Mason Wells Newsletter 2024 – Volume 1

• Mason Wells Announces Strategic Investment in Keystone Experts + Engineers, LLC
• Mason Wells Announces Promotions
• Industrial Labels Holdings Corp. Names Brian Kady Vice President of Global Sales
• Radius Packaging Named 2023 Plastics News Processor of the Year Finalist and 2023 Wisconsin Manufacturer of the Year Nominee
• Mason Wells Seeks to Acquire Specialty HVAC Products Company

On March 4, 2024, Mason Wells Announced that it closed a strategic investment in Keystone Experts + Engineers, LLC, a Mason Wells Buyout Fund V, LP portfolio company, in partnership with Dan and Trisha Price and the existing Keystone management team. Keystone is a leading national provider of forensic engineering and consulting services for insurance carriers, third-party administrators, law firms, and commercial clients. The Price family will remain significant investors in the Company.

Keystone’s national network of multi-disciplinary engineers, investigators, and consultants provides forensic and investigative consulting services to its expanding roster of national and regional clients. By strategically building and managing its nationwide resource network, the Company delivers expert analysis and evidence-based reports at industry-leading cycle times.

“With additional capital investment and strategic resources from Mason Wells, Keystone will continue to develop innovative service offerings, enhance its claims management technology platform, and expand its multi-disciplinary capabilities while meeting the evolving needs of its clients. With Mason Wells’ support, our team is excited to accelerate Keystone’s organic growth and pursue strategic acquisitions,” said Dan Price, Chief Executive Officer of Keystone.

“Keystone’s reputation is second to none in the property and casualty insurance claims management industry. Since 2015, the Company’s passion for introducing technology-based, innovative services has set a new performance benchmark for the sector,” said Chris Markgraf, Managing Director at Mason Wells. “By consistently exceeding the expectations of its clients, Keystone has demonstrated a commitment to operational excellence and superior client service. We are excited to be a part of this next chapter of growth for the business.”

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

Jay Radtke was promoted to Executive Managing Director. As Executive Managing Director of Mason Wells, Mr. Radtke is primarily responsible for leading the overall firm and supporting the investment activities of its funds. In this capacity, Mr. Radtke is responsible for initiating investment opportunities, negotiating transactions, supervising due diligence, serving on the Board of Directors of portfolio companies, working with portfolio company management teams to create shareholder value, and leading the disposition of Fund investments. Mr. Radtke is the Co-Chairman of the Investment Committees of Mason Wells Buyout Fund IV and Buyout Fund V.

Since joining Mason Wells in 2006, Mr. Radtke has played a vital role in driving value creation in several Mason Wells portfolio companies. Mr. Radtke led the investment and exit of two Mason Wells Buyout Fund III, LP portfolio companies: Nelipak Healthcare Packaging and AWT Labels and Packaging. He also led the investments of three Mason Wells Buyout Fund IV, LP portfolio companies: KDV Label, LLC, L.B. White Company, LLC, and Structural Concepts Corporation.

Mr. Radtke serves on the Board of Directors of KDV Label, LLC, L.B. White Company, LLC, Radius Packaging, and Structural Concepts Corporation.

Damon Thome was promoted to Managing Director. As Managing Director of Mason Wells, Mr. Thome is responsible for supporting the funds’ investment activities. In this capacity, Mr. Thome is responsible for developing new sector playbooks, cultivating business owner and referral source relationships, initiating and executing new investment opportunities, and working with management teams to develop and execute value creation strategies.

Since joining Mason Wells in 2012, Mr. Thome has played a vital role in driving value creation in a number of Mason Wells portfolio companies. He was instrumental in the investment and exit of Mason Wells Buyout Fund III, LP portfolio companies Aquion and Qualus Power Services.

Mr. Thome currently serves on the Board of Directors of Accord Carton Co. and Radius Packaging. He previously served in the roles of Director, Vice President, Senior Associate, and Associate at Mason Wells.

Jacob Simons was promoted to Vice President. Since joining Mason Wells in 2020, Mr. Simons has primarily supported the funds’ investment activities. As Vice President of Mason Wells, Mr. Simons is responsible for initiating investment opportunities, new investment analysis, conducting due diligence, negotiating debt financings, and working with portfolio company management teams.

Mr. Simons currently serves on the Board of Directors of KDV Label, LLC. He previously served in the roles of Senior Associate and Associate at Mason Wells.

To learn more about the Mason Wells team or to follow Mason Wells for the latest news, please visit Mason Wells LinkedIn or visit our website at www.masonwells.com.

