Commercial Vehicle Group (CVGI) Form 13D/A Filing Analysis

Based on the available SEC filings and related disclosures, Lakeview Opportunity Fund’s Form 13D/A filing reveals significant activist investor activity that has led to substantive changes in CVGI’s corporate governance structure.

---

Lakeview Opportunity Fund LLC and affiliated entities disclosed

of Commercial Vehicle Group, representing approximately as of the filing date. The aggregate purchase price was approximately , funded through working capital that may include margin loans [0][1]. The reporting persons include Lakeview Opportunity Fund LLC, Lakeview Opportunity Fund GP LLC, LIG Fund Management LLC, and Ari B. Levy as managing member [1].

---

The Schedule 13D/A filing (Amendment No. 1, filed September 15, 2025) indicates that Lakeview Opportunity Fund has communicated its views directly to CVGI’s management team and Board of Directors regarding opportunities for value creation. The fund’s primary objectives include:

1. Strategic Alternatives Review
   : Lakeview advocated for a comprehensive review process exploring strategic alternatives for the company
2. Potential Sale
   : The fund explicitly called for the exploration of a potential sale of the company as a strategic alternative [0][1][2]
3. Ongoing Communication
   : The filing stated that the reporting persons intended to “continue communicating” with management and the board regarding their views on value creation opportunities [1]

---

In a significant development, the activist campaign has resulted in a

. On , CVGI entered into a support agreement with Lakeview entities, leading to the appointment of to the Board of Directors, effective immediately [3][4].

Provision	Details
Board Appointment	Ari Levy appointed as independent director; board size expanded from 6 to 7 members [3][4]
Committee Assignments	Levy serves on the Audit, Nominating, and Governance & Sustainability committees [3][4]
Share Ownership Cap	Lakeview’s stake capped at 14.99% of outstanding shares [3]
Standstill Provisions	Lakeview agreed to refrain from proxy contests, board nominations, and major corporate transactions that could materially alter governance structure [3]
Voting Commitments	Lakeview commits to voting in line with board recommendations on key matters [3]
Election at 2026 AGM	Levy will stand for election at the company’s 2026 Annual Meeting of Stockholders [4]

---

Ari B. Levy brings significant experience to the CVGI board:

• Founder, President, and Chief Investment Officer of Lakeview Investment Group
• Former President of Levy Acquisition Corp (NASDAQ listed)
• Former board member of Del Taco (acquired by Jack in the Box in 2022)
• B.A. in International Relations from Stanford University [4]

---

This activist campaign demonstrates a

that achieved its primary objective—board representation—without escalating to a proxy contest. Key implications include:

1. Collaborative Resolution
   : The agreement represents a cooperative approach to shareholder activism, balancing investor influence with governance stability
2. Strategic Focus
   : Lakeview’s push for strategic alternatives, including a potential sale, signals the investor’s belief that CVGI’s current market valuation does not fully reflect its intrinsic value
3. Enhanced Oversight
   : The addition of an experienced investor representative to key committees (particularly Audit) may lead to enhanced financial oversight and strategic discipline
4. Limited Transactional Flexibility
   : The standstill provisions and ownership cap constrain Lakeview’s ability to pursue aggressive tactical maneuvers, providing CVGI management with operational stability

---

The Form 13D/A filing by Lakeview Opportunity Fund represents a classic case of

in the public markets. Through a measured approach of public disclosure and direct communication with management, the fund secured board representation and a commitment to explore strategic alternatives, including a potential sale of the company. The subsequent support agreement demonstrates how companies and activist investors can reach mutually agreeable resolutions that align shareholder interests with long-term corporate governance objectives.

---

[0] Channelchek - “Commercial Vehicle Group (CVGI) - Activist Shareholder Calls for Strategic Review” (https://www.channelchek.com/news-channel/commercial-vehicle-group-cvgi-activist-shareholder-calls-for-strategic-review)

[1] SEC EDGAR - “Lakeview Opportunity Fund Schedule 13D/A for CVGI” (https://www.sec.gov/Archives/edgar/data/1290900/000092189525002578/xslSCHEDULE_13D_X01/primary_doc.xml)

[2] Stocktitan - “Lakeview Files 13D/A for CVGI” (https://www.stocktitan.net/sec-filings/CVGI/schedule-13d-a-commercial-vehicle-group-inc-sec-filing-e903994ee305.html)

[3] The Globe and Mail - “Commercial Vehicle Group adds Lakeview representative to board” (https://www.theglobeandmail.com/investing/markets/stocks/CVGI-Q/pressreleases/91077/commercial-vehicle-group-adds-lakeview-representative-to-board/)

[4] Yahoo Finance - “CVG Announces Appointment of Ari Levy to Board of Directors” (https://finance.yahoo.com/news/cvg-announces-appointment-ari-levy-210500642.html)