Grenova Announces Appointment of Lane Major as President and Chief Executive Officer

RICHMOND, Va., April 12, 2023 -- Grenova, Inc., a Virginia-based designer, manufacturer, and distributor of instruments and associated consumables for the life sciences industry, today announced the appointment of Lane Major as President and Chief Executive Officer, and as a member of Grenova's Board of Directors. Most recently, Major served as Vice President and General Manager of Stryker Spine, building and integrating ~$2 billion in investment around medical device and enabling technologies across more than 40 countries.

Major holds more than 20 years of experience as an entrepreneur, executive, and board member in the medical and life sciences product industry. In 2004, he co-founded K2M, Inc. ("K2M"), a supplier of medical device solutions for complex spine and minimally invasive procedures. Major served in numerous roles during his tenure at K2M, including as Chief Operating Officer and Chief Strategy Officer. During that time, he helped lead the company from $0 to $300 million in revenue, as well as a private equity exit, a 2014 IPO, and K2M's $1.4 billion acquisition by Stryker Corp in 2018. While at Stryker, he continued the Spine division's expansion, overseeing additional M&A integrations and the implementation of division-wide culture initiatives.

"Grenova's proprietary technology provides a unique economic, environmental, and supply chain value proposition to its customers," said Major. "I'm thrilled to have the opportunity to lead such an innovative platform with game-changing technologies and an accomplished management team."

Founded in 2014 by Ali Safavi, Grenova's technology enables its customers—clinical labs, pharmaceutical/biotech companies, research institutions, agricultural companies, and others—to wash, dry and re-use single-use plastics. Grenova's products aim to advance healthcare toward a more sustainable future by lowering costs in the laboratory industry, reducing biohazard waste in the environment, and mitigating supply chain risk for plastic consumables.

"As a first-to-market innovator of technologies that make consumables reusable, Grenova is poised for global growth," said Ali Safavi, Grenova's founder. "Lane's leadership will help labs worldwide use our technologies to reduce their consumable costs and fulfill their ESG commitments, and I'm excited to work alongside him to help Grenova reach its potential as an industry-defining company."

"The Peloton Equity team worked with Lane for more than 10 years during his time at K2M, and we are incredibly excited to bring him aboard to lead Grenova. His experience building businesses that have innovative technology at their foundation and his relentless focus on culture and customer success is ideally suited for this opportunity," said Ted Lundberg, Chairman of the Board of Directors for Grenova and Co-Founder of Peloton Equity, Grenova's majority owner.

Major graduated from James Madison University and earned an MBA from Northwestern's Kellogg School of Management. As a business and community leader, he has been recognized as an Outstanding Corporate Citizen by the Northern Virginia Chamber of Commerce. He currently serves as a board director for several Virginia-based businesses and is a member of the Young Presidents' Organization.

About Grenova

Founded in 2014, Grenova™ is an innovative company that is revolutionizing lab consumables through high-quality waste reduction solutions. Grenova's mission is to lower costs in the laboratory industry and reduce biohazard waste in the environment by delivering groundbreaking approaches in dealing with plastic consumables. Grenova's existing products include the TipNovus family of pipette tip-washing solutions for labs such as the Automated TipNovus (ATN) Package, a fully integrated tip-washing solution; the TipLumis family of HEPA-filtered, temperature-controlled, UV-sanitized tip storage solutions; GrenoClean, a proprietary and scientifically validated cleaning solution; and Purus by Grenova, a novel microwell plate cleaner. For more information, visit grenovasolutions.com.

About Peloton Equity

Peloton Equity, LLC (pelotonequity.com) is a private equity firm focused exclusively on growth capital investments in the healthcare industry. Peloton was formed in 2014 as the successor firm to Ferrer Freeman & Company ("FFC") and invests in companies with between $10 million and $200 million of revenue that have the management team, market opportunity, and business model to grow revenues significantly over the life of its investment. Peloton seeks to be a significant investor in companies with high-growth potential, driven by a clear value proposition to the healthcare industry. Peloton's investment team has invested in more than 35 unique healthcare companies—including K2M from 2006 through 2016—and has deployed more than $800 million in capital. Recent investments include AeroSafe Global, ClearSky Health, Friday Health Plans, and Journey Health & Lifestyle.