Spotlighting Renato’s return to the Midwest and his #OneOberweis vision for the future of this beloved brand.

Every portfolio company has a story worth telling—one built on innovation, resilience, and lasting impact. In our new series, From Vision to Value, we spotlight the businesses within the Hoffmann portfolio, bringing their journeys, challenges, and successes to life in a way that captures their unique contributions. Next up? Oberweis Dairy.

GEOFF:
The summer of 2025 marked the first year since Hoffmann Family of Companies acquired the iconic Chicago brand: Oberweis Dairy.

As someone whose household goes through more Oberweis chocolate milk than I’d like to admit (my sons drink it after every hockey practice), I know the quality of this brand firsthand.

There’s also a personal connection. My grandfather was a milkman, and my dad used to help him make deliveries before school while growing up in rural Missouri. Oberweis carries that same sense of nostalgia, family, and tradition, and that makes it especially meaningful to us. With that shared appreciation, this conversation with Oberweis CEO Renato DePaolis felt completely natural.

We sat down to talk about his journey, leadership philosophy, and vision for Oberweis’ future. On behalf of the entire Hoffmann and Oberweis teams, I’ll say this: We’re incredibly excited about Renato’s leadership and everything that lies ahead for this remarkable brand.

GEOFF:
Renato, tell me about your background and how you found your way to Hoffmann—and now to Oberweis as their new CEO.

RENATO:
I first learned about the Hoffmann family through some mutual networking circles in Naples, Florida. My career has been anything but typical—I’ve led businesses in various sectors and operational transformation in the aerospace and national security technology sectors, always with a focus on cultivating organizational structures that deliver on innovation and operational excellence, which I consider core strengths as a leader.

I previously served at the White House as a trusted aide and advisor to the past two U.S. administrations on national security operations, and before that, I was a U.S. Navy fighter pilot and Weapons school instructor. Those experiences shaped how I approach leadership and complex operations in a business setting.  

I earned my MBA from MIT, which opened the door to another Hoffmann connection through one of my classmates: our very own Clayton Jones. That relationship ultimately led me to you, Geoff. From there, we agreed it was the right fit for me to step into a Strategic Operations role within the family of companies.

After joining, I quickly found my footing with our amazing teams and teammates and began focusing on Oberweis. I immediately fell in love with the organization and saw tremendous potential…not because anything was fundamentally broken, but because there was significant opportunity to scale our differentiated advantage in the market, strengthen operations, and support sustainable growth in the Midwest and beyond. Born in Wisconsin and with family in the Midwest, serving the dairy industry felt natural and a bit of a full circle opportunity.

And here we are today. I’m incredibly proud to serve as their new CEO.

GEOFF:
After spending time with associates at Oberweis and learning about the company, what surprised you most as you took the helm?

RENATO:
I’ve spent time on the floor during every shift, every day, and what surprised me most was the level of pride in every detail, from production to packaging and creating special moments in stores for our customers. It’s given me a deep appreciation for the commitment of our teammates and the incredible work our team does every day.

Our ability to reliably produce and deliver crafted, all-natural, super-premium, craveable products to customers in under 72 hours across all three of our channels speaks to our strategic and operational differentiation. It creates a lifecycle loyalty engine with incredible reach and scale. By owning our cold chain end-to-end, we maintain quality with exceptional consistency to ensure our customers can enhance memorable moments in their homes, in our stores, in grocery, and hopefully in the air in 2026 across the U.S.!

GEOFF:
What were Oberweis’s biggest accomplishments in 2025?

RENATO:
2025 was a year defined by shared services, operational upgrades, and meaningful investment in our future.

We brought in an on‑site expert from the Hoffmann corporate finance team, partnered with fellow portfolio company DHR Global to strengthen our leadership bench, and are overhauling our decades‑old ERP system—originally installed in the early ’90s. This upgrade is critical to improving efficiency, modernizing workflows, and increasing our capacity to serve customers across channels throughout the country.

We also made major capital commitments: $15 million to acquire nine retail locations for long‑term site control, plus more than $6 million in plant improvements, retail enhancements, and technology transformation across the business.

A standout moment came in August 2025, when we proudly opened our first new store in five years, right in Winnetka, Illinois. It stands as a reflection of our commitment to enhancing store experience and standards as we expand into the future.

And my favorite change of all? We moved the ice cream to the front of the store. It sounds simple, but historically, Oberweis scoop shops kept the product in the back of the house. Now, it makes the experience more interactive and allows guests to watch their ice cream being scooped. It’s one of many small shifts underway that make a big impact to customer experience—bringing the joy of ice cream front and center, exactly where it belongs.

GEOFF:
What’s your vision for Oberweis in 2026?

RENATO:
This year, we’re rolling out One Oberweis—a company-wide commitment to high standards, engaged teams, and a learning mindset that challenges the status quo. It means sharing what works, fixing what doesn’t, and raising the bar together.

One Oberweis also reflects our commitment to unifying our three channels to increase customer loyalty, expand reach, and provide seamless access to our products. Our ability to serve customers at home, on the go, and at key moments in life across these channels is a competitive advantage, and customer-experience benefits will be further unlocked through digital innovation. We will retool our online experience to give our customers anywhere-anytime access, along with loyalty benefits and an expanded product offering that integrates products across our exceptional family of companies.

