Mason Wells Newsletter 2025 – Volume 2

• Mason Wells Acquires Calvary Industries
• Mason Wells Acquires Strato Technology Solutions
• Mason Wells Announces the Sale of L.B. White
• Mason Wells Announces the Sale of Structural Concepts Corporation
• Joe Daubert Joins KDV Label as Chief Financial Officer

Mason Wells announced on August 29, 2025, that it closed the acquisition of Calvary Industries (Calvary), a Mason Wells Buyout Fund V, LP portfolio company, from the Morelock family. Calvary is a leading specialty chemical manufacturer. Mason Wells established a strong relationship with the Morelock family over several years and is excited to invest in the Company’s growth.

Founded by John Morelock, Jr. in 1983, Calvary is a manufacturer of specialty process chemicals for diverse applications and end markets. The Company formulates chemicals across metal pretreatment, cleaners, water treatment, and metalworking, among others. These products are consumable, technically demanding, and mission-critical, which gives Calvary a steady stream of recurring revenue. The Company sells directly to end users through a highly consultative sales process focused on formulating custom chemicals, providing high levels of service, and solving customer problems. Calvary operates two manufacturing locations in Fairfield, Ohio (headquarters) and Pineville, Louisiana. The Company also leverages third-party distribution locations in California and Mexico. Calvary has approximately 150 employees.

Since 1998, Mason Wells has invested in numerous Midwest-based companies in the engineered products sector, supporting family ownership transitions.

“We have spent a lot of time getting to know Mason Wells and have been very impressed by the firm’s professionals, most importantly its cultural fit with Calvary,” said Austin Morelock, Chief Executive Officer and President. “At this inflection point in the Company’s history, we are excited to bring in a firm that invests in people, partners with management, and has a deep network of industry resources to support Calvary’s growth.”

“Calvary is a unique business in the specialty chemicals sector,” said Chris Pummill, Managing Director at Mason Wells. “We are excited to partner with the Morelock family and the Calvary leadership team. Calvary’s strong market position, commitment to developing technical solutions, and track record of profitable growth make it an ideal addition to the Mason Wells family. We look forward to investing in the Company’s continued growth while maintaining the high levels of service and collaboration that Calvary is known for.”

The Morelock family and Calvary senior management team invested alongside Mason Wells. Ally Corporate Finance provided financing for the transaction. Godfrey & Kahn represented Mason Wells as legal counsel.

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

On January 3, 2025, Mason Wells announced the acquisition of Strato Technology Solutions (Strato), a Mason Wells Buyout Fund V, LP portfolio company. Over many years, Mason Wells established a deep relationship with Mike Foxx, the family owner and Chief Executive Officer of Strato, as well as Brian Cunkelman, President of Strato. Strato is a leading railcar components platform and Mason Wells is excited to formally invest in the Company and back the existing, strong management team.

Strato is a manufacturer, designer, and distributor of highly engineered and branded products used to connect rail and transit cars. The Company’s key product categories include brake system components, couplers & knuckles, and cushioning units, among others. These products are consumable and mission-critical, which promotes an attractive stream of aftermarket business through break/fix and mandatory replacement schedules. Strato operates in a highly regulated railroad industry governed by the Association of American Railroads. Strato’s high-quality products keep trains running, extend useful lives, and are core to ensuring safety – a strong value proposition in an industry where efficiency, uptime, and safety records are paramount. The Company operates six facilities across Texas (headquarters), Illinois, New York, New Jersey, Oregon, and Mexico.

“Mason Wells served on the Strato advisory board for numerous years before the official transaction,” said Mr. Foxx. “In addition to receiving a front row seat to Strato’s culture and evolution, Mason Wells proved an ability to add value through executive networking, tuck-in acquisition analysis, and strategic planning, which positioned them as the right partner for the next phase of growth.”

“Strato works hard every day to empower the rail industry to connect the world safely, efficiently, and on time,” said Mr. Cunkelman. “I’ve gotten to know Mason Wells over multiple decades, and I am confident the additional growth capital and resources will help drive value creation through new product introductions, increased adoption of existing products, and commercial strategy enhancements. The opportunity exists to continue building a scarce railcar components platform in niche ‘connection product’ categories with high aftermarket exposure and engineering content.”

The Foxx family and the entire Strato management team invested alongside Mason Wells and look forward to executing this clear growth plan.

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

On May 31, 2025, Mason Wells announced the sale of LBW Holding Corp. (L.B. White) to Modine Manufacturing Company (Modine), headquartered in Racine, Wisconsin. L.B. White was a Mason Wells Buyout Fund IV, LP portfolio company.

L.B. White is a manufacturer of branded forced-air, radiant, and variable rate heating equipment, evaporative cooling equipment, and replacement parts for the global swine, poultry, and portables markets. L.B. White holds a market-leading position in swine and poultry agriculture heating in North America and is one of the top market leaders in portables heating. L.B. White is headquartered in Onalaska, Wisconsin, with additional manufacturing and distribution operations in Georgia.

“We are very proud of the success that L.B. White has achieved under our ownership,” said Jay Radtke, Executive Managing Director of Mason Wells. “Since our acquisition in 2017, we have successfully executed the value creation plan that we developed together with the management team. We invested in new equipment to increase capacity and position the business for future growth. We also completed the acquisitions of Reeves Supply Company, a leading provider of evaporative cooling and ventilation door products to the poultry market, as well as Rentquip USA, a leading electric heat provider. These acquisitions furthered the Company’s market leadership positions in agriculture and portable heat, respectively. We would like to sincerely thank Kevin Gagermeier, President and Chief Executive Officer, and the entire L.B. White team for their dedication and hard work during our time together. We wish them all the best as the business transitions to the new owner, Modine.”

