FOR IMMEDIATE RELEASE:

December 10, 2020

Pipp Horticulture Acquires Vertical Air Solutions

This acquisition solidifies Pipp’s position as the preeminent Mobile Vertical Grow Rack provider for indoor vertical farming and horticulture industries

December 10, 2020 – Walker, Michigan – December 10, 2020 – Pipp Horticulture (a division of Pipp Mobile Storage Systems, Inc., backed by Novacap) (“Pipp”), the leading provider of space-saving, multi-level mobile cultivation systems, announced today that it has acquired Vertical Air Solutions LLC (“VAS”). Based in Santa Cruz, California, VAS is a leader in providing air circulation systems and related products to the global indoor vertical farming industry.

“We are excited to welcome the entire VAS team, led by innovative entrepreneurs and powered by a dedicated group of employees, to the Pipp family of companies” said Craig Umans, President and CEO, Pipp. “We have gotten to know the VAS team well in recent years, as they have been an integral part of our horticulture business, and their products are the ideal addition to our Mobile Vertical Grow Rack Systems. We look forward to integrating their leading technology into our continually expanding product offering to better serve the fast-growing vertical indoor farming industry.”

Urban Wellness New Mexico                                                                              Fog City Farms

“In 2017, when our ‘first of its kind’ airflow technology couldn’t fit into standard mobile racking configurations, Pipp Horticulture was prepared and willing to customize their system in order to accept ours. Our companies have since built a strong relationship and we’re excited to make the partnership official.” said James Cunningham, Founder of VAS. “We look forward to continuing our focus on innovation, while providing top tier solutions for the vertical farming industry. Pipp’s 40 years of experience in equipment sales and manufacturing is exactly the support VAS needs in order to facilitate our growth into new markets.”

“The acquisition of VAS continues our mission of expanding our product offering to better serve the vertical farming industry. Pipp Horticulture brings a combination of the most knowledgeable and experienced Team along with the best products, competitive pricing and best in class customer service” said Craig Umans, President and CEO, Pipp.

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About Pipp Horticulture

Pipp Horticulture is the industry-leading provider of vertical farming and space optimization solutions. We work with commercial agriculture professionals globally, to design, install, and optimize operational spaces throughout cultivation, post-harvest, manufacturing, and distribution facilities through the implementation of vertical and mobile rack and cart systems. The Pipp team merges over 40 years of commercial mobile storage experience with horticulture industry experts with over 30 years of operational experience in commercial agriculture and seed-to-sale production. Pipp provides expertise, insight and network connections far beyond our mobile systems in support of our mission to augment financial performance and mitigate risk for our partners. For more information, please visit www.pipphorticulture.com

About Vertical Air Solutions

Vertical Air Solutions™ leads the business of providing air circulation systems and related products to the global indoor vertical farming industry. With a relentless focus on innovation in improving the efficiency and yield of its customers and an unwavering commitment to stable and interdependent partnerships in its route to market, Vertical Air Solutions positions itself as a responsible, customer-focused, responsive, and politically and socially involved player in the horticulture ecosystem. For more information, please visit www.vertairsolutions.com

About Novacap

Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 140 add-on acquisitions. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.

For more information:

Craig Umans, President and CEO

Pipp Mobile Storage Systems, Inc.

616-988-4044

info@pipphorticutlure.com