True to my years of service, I emphasize to the Oberweis team that I am here to be their wingman as we serve our customers. That comes from my Navy days as a fighter pilot. I love being out with the team—learning from and supporting them in the plant, in stores, or on the road. We learn best by doing. For nearly 100 years, Oberweis has stood for craft, care, and quality. Now it’s time to write the next chapter: One Oberweis, one team, one standard. I’m confident about the road ahead…and with our 100th anniversary coming in 2027, we’re gearing up for a big celebration.

GEOFF:
Beyond 2026, where do you see Oberweis headed?

RENATO:
While we’re proud Midwesterners who happily eat ice cream even when our hands are frozen, there’s no better place for a scoop than somewhere warm and tropical. The Hoffmann brand is especially strong in Southwest Florida, and we’re actively exploring what expansion could look like there.

We’ve also entered major venues like the Enterprise Center—home of the St. Louis Blues—and Hertz Arena in Florida, home of the Florida Everblades, along with Paradise Coast, a premiere sports-complex destination. In addition, we’re growing in key real estate and golf destinations where Hoffmann has a meaningful presence, including St. Louis, Chicago, Naples, and Mackinac Island.

What excites me most, though, is the renewed emphasis on home delivery, a more intentional in‑store experience, and new partnerships with beloved local institutions, like our recent collaboration with The Joffrey Ballet. The team really came together with The Joffrey Ballet to innovate, produce, and deliver a crafted ice cream product that captured the spirit of the season and showcased our versatility and brand alignment to create and enhance memorable lifetime experiences like The Nutcracker.

GEOFF:
What qualities do you feel like you bring to Oberweis as a leader?

RENATO:
I’m a high-standards, straightforward leader—which is reflective of my time in the Navy as a fighter pilot. Tactical carrier aviation is an unforgiving environment where attention to detail in preparation and execution must be second to none across time to deliver on our promises to the American people. High standards are also a hallmark of Oberweis, and attention to detail, ownership, and accountability are critical to ensuring customers have the very best experience the first time and every time. I pride myself on building teams that can deliver at a high level. It isn’t easy, but it’s very important, because our customers deserve our very best. 

But I’m also a dad of four daughters and two sons who love ice cream. Fun fact: My amazing wife and our wonderful kids have lived on a mango farm for years, though we’ll be moving to Naperville once the school year wraps up.

And yes, despite my background, I love having fun. Over Thanksgiving, I ran a turkey trot with my family… in a full turkey onesie. I love connecting with people, celebrating their accomplishments, and getting to know the details that matter most to them. Building enduring relationships and creating lasting memories is what life is all about.

So yes, we take serving our customers seriously—but having fun at home and at work is very important to me. My family brings out the best in me, and I try ensure we bring out the fun side of our business with our team.

GEOFF:
Talk to me about Oberweis’s culture. This brand has nearly a century of history—how are you building on that foundation while bringing in fresh ideas?

RENATO:
We’re focused on returning to the core values that make Oberweis special—crafted quality, joy, and customer focus.

That means breaking down silos, re-establishing training programs, reinvigorating our commitment to core values, and communicating with our team more than ever. The energy is real, and our team is energized about our future.

GEOFF:
Last question, and arguably, the most important one… favorite Oberweis flavor?

RENATO:
The purist in me wants to say our Vanilla…it’s perfect. But the answer really is our Cookie Dough Peanut Butter.

GEOFF:
Love it. Thanks for sitting down with me, Renato. We’re so excited to see what the future holds for Oberweis with you at the helm.

LEARN MORE ABOUT OBERWEIS’ HOME DELIVERY PROGRAM.

New Southwest Florida Course Designed to Elevate Community and Environment

ESTERO (Feb. 12, 2026) – Hoffmann Family of Companies continues to advance the highly anticipated Pandion Club redevelopment in Estero—a project designed to deliver hundreds of jobs and significant economic impact for the region.

Pending permitting approval, the future construction at the Old Corkscrew site is already driving local economic activity and creating opportunities across skilled trades, hospitality, and service sectors. At peak, hundreds of workers will be active on-site. Once the club opens in late 2027, permanent roles in course management and hospitality will further support long-term operations and local employment.

More than a golf course, Pandion Club represents a strategic commitment to Estero’s growth and quality of life. To bring this vision to life, HF Companies has assembled a team of industry leaders who bring world-class expertise in architecture, engineering, construction, and consulting:

“This project represents a major investment in Estero’s future,” said Geoff Hoffmann, CEO of Hoffmann Family of Companies’ private equity arm. “By engaging top-tier firms and supporting opportunities for local talent through development and operations, Pandion Club will deliver lasting economic benefits to the community.”

Recent community studies, including Engage Estero, highlight residents’ priorities: economic vitality, environmental sustainability, and quality of life. Pandion Club investment addresses these priorities through:

  • Economic Resilience: Multi-year construction and ongoing operations will create hundreds of jobs across skilled trades, professional services, and hospitality. Thoughtful development and increased tourism help stabilize property values and attract new residents—benefits that Pandion Club is positioned to deliver. Partnerships with regional suppliers and service providers will also inject millions into the local economy and support local business growth.
  • Environmental Stewardship: The project integrates ecological consulting and resiliency planning. As a Certified Audubon International Signature Sanctuary, Pandion Club demonstrates a strong commitment to environmental sustainability and climate adaptation.
  • Lifestyle & Tourism Enhancement: Pandion Club positions Estero as a premier destination for golf, recreation, and luxury living—boosting tourism and elevating the community’s quality of life.
  • Preserving Heritage: By revitalizing a former golf course rather than pursuing high-density development, the project preserves natural land, protects vital ecosystems, and enhances quality of life for residents—all while creating jobs and driving economic growth.