“Mason Wells has been an outstanding partner for the business and the management team over the last seven years,” said Kevin Gagermeier, President and CEO of L.B. White. “We really enjoyed the collaborative relationship with Mason Wells, who provided strategic direction, built a strong board of directors, and demonstrated a willingness to invest in the business through facility and equipment investments, as well as strategic acquisitions. The improvements made to the business in partnership with Mason Wells over the past several years are significant, and the future looks bright for L.B. White.”

Since its founding, Mason Wells has invested in a number of companies in the engineered products and services sector, including past investments Aquion, Oilgear, Dedicated Computing, Premix, Structural Concepts Corporation, and GA Precision, and current investments Calvary Industries, MGS Healthcare Manufacturing, and Strato Technology Solutions.

L.B. White was advised by CIBC World Markets Corp., and Quarles & Brady LLP served as legal counsel.

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

On August 5, 2025, Mason Wells announced the sale of Structural Concepts Corporation (Structural Concepts) to Hoshizaki USA Holdings, Inc. (Hoshizaki), the U.S. holding company of Hoshizaki Corporation, for $430 million. Structural Concepts was a Mason Wells Buyout Fund IV, LP portfolio company.

Structural Concepts is a manufacturer of temperature-controlled food and beverage merchandisers for grab-and-go applications across foodservice and supermarket establishments and holds a market-leading position based on differentiated self-contained refrigeration technology with superior quality, reliability, aesthetics, and energy efficiency. All Structural Concepts products are manufactured in the United States at its headquarters and manufacturing facilities in Norton Shores, Michigan.

“We are extremely proud of our efforts to continuously evolve and rapidly scale Structural Concepts,” said Jay Radtke, Executive Managing Director at Mason Wells. “We would like to thank Structural Concepts’ world-class management team and all the Company’s outstanding employees for their contributions along the way.”

“Management executed on a clear strategy to streamline operations and increase capacity for growth, supported by heavy investments in manufacturing capabilities, facility enhancements, and automation,” said Dan Shanahan, Director at Mason Wells. “These throughput improvements enabled the sales and marketing team to win significant new business at best-in-class lead times and customer service levels. Structural Concepts is poised for growth, and we are thrilled to find a supportive partner in Hoshizaki.”

“Mason Wells injected the growth capital and resources required to take Structural Concepts to the next level,” said Joe Mockus, President and Chief Executive Officer of Structural Concepts. “We are very excited to continue to grow and expand with Hoshizaki, a proven player in the foodservice equipment industry that will bring additional insights and valuable channel relationships.”

“We built a good company over 50 years at Structural Concepts, and Mason Wells helped make this a great company,” said Dave Geerts, former Structural Concepts President and current board member. “I was constantly impressed by our private equity partner’s willingness to invest in the employee base and culture, even including air conditioning in the manufacturing plants!”

“As the founder of Structural Concepts, it is a wonderful feeling to see the business flourish under new ownership,” said Jim Doss, founder and former Chief Executive Officer of Structural Concepts. “When we decided to sell the Company in 2018, there were numerous interested strategic acquirers, but Mason Wells offered a partnership solution that allowed my family to reinvest and track the remarkable developments implemented over time.”

Since its founding, Mason Wells has invested in a number of companies in the engineered products and services sector, with a particular focus on food and beverage-related equipment businesses, including past investments Aquion, Oliver Products, and L.B. White. Mason Wells continues to actively seek new platform investment opportunities in the foodservice equipment sector.

William Blair & Company, L.L.C. served as the exclusive financial adviser, and Quarles & Brady LLP served as legal counsel to Structural Concepts.

Jim Doss is not a current client of Mason Wells nor an investor in any fund sponsored by Mason Wells and was not compensated for his comments regarding Structural Concepts’ partnership with Mason Wells.

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

KDV Label welcomes Joe Daubert as Chief Financial Officer. Joe has more than 20 years of experience in finance and operational excellence. Joe will play a pivotal role in driving revenue growth and strengthening KDV Label’s long-term financial foundation.

“Joe brings a wealth of experience in corporate finance and a proven ability to elevate performance,” said Keith Walz, Chief Executive Officer of KDV Label. “His track record of delivering measurable results and building sustainable growth strategies will be instrumental as we continue to expand our operations and serve an ever-growing customer base.”

Prior to joining KDV, Joe held key leadership roles, including Vice President of Finance at Ellsworth Adhesives, Director of Finance at CentroMotion, and Vice President of Finance for Osborn at Jason Industries, Inc. He also served in senior finance positions at ManpowerGroup, where he oversaw reporting for Experis Brand and enterprise accounts across North America, as well as led financial analysis for the MBS Division. His expertise spans budgeting, forecasting, acquisitions, operational transformation, and strategic decision-making in complex, multi-location organizations.

“I’m honored to join KDV Label at such an exciting time in its evolution,” says Joe. “I look forward to collaborating with the leadership team to unlock strategic growth opportunities and support operational excellence across the business.”

Joe holds a Bachelor of Business Administration in Accounting from the University of Wisconsin–Whitewater.

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