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Clearview

Clearview Capital Fund III, L.P. (“Fund III”), an affiliate of Clearview Capital, L.P.
(“Clearview Capital”), today announced the sale of its majority interest in NCL
Acquisition Corp. and its subsidiaries (collectively “Elevation Labs” or the “Company”),
a leading formulator and manufacturer of premium beauty products. The transaction
closed on June 30, 2022.

With a reputation for exceptional product quality and breakthrough innovation,
Elevation Labs provides extensive formulation and filling capabilities to more than 100
industry-leading beauty brands across more than 80 distinct product categories. The
Company operates state-of-the-art facilities in both Idaho Falls, Idaho, and Denver,
Colorado, with a deep bench of experienced chemists and lab technicians. With more
than 20 manufacturing certifications and end-to-end capabilities spanning product
formulation, sourcing, regulatory support, logistics, manufacturing, and packaging,
Elevation Labs is a go-to provider for complex and innovative products. The Company
has further distinguished itself with its commitment to ESG through a variety of key
initiatives, including powering its facilities entirely with renewable energy.

“We initially invested in Elevation Labs with the goal of creating a leader in the
prestige and natural beauty market. Through a combination of strategic add-on
acquisitions, investments in new and upgraded facilities and state-of-the-art
equipment, and the addition of several key management team members, Elevation
Labs has achieved this goal. The Company is now widely known as a premier
formulator and developer for some of the world’s most dynamic, high-growth beauty
brands,” said Bill Case, Managing Partner of Clearview Capital. “Under Fund III’s
ownership, Elevation Labs’ revenue and EBITDA more than tripled.”

“Clearview Capital has been a trusted and valuable strategic partner for our management team,” commented Michael Hughes, Elevation Labs’
CEO. “The Clearview team understood and supported our vision for the Company and provided the necessary resources to allow us to achieve
our goal of delivering Phenomenal Customer Experiences every day, including making significant investments to expand our capabilities, build
our team and pursue our strategic growth initiatives. We are grateful for their support and partnership.”
“The sale of Elevation Labs marks our seventh successful exit from Fund III,” commented Calvin Neider, Managing Partner and Co-Founder of
Clearview Capital. “We want to credit Michael Hughes and the entire Elevation Labs team for their impressive accomplishments, leadership,
and dedication in helping us build a world-class company. We wish all the best for this team and the Company as it moves to its next phase of
growth.”
Elevation Labs and Clearview Capital were advised by William Blair & Company, L.L.C. and Alston & Bird LLP.

About Elevation Labs
Elevation Labs is a leading formulator and manufacturer of premium skincare, haircare and color products, focused on exceptional product
quality, breakthrough innovation and an unwavering commitment to solving client challenges. Headquartered in Idaho Falls, Idaho, the
Company offers custom development and comprehensive contract manufacturing solutions in both traditional and high-performance clean
beauty. Since 2018, more than 170 products innovated by Elevation Labs in collaboration with partner brands have been recognized by Allure
and other beauty awards around the country. For more information, please visit www.elevationlabs.com.
About Clearview Capital
Founded in 1999, Clearview Capital is a private investment firm specializing in the acquisition and recapitalization of lower-middle market
companies in North America in the business services, healthcare services, consumer, manufacturing and specialized distribution sectors. Since
inception, the Clearview Capital team has completed more than 150 transactions in a wide variety of industries. Clearview Capital is currently
making investments from Clearview Capital Fund IV, L.P. and its affiliate, a $550 million vehicle. The firm is headquartered in Stamford,
Connecticut and has an additional office in Los Angeles, California. For more information, please visit www.clearviewcap.com.

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