit, Pineapple, and Ginger along with Mela’s “Tropical Escape” brand positioning is resonating with consumers and differentiating the brand within the plant-based functional hydration category. Mela brings an incremental consumer to the Calypso platform while also appealing to the already broad consumer base behind Calypso.

“We are excited to join the Calypso platform as we enter the next phase of our growth,” said Dom Purpura, CEO of Mela Water. “Our team has done a fantastic job building the brand over the last several years gaining significant distribution with leading retailers while sustaining strong unit velocities. It’s now the perfect time to join the Calypso platform and leverage their infrastructure to scale the brand nationally and internationally.”

For more information, please visit the brand websites: www.drinkcalypso.com, www.melawater.com.

Earlier this year, KDV Label, LLC, a Mason Wells Buyout Fund IV, LP portfolio company and leading manufacturer of custom labels for food, beverage, personal care, specialty consumer goods, dairy, and automotive products, was honored at the 2025 TLMI Converter Meeting with the Eugene Singer Award for the second consecutive year.

Presented annually by the Tag and Label Manufacturers Institute (TLMI), the Eugene Singer Award recognizes top-performing converter members for their excellence in financial and operational management. The awards are determined through TLMI’s confidentially managed Management Ratio Study, which allows participating companies to benchmark their business performance against industry peers.

“Winning the Eugene Singer Award two years in a row is an incredible achievement and a testament to the hard work and dedication of our entire team,” said Keith Walz, KDV Label’s President and Chief Executive Officer. “This award reflects the strength of our company, our commitment to continuous improvement, and our passion for delivering exceptional products to our customers.”

KDV Label’s repeated recognition highlights the company’s commitment to innovation, efficiency, and excellence in the label and tag industry.

For more information, please visit the Company’s website at www.kdvlabel.com.