Designed by world-renowned architect Kyle Phillips, the golf course will span 275 acres of carefully restored landscape. The par-71 layout will stretch up to 7,220 yards, offering multiple teeing options and a full practice facility, including a driving range and short-game areas. The target opening is late 2027.

As permitting continues and construction commences later this year, Pandion Club stands as both an economic driver and a steward of the natural environment—creating jobs, supporting local businesses, and elevating Southwest Florida’s golf and lifestyle landscape for generations to come.

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About Hoffmann Family of Companies

Hoffmann Family of Companies is a multi-vertical, family-owned private equity firm consisting of over 120 global brands and employs more than 22,000 employees with businesses located in 30 countries and 400 locations around the world. Hoffmann Family of Companies’ verticals include Agriculture, Aviation & Transportation, Financial & Professional Services, Hospitality & Entertainment, Manufacturing, Marine, Media & Marketing and Real Estate. For more information visit HFCompanies.com

About Pandion Club

Pandion Club is a new, golf‑only private club in Southwest Florida, created by Hoffmann Family of Companies and designed by internationally renowned architect Kyle Phillips. Built on the former Old Corkscrew Golf Club property in Estero, the club reflects the spirit of its namesake—the osprey, Pandion haliaetus—symbolizing strength, precision, and harmony with nature. Scheduled to open in 2027, Pandion Club will offer a par‑71, 7,220‑yard layout, complemented by a low‑country style clubhouse, expansive practice facilities, and a limited membership of 280 passionate golfers.

For Interview Opportunities: [email protected]

For Membership Information: [email protected]

An inside look at Hoffmann’s new Fifth Avenue boutique, her signature personal style, and the untold story of her and David—revealed as never before in Naples’ beloved lifestyle magazine.

NAPLES (Feb. 4, 2026) – In an in‑depth feature with Gulfshore Life, Jerri Hoffmann’s lifelong passion for fashion and design comes into vivid focus through The Augusta Clothing Company. Rooted in her Missouri upbringing and shaped by her distinctive, discerning eye, The Augusta Clothing Company reflects Jerri’s personal taste, heritage, and the enduring legacy she continues to build.

The piece traces her journey from decades as a behind‑the‑scenes force within Hoffmann Family of Companies to the upcoming opening of the second location of The Augusta Clothing Co. later this year. Throughout, the feature highlights Jerri’s creative evolution and the vision guiding her expanding brand.

Her husband, David Hoffmann, Chairman of Hoffmann Family of Companies, describes Jerri as the grounding counterbalance to his forward drive—the person who softened his edges and humanized complex deals:

“People got comfortable with us as a business and as a family, and me as an executive because of her,” he says. He insists the company wouldn’t have become what it is without her. She insists she was peripheral, a fly on the wall. “Dave was the one out there taking risks every day,” she reasons. 

READ THE FULL FEATURE HERE (SUBSCRIPTION MAY BE REQUIRED)

Chairman’s Non-Linear Path to Long-Term Success Highlighted in Recent Daily Cover

NAPLES (Feb. 1, 2026) – In “My First Investment,” a Forbes series by reporter Luisa Kroll, business leaders share the risks, lessons and turning points that shaped their success. David Hoffmann recently joined the series to discuss his own journey—from early challenges to building one of the largest family offices in the world.

The piece notes that Hoffmann Family of Companies has investments in over 125 businesses in various industries including Linstol, the largest maker of in-flight passenger comforts and accessories such as headsets and amenities bags; Archer Wire, which made over 1.1 million football face masks last year, supplying all types of teams, from youth leagues to the NFL; and Oberweis Dairy, which delivers pasteurized milk in glass bottles. DHR [Global], the firm that seeded it all, now has 50 offices. 

As for the lessons he’s learned from failure over the years, Hoffmann says, “I would tell my 20-year-old self to look at the downside as well as the upside, and always ask, why hasn’t someone else made this investment?,” adding that “I would be patient and go with trusted performance, if I had it to do all over again.”

READ THE PIECE HERE (5 FREE ARTICLES A MONTH | SUBSCRIPTION MAY BE REQUIRED)

Fourth-Generation Pacific Northwest Grower Accelerates Hoffmann’s Expansion into a New Region and Positions the Firm Among America’s Largest Greenhouse Producers

BELLINGHAM, Wash. (Jan. 29, 2026) — Hoffmann Family of Companies (“HF Companies”), a family-owned private equity firm based in the United States, is pleased to announce it has acquired a majority interest in Smith Gardens, a family-owned and operated greenhouse growing company headquartered in Bellingham, Wash.

In 2026, Smith Gardens celebrates 125 years of growing plants in the Pacific Northwest. Today, the company is led by the fourth generation of the Smith family—Eric and Mark Smith—with members of the fifth generation already actively involved. Smith Gardens will continue under Eric and Mark’s leadership, as they retain partial ownership and remain in their leadership roles guiding the company’s strategic direction.

