Weinberg Capital Group Portfolio Company Convenience Valet Announces New President & CEO

INDUSTRY VETERAN BRINGS SIGNIFICANT RELEVANT EXPERIENCE AND FURTHER POSITIONS COMPANY FOR AGGRESSIVE GROWTH

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Jan 04, 2018, 08:00 ET

CLEVELAND, Jan. 4, 2018 /PRNewswire/ -- Cleveland, Ohio-based family office Weinberg Capital Group announced today that its portfolio company Mechanical Servants LLC D/B/A Convenience Valet hired Steve Jungmann as President & CEO. Mr. Jungmann brings more than 30 years of experience to Convenience Valet and will assume immediate day-to-day control of the company.

Founded in 1946, Convenience Valet (www.cvalet.com) is the originator and leading value-added distributor of blister pack (windowed) branded convenience / travel size health and beauty care products, over-the-counter drugs, personal care products and sundries sold in small-portion packages. The company acquires branded products from the manufacturer and then repackages the products in convenient size (single / double dose) and trial / travel size packages for over 120,000 retail locations, which include grocery stores, convenience stores, drug stores, gas stations, mass merchants, warehouse clubs, travel centers, airports, hotels and cruise lines. The company distributes over 500 branded products and has established an expansive distribution network, through which its partners' products can efficiently reach consumers on a nationwide basis.

Mr. Jungmann possesses over 30 years of experience and has served in senior leadership roles for companies such as Kraft Foods, Solo Cup and SUPERVALU. Immediately prior to joining Convenience Valet, Mr. Jungmann served as President of Sales for Richelieu Foods, a private equity owned manufacturer of private label frozen pizza, salad dressings, marinades, sauces and condiments. Headquartered in Braintree, Massachusetts, Richelieu Foods manufactures a large number of unique SKUs for retailers and also does contract manufacturing for a number of large branded companies. Richelieu is one of the largest private label frozen pizza manufacturers in the US. As President & CEO of Convenience Valet, Mr. Jungmann will assume direct operational control over the business and will report to the Board of Directors. He will be tasked with working hand-in-hand with the senior management team to develop and implement Convenience Valet's long-term growth plan, while also continuing to drive incremental improvements across the organization. He will also lead the acquisition and integration of any future add-on businesses.

Ronald E. (Chip) Weinberg, Jr., Managing Director & Principal of Weinberg Capital Group stated, "Convenience Valet has been in business for more than 70 years. We purchased the business in 2015 and have enjoyed working with the senior management team to continue their tradition of innovative product development, value-added design and planogramming and excellent customer service. The company is well-positioned for long-term success and the addition of Steve will only serve to enhance an already robust platform. Steve is a seasoned CEO, possessing a long and distinguished track record. He is exactly the right individual to take this business to a new level of success."

Mr. Jungmann added, "I am very grateful for the opportunity to join Convenience Valet. I am very impressed with the senior management team and believe strongly that as an organization we have multiple avenues for growth. I can't wait to get in there and get to work."

About Weinberg Capital Group

Weinberg Capital Group is a Cleveland, Ohio based private equity group whose principals consist of Ronald E. Weinberg, Ronald E. (Chip) Weinberg, Jr., John E. Herman and Cameron S. Miele. The firm invests in well-positioned middle market companies. Weinberg Capital Group focuses on firms where the current ownership and management reinvest in the transaction, and management remains in place, affording current shareholders and management an opportunity to achieve liquidity coupled with ownership continuity. The firm invests in companies throughout North America with annual revenue from $15 to $100 million and EBITDA ranging from $2 to $10 million. The firm's current portfolio covers a broad range of industries including manufacturing, business services, aviation services, financial services, consumer products, retail and value-added distribution. Additional information on Weinberg Capital Group can be found at www.weinbergcap.com.