Harren Equity Partners Acquires First Fund IV Platform with Investment in Core States Group

CHARLOTTESVILLE, Virginia, April 13, 2022 – Harren Equity Partners (“Harren”), a private equity firm
dedicated to the lower middle market, is pleased to announce the recapitalization of Core States Group (“Core
States” or the “Company”) in partnership with Founder & Chairman, John M. Scheffey, as well as the entire
executive leadership team led by the Company’s President, D. David Dugan. This transaction represents the
first platform investment executed by Harren out of its fourth institutional private equity fund, Harren
Investors IV, L.P. (“Fund IV”).

Founded in 1999, Core States provides architectural, design, engineering, program rollout services, and
signage solutions to a diverse set of multi-national, blue-chip clients operating in a variety of end markets.
Core States supports multi-site expansion, remodeling, and renovation programs across North America,
primarily for large enterprise customers. Core States also performs engineering, procurement, and
construction (“EPC”) services in support of North American installations and enhancements of zero emission
vehicle (“ZEV”) infrastructure as well as distributed generation and energy projects. The Company leverages
its differentiated multi-disciplinary skillset to offer more comprehensive, innovative, and efficient solutions
to its customer base. Core States is headquartered in Ambler, PA; additional information is available at

John Scheffey of Core States commented: “Our partnership with Harren represents a major step forward in
the evolution of Core States. I’m thrilled to remain invested alongside Harren as together we now return our
attention to the multi-dimensional growth opportunities ahead.” Dave Dugan added: “We fully anticipate
that this partnership with the Harren team will allow Core States to broaden and accelerate our strategic
growth initiatives, which have proven effective in recent years. Our entire executive leadership team is
excited to invest alongside and work together with Harren going forward.”

Joel Carter, Partner at Harren Equity Partners, stated that “our new partnership with Core States fits squarely
within the investment strategy here at Harren. For over 20 years, Harren has strategically aligned itself with
valued partners like John and Dave. We greatly value the relationship formed with the executive leadership
team in recent months, during which time we developed a more fulsome appreciation for the unique
institutional strategy and go-forward goals of the organization. Harren deeply appreciates the opportunity
to partner with Core States as we launch Fund IV.”

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