Smith Gardens operates five major growing facilities across the Pacific Northwest and California, including:

  • Bellingham, Wash.
  • Mount Vernon, Wash.
  • Marysville, Wash.
  • Aurora, Ore.
  • Watsonville, Calif. (home of Pacific Plug & Liner)

This strategic partnership expands HF Companies’ rapidly growing agricultural vertical into a new geographic region, complementing its existing holdings in California, Florida, Illinois, Missouri, and Mexico.

Smith Gardens operates more than four million square feet of greenhouse, with over one hundred acres of outdoor production space, and employs 1,200 people. In addition to producing and delivering annual and perennial ornamental plants, the company also operates a merchandising service division.

The acquisition also includes Pacific Plug & Liner, Smith Gardens’ young plant propagation division. Located nine miles from Monterey Bay, Pacific Plug & Liner uses its ideal coastal climate to produce specialty plugs and liners in 250,000 square feet of greenhouse space. This part of the company is known for perennials, innovative young plant varieties, and trend-driven programs that support customer and retail success.

Greg Hoffmann, CEO of Hoffmann Family of Companies’ Real Estate arm, stated: “We are very proud to have Smith Gardens join our agriculture vertical and to add another outstanding family-owned business to our portfolio. Eric, Mark, and their team have built a remarkable company, and we believe they will achieve even greater success with expanded resources, invested capital, and the support system we provide.”

Eric Smith, Chief Executive Officer of Smith Gardens, commented: “When we met the Hoffmann family, it quickly became clear that they value long-term relationships, customer focus, and growing a great team—just as we do. As we considered a partner for the next phase of our growth, culture was a top priority, and we found the right alignment here. Mark and I are honored to remain at the helm and maintain the continuity that began with our great-grandfather and has guided our family through every generation.”

Mark Smith, Chief Planning Officer, added: “We’ve been familiar with the impressive companies within Hoffmann’s agricultural vertical. We see a bright future in partnership with the Hoffmann family as we continue to uphold our mission—‘Our Business is Growing.’ People, Plants, and Opportunity. Together, we’ll keep delivering the quality and service our customers know and trust.”

The deal team was led by Clayton Jones. For more information on the family office, visit HFCompanies.com.

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About Hoffmann Family of Companies:

Hoffmann Family of Companies is a multi-vertical, family-owned private equity firm consisting of over 125 global brands and employs more than 22,000 employees with businesses located in 30 countries and 400 locations around the world. Hoffmann Family of Companies’ verticals include Agriculture, Aviation & Transportation, Financial & Professional Services, Hospitality & Entertainment, Manufacturing, Marine, Media & Marketing and Real Estate. For more information, visit HFCompanies.com.

About Smith Gardens:

At Smith Gardens, growing is more than a business, it’s a purpose. Founded in the Pacific Northwest, Smith Gardens is celebrating its 125th anniversary in 2026. Today, the company is operated by the fourth generation of the Smith family, with the fifth generation actively involved. Smith Gardens employs more than 1,200 people and operates over 4 million square feet of greenhouse and over one hundred acres of outdoor production space. In addition to producing and delivering annual and perennial ornamental plants, the company also operates a merchandising service and a young plant division. For more information, visit SmithGardens.com and www.PPandL.com.

About the Hoffmann Agricultural Vertical:

This rapidly growing area of investment for HF Companies produces herbs, wine, fresh plants, flowers, golf products, and dairy products. The family’s holdings represent close to 5,500 acres of land, including:

  • California:
    • Bay Area Herbs & Specialties
    • Smith Gardens
  • Florida:
    • American Farms
    • Old Collier Golf Club
    • Old Corkscrew Golf Club (Pandion Club)
    • Kaleidoscope Florist
    • Topiary Creations
  • Illinois
    • Hoffmann Heimos Greenhouses
    • Meyer Farms
    • Millstadt Young Plants
    • World Wide Farms
  • Mexico
    • World Wide Farms
  • Missouri:
    • Augusta Winery
    • Balducci Vineyards
    • Ferguson Valley Nurseries
    • Hoffmann Heimos Greenhouses
    • Hoffmann Hillerman Nursery
    • Knoernschild Vineyards
    • Micky’s Minis
    • Montelle Vineyards
    • Mount Pleasant Estates
    • Town & Country Nursery
  • Oregon:
    • Smith Gardens
  • Washington:
    • Smith Gardens

For More Information: [email protected]

DAVENPORT, Iowa (Dec. 30, 2025) – Lee Enterprises, Incorporated (the “Company” and Nasdaq: LEE) today announced that it has entered into a definitive stock purchase agreement for a $50 million strategic equity investment in the Company’s common stock. The investment is led by David Hoffmann (“Hoffmann”), with participation from other existing investors in the Company, providing the Company with committed capital and a strengthened financial and governance foundation as it moves into its next phase.

Under the agreement, the Company has entered into a $50 million private placement of common stock at an investment price of $3.25 per share anchored and fully backstopped by Hoffmann, who initially committed a minimum of $20 million, with the remaining $30 million allocated to other top existing investors. As a result of the subscription levels and backstop, at signing, Hoffmann has committed approximately $35 million, with additional investors committing approximately $15 million. Also, Hoffmann has backstopped the capital raise by fully committing to purchase any remaining amount of common stock to the extent not purchased by any additional investors at the closing of the transaction. Subject to customary closing conditions and stockholder approval, the Company expects to receive the full $50 million of gross proceeds at the closing of the transaction, before transaction expenses.