On November 20, 2023, Industrial Labels Holdings Corp. (“ILH”), a manufacturer of high-performance durable labeling solutions, named longtime materials supply executive Brian Kady as Vice President of Global Sales. He will oversee the Company’s sales efforts focused on power equipment, electronics, chemicals, and transportation end markets. In September 2021, IDENTCO and Reliance Label Solutions combined to form ILH, a Mason Wells Buyout Fund V, LP portfolio company.

Previously, Mr. Kady served as Vice President of Sales at Pregis PolyMask, where he drove double-digit sales growth for the protective films company. Before that, he gained ample adhesives and coatings experience during tenures with Avery Dennison and 3M, two of the largest materials suppliers to the label industry. He also served as Director of Sales – Performance Adhesives Group for Ohio-based Mactac.

“Mr. Kady is a people-first yet results-driven business development executive with a track record of expanding revenue growth and extending market share,” said Brad Zechman, Chief Executive Officer of ILH. “As we continue to bolster and broaden our solutions portfolio across each of our focus end markets, Mr. Kady’s industry experience and leadership qualities will be a tremendous asset.”

Mr. Kady earned an MBA from Walsh College in Troy, Michigan, and a bachelor’s degree from Central Michigan University in Mt. Pleasant, Michigan.

For more information, please visit subsidiary websites www.identco.com and www.reliancelabel.com.

On January 15, 2024, Radius Packaging, a leading manufacturer of rigid plastic packaging products, was featured in Plastics News as a 2023 Plastics News Processor of the Year finalist for the second consecutive year.

Applicants were evaluated on technological innovation, environmental performance, quality data, financial performance, customer and member relations, and public service. Radius, a Mason Wells Buyout Fund IV, LP portfolio company, emerged as one of the standout nominees who demonstrated excellence in all seven categories.

Plastics News applauded Radius, headquartered in New Berlin, Wisconsin, for its outstanding initiatives, including recognition and training programs, internships, and apprenticeships offered to local students. Sustainability remains a strength as well, as the company is far along in tracking its carbon footprint and helping customers transition to sustainable materials, including post-consumer resins.

Radius and other finalists will be honored at the Plastics News Executive Forum in March 2024 in Clearwater Beach, Florida.

On January 18, 2024, Radius Packaging announced its nomination for the Wisconsin Manufacturer of the Year Award. This recognition highlights the outstanding achievements of Wisconsin manufacturers in innovation, philanthropy, technological advances, commitment to customer satisfaction, and the creation of quality jobs.

Manufacturing is the state’s top industry, employing nearly half a million Wisconsinites and producing over $70 billion in economic output each year. The finalists represent the diversity and power of Wisconsin’s manufacturing industry and highlight the high-wage, family-supporting careers within the sector.

Radius has demonstrated excellence across various criteria, including operations, workplace safety, continuous improvement, management philosophy, employee commitment, community support, and financial stability. The Company’s dedication to these principles has set a benchmark in the industry.

“We are honored to be recognized among the finalists for the 2023 Wisconsin Manufacturer of the Year Award. This nomination is a testament to our unwavering commitment to excellence in every aspect of our operations,” said Nicole Leiberis, Marketing Manager at Radius Packaging.

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

Mason Wells is actively seeking new platform investment opportunities in a manufacturer of Specialty Heating, Ventilation, and Air Conditioning (“HVAC”) products. An overview of the investment thesis is included below.

Common Characteristics for Mason Wells Specialty HVAC Products Platform

• Ownership – Family / founder-owned business or corporate divestiture
• Financial Profile – $25M-$300M sales / $5M-$30M EBITDA
• Product Type – Application-specific, solution-oriented in certain environments
• Market Exposure – Primarily commercial (healthcare, education, industrial, etc.)
• Recurring Demand – Aftermarket opportunity through repair/maintenance, replacement, or parts/services
• Tailwinds – Enables indoor air quality, energy efficiency, sustainability, and/or other product-specific trends

Select Product Categories of Interest

• Chillers
• Humidification / Dehumidification
• Indoor Air Quality Products
• Ventilation
• Energy Recovery
• Select Heat Pumps
• Select Air Handlers

To learn more, contact Dan Shanahan, Director, at (414) 727-6423 or send an email to dshanahan@masonwells.com.

All inquiries will be treated with strict confidentiality.

Mason Wells Relevant Experience

Mason Wells has a track record of building market-leading companies in the space.