A Statement on Two Decades of Partnership with Organized Labor

At Blue Wolf Capital Partners LLC ("Blue Wolf"), we have always believed that productive relationships with organized labor are not a constraint on value creation - they are a source of it. Since our founding in 2005, working constructively with unions has been a defining feature of how we invest, how we operate, and how we build companies that endure.

Our long partnership with the United Steelworkers ("USW") reflects that conviction in practice. The USW represents some of America's most skilled industrial workers - the people who run the mills, maintain the infrastructure, and do the hands-on work that keeps North American manufacturing competitive. We have found, time and again, that when capital and labor approach a business with shared goals, the results benefit everyone: workers, investors, and the communities these companies call home.

Organized labor is embedded in our investment model, not as an afterthought but as a core competency. Approximately 28 percent of our portfolio company workforce is unionized - nearly five times the national private sector average. We have negotiated collective bargaining agreements covering thousands of workers across industries from forest products to transportation to industrial contracting. We have worked shoulder-to-shoulder with strong management teams and strong union leadership to stabilize and grow businesses that might otherwise have faced much harder outcomes.

We are proud of the relationships we have built and remain committed to deepening them. Blue Wolf respects the legal right of workers to decide if they want union representation.