The closing of the $50 million investment is expected to satisfy a condition to amend the Company’s existing credit facility, reducing the annual interest rate on approximately $455.5 million of the Company’s outstanding long-term debt to 5% from 9% for a five-year period, materially improving the Company’s capital structure and cash flow outlook.

Following a comprehensive review of the Company’s performance, capital structure, and long-term opportunities, the Company’s board of directors (the “Board”) unanimously approved the transaction and determined that decisive action was required. The Board concluded that strengthening the balance sheet, implementing leadership change, and advancing a clear strategic direction are necessary to improve execution and position the Company for long-term value creation.

“This transaction reflects the Board’s determination to act decisively,” said Mary Junck, Chair of the Board. “By strengthening the balance sheet and improving the Company’s capital structure, we are putting the Company in a better position to execute and create long-term value.”

As part of the closing of the strategic equity investment, David Hoffmann is expected to assume the role of Chair of the Board.

“This transaction strengthens the Company’s balance sheet and reflects the Board’s determination to take decisive action,” said David Hoffmann, incoming Chair of the Board. “With improved financial stability and a clear governance framework in place, the focus can now be on disciplined execution and long-term value creation.”

Concurrently with the execution of the stock purchase agreement, Kevin Mowbray, the Company’s President and Chief Executive Officer, has announced his retirement. The Company expects the current Chief Operating Officer, Nathan Bekke, to serve as Interim Chief Executive Officer, and the Board has initiated a search for a permanent CEO. Kevin joined the Company in 1986, and over his 39-year career, he served in thirteen Lee markets.

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Advisors

Oppenheimer & Co. Inc., Kirkland & Ellis LLP and Lane & Waterman LLP served as exclusive financial advisor and legal advisors, respectively, to Lee Enterprises, Incorporated.

Stifel and Lathrop GPM LLP served as the exclusive financial advisor and legal advisor, respectively, to Hoffmann.

Other Important Information

The issuance and sale of shares of the Company’s common stock pursuant to the foregoing transactions is subject to customary closing conditions, including among other things, the approval of our stockholders at a special meeting (the “Special Meeting”), which is expected to be held in the first quarter of 2026.

The shares of common stock being issued and sold in the above-mentioned transaction will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws and accordingly may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This communication is being made in regard to the Special Meeting and the related proposals. In connection therewith, the Company intends to file a preliminary proxy statement with the SEC. Once the preliminary proxy statement is declared effective, a definitive proxy statement will be mailed or otherwise made available through permissible means to the Company’s stockholders. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT ONCE AVAILABLE REGARDING THE PROPOSALS SET FORTH THEREIN AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSALS SET FORTH THEREIN. This press release is not a substitute for the proxy statement or any other document that the Company may file with the SEC. Stockholders may obtain free copies of the proxy statement, any amendments or supplements thereto and other documents containing important information about the Company once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the “Investor Relations” section of the Company’s website (https://investors.lee.net/).

In support of the transaction, the Company’s board of directors, senior management, and key stockholders have entered into voting agreements in favor of the transaction. The Company and members of the Company’s board of directors, as well as certain existing stockholders participating in the transaction as described above, may be deemed to be “participants” under SEC rules in any solicitation of the Company’s stockholders in respect of the Company’s proposals set forth in the definitive proxy statement. Information regarding the directors and executive officers of the Company is set forth (i) in the Company’s Annual Report on Form 10-K for its fiscal year ended September 28, 2025, filed with the SEC on November 26, 2025 (the “Annual Report”) and (ii) to the extent holdings of the Company’s securities by its directors or executive officers have changed since the amounts set forth in the Company’s Annual Report, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5 filed with the SEC, including: Form 4 filed by Joseph Battistoni on December 18, 2025, Form 4 filed by Nathan Bekke on December 18, 2025, Form 4 filed by Astrid Garcia on December 18, 2025, Form 4 filed by Timothy Millage on December 18, 2025, and Form 4 filed by Kevin Mowbray on December 18, 2025.

Further information concerning certain persons, including with respect to their holdings, who may be deemed participants in the solicitation of the Company’s stockholders under the rules of the SEC will be set forth in the definitive proxy statement when it is filed with the SEC. You may obtain free copies of these documents through the website maintained by the SEC at https://www.sec.gov.

No Offer or Solicitation

This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Special Meeting.

About Lee

Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 72 markets in 25 states. Our core commitment is to provide valuable, intensely local news and information to the communities we serve. Our markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on the NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.

Forward-Looking Statements

This press release includes forward-looking statements, including statements relating to the expected timing of the closing of the transaction (if at all), the use of proceeds of the transaction and any expected interest savings as a result thereof. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as “may,” “will,” “should,” “could,” “expect,” “intend,” “plan,” “anticipate,” “potential,” “outlook” or “shall,” or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the SEC and the following: potential delays in consummating or the inability to consummate the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the stock purchase agreement; failure to obtain stockholder approval at the Special Meeting; the effect of the pendency or completion of the transaction on the parties’ business relationships and business generally; changes in the Company’s corporate governance (including with respect to any new directors); competition and pricing pressures; and economic conditions generally. All forward-looking statements set forth in this press release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this press release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, changes in expectations or the occurrence of unanticipated events, except to the extent required by law.

Contact: [email protected] | [email protected] 

Local publisher David Cook will continue to run day-to-day operations

ASPEN, Colo. (Dec. 30, 2025) — Today, Hoffmann Family of Companies (“HF Companies”), through its media division Hoffmann Media Group, has acquired Aspen Daily News and will support the publication’s continued independent operation under its existing local leadership. The Hoffmanns have deep personal ties to Aspen and, through this purchase, are investing in the paper’s long-term stability while keeping its newsroom, leadership, and editorial independence firmly rooted in the Roaring Fork Valley. 

Under the agreement, publisher David Cook will continue to lead all day-to-day operations, ensuring continuity in the paper’s mission, newsroom culture, and commitment to the community it has served since 1978. 

“This paper has always belonged to Aspen,” Cook said. “Our job is—and always has been—to hold power accountable, tell the stories that matter and reflect the character of the Roaring Fork Valley. This acquisition gives us the stability to keep doing that work at the highest level, with the same independence and local leadership our readers expect.” 

Cook emphasized that the newsroom remains unchanged, including editorial decision-making, staffing, coverage priorities, and the paper’s famously unvarnished voice. 

The Hoffmanns bring both resources and a long-standing personal connection to the valley, rooted in decades of visits and the many memories made together over the years. Their investments include CTS Aspen, the valley’s premier luxury ground transportation provider; RMC, the destination management company originally founded in Aspen and now headquartered in Basalt; and several real estate holdings across the region including Avon.  

Pason Gaddis, CEO of Hoffmann Media Group, emphasized that the family’s investment continues a personal commitment to the Roaring Fork Valley, not an outsider’s play for consolidation. 

“We see tremendous opportunity to elevate Aspen Daily News through cutting-edge digital innovation while honoring its rich heritage,” Gaddis said. “This investment ensures the paper remains a trusted voice and a cornerstone of the valley’s media landscape for generations to come.” 

The partnership comes at a pivotal moment for local journalism nationwide. By joining forces with a family-owned media group—not a hedge fund or corporate chain—Aspen Daily News positions itself to enhance digital innovation, diversify revenue and remain a strong, independent voice in Aspen for decades to come. 

Founded in 1978 as a one-page “missive,” Aspen Daily News has evolved into one of Colorado’s most distinctive and influential local newspapers, known for its watchdog reporting, lively opinions, and commitment to community-centered storytelling. Cook, who became publisher in 2014 and co-owner in 2017, will continue to guide ADN’s organizational mission and represent the paper in the community. 

“What matters most is that our readers see the same Aspen Daily News tomorrow that they saw yesterday,” Cook said. “The only difference is that we’ll now have the support to grow in the ways this community deserves.” 

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About Hoffmann Media Group: 
Hoffmann Media Group—part of Hoffmann Family of Companies—is a rapidly expanding, community-focused media organization committed to strengthening local journalism across the United States. With a portfolio of more than 40 publications spanning over 30 markets nationwide, the company delivers trusted reporting, compelling storytelling, and hyperlocal content that reflects the unique character of each community it serves. 

The portfolio includes wellestablished newspapers and specialty publications across Florida, Colorado, Missouri, Michigan, and California, such as Florida Weekly, Aspen Daily News, The Missourian, The St. Ignace News, Mackinac Island Town Crier, the Napa Valley Register, the St. Helena Star, The Telluride Times, The Norwood Post, Babcock Ranch Telegraph, Ave Maria Sun, and Florida Health Care News, among others. 

Hoffmann Media Group continues to grow through strategic acquisitions that preserve local newsrooms, protect jobs, and ensure that independent, community-rooted journalism remains accessible and sustainable for future generations. 


About Hoffmann Family of Companies: 
Hoffmann Family of Companies is a multi-vertical, family-owned private equity firm consisting of over 125 global brands and employs more than 22,000 employees with businesses located in 30 countries and 400 locations around the world. Hoffmann Family of Companies’ verticals include Agriculture, Aviation & Transportation, Financial & Professional Services, Hospitality & Entertainment, Manufacturing, Marine, Media & Marketing and Real Estate. For more information, visit HFCompanies.com. 

For More Information: [email protected] 

The transaction is subject to approval by the National Hockey League (NHL) Board of Governors and is expected to close in early 2026.

PITTSBURGH/BOSTON/CHICAGO (Dec. 19, 2025) – Fenway Sports Group (FSG) and Hoffmann Family of Companies today announced that they have entered into a definitive agreement for the Hoffmanns to acquire a controlling interest in the Pittsburgh Penguins. Headquartered in Chicago, Ill., the Hoffmann family have built a diverse portfolio of operating businesses and commercial real estate holdings and are also owners of the Florida Everblades of the ECHL. The close of the transaction is subject to approval by the National Hockey League (NHL) Board of Governors and other customary approvals for a transaction of this kind.

“During a formal process to explore investor interest in the Pittsburgh Penguins, we were approached by the Hoffmann family with an offer that warranted serious consideration,” said Sam Kennedy, CEO of Fenway Sports Group. “From our earliest conversations, their love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest. We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that’s been built. It has been an honor to be part of the Penguins’ story, working alongside a world-class leadership team, passionate fans, and a dedicated community. We are proud of the strong foundation we’ve built, and with Kyle Dubas continuing to lead hockey operations, the Penguins are well positioned to carry out the plan in place to reclaim their place as perennial Stanley Cup contenders.”

Hoffmann Family of Companies is a rapidly expanding, family-owned private equity enterprise of over 125 global brands led by brothers Geoff and Greg Hoffmann. Geoff oversees the family’s private equity investments and Greg managing its real estate holdings. In addition to their business ventures, the Hoffmann’s acquired the Florida Everblades of the ECHL in 2019 and are deeply committed to community impact, contributing millions annually to nonprofits across the country. Their philanthropic efforts include the creation of Type 1 Timer Hockey in 2022 by Geoff Hoffmann and his wife, the only nonprofit hockey camp in North America dedicated to supporting young athletes with type 1 diabetes.

“Hockey has always been a meaningful part of our family’s story, which makes this an incredibly special opportunity,” said Geoff Hoffmann, CEO of Hoffmann Family of Companies. “We’ve long admired the Pittsburgh Penguins – not just for their championship legacy and history, but for the culture, passion, and loyalty that define the organization. From our earliest conversations, we saw how deeply the Penguins are woven into the fabric of Pittsburgh. We are honored to join that tradition and excited to become an active part of the community.”

He continued: “The franchise has thrived under the world-class leadership of Fenway Sports Group, and we are excited to build on that momentum. Our goal is to support Kyle Dubas with everything he needs to bring the Penguins back to the pinnacle of the NHL. We look forward to working alongside the exceptional leadership team already in place, strengthening our connection with Penguins fans, and ensuring the franchise remains a source of pride for the city for generations to come.”

FSG, which acquired a controlling interest in the Penguins in 2021, will remain a minority shareholder for a period of time and continue supporting key business areas, including sponsorship sales and regional sports network management, as part of a phased transition. The Penguins’ leadership structure will remain unchanged, with the full executive team continuing in their current roles to ensure stability and consistency. At the helm of hockey operations, Kyle Dubas will continue to set the vision and oversee all aspects of the team’s on-ice strategy in his role as President of Hockey Operations and General Manager. Teddy Werner will continue to serve as Interim President of Business Operations through the close of the transaction. Upon completion of the deal, Geoff Hoffmann will serve as Team Governor, alongside Alternate Governors Greg and David Hoffmann, and will play an active role in guiding the Club’s business operations. Allen & Co. and CAA Evolution served as financial advisors to FSG on the transaction. Allen Overy Shearman Sterling LLP served as legal advisor to FSG

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About Hoffmann Family of Companies: Hoffmann Family of Companies is a multi-vertical, family-owned private equity firm consisting of over 125 global brands and employs 17,000 employees with businesses located in 30 countries and 400 locations around the world. Hoffmann Family of Companies’ verticals include Agriculture, Aviation & Transportation, Financial & Professional Services, Hospitality & Entertainment, Manufacturing, Marine, Media & Marketing and Real Estate. For more information, visit HFCompanies.com.

About Fenway Sports Group: Fenway Sports Group (FSG) is a global sports, media, entertainment, and real estate company dedicated to building winning cultures by elevating iconic institutions, inspiring fans, and uniting communities across the globe. Anchored by the Boston Red Sox and Liverpool Football Club, FSG’s portfolio includes two of the world’s most celebrated venues, Fenway Park and Anfield Stadium. The group also continues to own the Pittsburgh Penguins pending the anticipated sale at the end of the year, subject to NHL approval. Additional holdings include the tech-driven Boston Common Golf team, regional sports network NESN, and a stake in NASCAR’s RFK Racing. Fenway Sports Management (FSM) serves as FSG’s growth and commercial engine, and Fenway Sports Group Real Estate (FSGRE) oversees the company’s real estate portfolio, acquisitions, and development projects. Guided by a vision to be the world’s preeminent sports and entertainment platform built to win, matter, and endure, FSG drives transformative growth through strategic investments, pioneering ventures, and a steadfast commitment to the communities it serves. For more information, visit fenwaysportsgroup.com.

More Information: Rachel Berkowitz | [email protected]

Collaboration Delivers Hands-On Learning, Modern Labs, and Early Apprenticeship Opportunities for the Next Generation of Industry Leaders

ALBERTA (Dec. 12, 2025) – CDN Controls, a Hoffmann Family of Companies portfolio company, has announced a landmark partnership with Northwestern Polytechnic (NWP) to launch the CDN Electrical Education Centre, a Hoffmann Family of Companies Community Commitment, a state-of-the-art facility designed to strengthen skilled trades education and create new opportunities for students across the Peace region through 2033.

The nearly 5,000-square-foot centre, located on NWP’s Grande Prairie campus, will feature modern labs, advanced simulation technology, and collaborative workspaces that immerse students in real-world electrical and instrumentation training. This initiative reflects a shared commitment to building a strong talent pipeline for Alberta’s growing energy and industrial sectors.

Empowering the Next Generation of Skilled Trades Professionals

The partnership goes beyond bricks and mortar. CDN Controls will serve as lead supporter for NWP’s Skilled Trades Dual Credit Pathways, enabling high school students to begin apprenticeship-style training early and earn credits toward both high school and post-secondary programs. This accelerated pathway gives students a head start on careers in electrical, instrumentation, and related technical fields.

“This partnership with Northwestern Polytechnic represents an investment in the next generation of skilled tradespeople who will drive our industries forward and strengthen Alberta’s economic future,” said Dean Fraser, CEO of CDN Controls. “Together with Hoffmann Family of Companies, we believe in making purposeful investments that deliver lasting value to the communities where we live and work.”

A Legacy of Growth and Innovation

Founded in 2010 and headquartered in Calgary, CDN Controls has long been a trusted provider of electrical and instrumentation solutions for Western Canada’s oil and gas industry. Its expertise spans automation, fabrication, telecommunications, renewables, and solar projects, with a strong focus on emissions reduction and major project construction.

Since joining the Hoffmann Family of Companies in March 2024, CDN Controls has expanded its footprint significantly. In December 2024, CDN and HF Companies acquired Superior Optimization, a leading energy services provider in Texas and New Mexico. Over the past seven months, the team has streamlined operations, developed growth strategies, and introduced CDN’s global brand as CAVIS Energy.

Building Community Through Education

For NWP, the CDN Electrical Education Centre represents a major step forward in its skilled trades expansion initiatives, complementing recent enhancements to Electrician, Millwright, and Instrumentation programs.

“We are grateful for this timely support, which will give students hands-on learning experiences and open doors to careers in the skilled trades,” said Dr. Vanessa Sheane, President and CEO of NWP. “When community partners step forward, they help shape a pipeline of skilled talent that will drive innovation and economic growth across the province.”

Looking ahead, this partnership underscores a shared vision: placing students at the heart of innovation and connecting education to real-world opportunities. By creating dynamic training environments and accelerating pathways to employment, CDN Controls and NWP are helping to secure Alberta’s economic future.

New Southwest Florida Course Promises Sanctuary for Golf Purists: Limited Membership, Uncompromising Design

ESTERO, Fla. (Oct. 24, 2025) – Hoffmann Family of Companies has partnered with internationally renowned architect Kyle Phillips to design and build Pandion Club (“Pandion”), a new golf course located on the site of the former Old Corkscrew Golf Club in Southwest Florida.

Well-known in South Florida’s real estate business circles for its ownership of the prestigious Old Collier Golf Club in Naples, the Florida Everblades franchise, and more than two dozen other local businesses, the Hoffmanns acquired Old Corkscrew in 2022 with a vision to develop a course in the spirit of Pandion.

“We’re thrilled to introduce a golf-only private club to Southwest Florida, designed by one of the world’s premier architects, Kyle Phillips,” said Geoff Hoffmann, CEO of Hoffmann Family of Companies’ private equity arm. “Golf is a true passion for our family, and Pandion Club reflects that. Members can expect an unforgettable experience centered entirely around the game.”

“We’re confident that Kyle Phillips is creating something truly special—an inspiring sanctuary that reflects the unique terrain of our region and elevates every aspect of the game,” said David Hoffmann, patriarch of the family and Chairman of Hoffmann Family of Companies. “Our goal is to ignite passion in our members, who live and breathe golf, with every round played at Pandion.”

Pandion Club is in the initial stages of its buildout and development, and early projections call for an opening in late 2027. Pandion was chosen because it is the scientific name for osprey, the majestic bird of prey often seen above or nesting on Florida’s coastlines, rivers and estuaries.

Phillips has plans for a course inspired by the heathland style of architecture, drawing inspiration from the works of English Golden Age designers such as Harry S. Colt and Tom Simpson. The layout is set to have a tentative par of 71 and approximately 7,220 yards.

“Working with the Hoffmann’s on the design of Pandion is a unique honor and opportunity for me,” said Phillips. “Their respect and passion for the game is reflected at Old Collier. Our aspiration is to highlight the architectural mastery of Colt and Simpson while utilizing the sand-based natural features of the land so that Pure Golf is on display. Our heathland-style design provides a chance to create something new and desirable for our discerning membership.”

The Hoffmann family’s intention is to operate Pandion Club with a membership of 280 individuals as a golf-only club with a low-country style house as the model for the clubhouse as well as a large practice range, teaching and short-game areas and putting greens.

Founded in 1997 and based in Granite Bay, California, Kyle Phillips Golf Course Design has earned international acclaim for both original designs and restorations. His global portfolio includes World Top 100 courses such as Yas Links in Abu Dhabi, California Golf Club of San Francisco, South Cape Owners Club in Namae, South Korea and Kingsbarns Golf Links in St Andrews, Scotland. Phillips has also designed an array of top-level courses throughout Europe, as well as Africa, Asia and Oceania.

Pandion Club promises to redefine the golf experience in Southwest Florida—where passion, design, and nature converge. Visit www.pandionclub.com for more information and to submit membership interest. 

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About Hoffmann Family of Companies

Hoffmann Family of Companies is a multi-vertical, family-owned private equity firm consisting of over 120 global brands and employs 17,000 employees with businesses located in 30 countries and 400 locations around the world. Hoffmann Family of Companies’ verticals include Agriculture, Aviation & Transportation, Financial & Professional Services, Hospitality & Entertainment, Manufacturing, Marine, Media & Marketing and Real Estate. For more information visit HFCompanies.com

About Pandion Club

The scientific name for an osprey is Pandion haliaetus, a nod to the bird’s strength, instinct, and precision. Ospreys are expert hunters, guided by instinct and focus. These qualities have long resonated with David Hoffmann and the family. In fact, shortly after founding DHR Global—the firm that laid the foundation for the Hoffmann Family of Companies—David established Osprey Capital LLC, which remains one of the family’s key investment vehicles. Pandion Club pays tribute to the iconic ospreys of Southwest Florida and reflects the Hoffmann Family’s enduring values: excellence, vision, and respect for nature and tradition. Visit pandionclub.com to learn more.

For Interview Opportunities:

[email protected]

For Membership Information:

[email protected]