40 YEARS OF
VGM GROUP 1
03 Letter From The CEO 04 The Big Picture 08 Employee Ownership & Culture 10 Pillar Business Units 10 VGM
12 VGM Insurance 14 HOMELINK 16 Two Rivers Marketing
18 Service Business Units 23 Accolades
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01
Letter From The CEO
40 years is a remarkable milestone, and it’s one worth celebrating. When Van G. Miller founded our company in 1986, he built it on a simple idea: Help people succeed by solving challenges in our industries and communities. Years later, he made another defining decision. He chose to sell the company to its employees, creating an ownership culture that continues to shape who we are today. Since then, VGM Group has grown into a company of more than 1,600 employee owners serving customers across North America. While our business has evolved, one thing has remained constant: Our success has been built by employee owners. Every innovation, every new opportunity, every challenge overcome, and every milestone achieved has been the result of our people. In these pages, you’ll see a snapshot of VGM Group in its 40th year, the company we’re all building together. I’m incredibly proud of what we’ve accomplished over the last 40 years, but I’m even more excited about what comes next. If our history has taught us anything, it’s that our greatest opportunities are still ahead of us. The next chapter of VGM Group is already being written, and I can’t wait to see what we accomplish together over the next 40 years and beyond. Jeremy Stolz, CEO
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02
The Big Picture 4 1
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4
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9
1,600+ EMPLOYEE OWNERS
40
STATES AND CANADA
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10 1,121
1
9
2
14
4
8
3 31
9
6
9
9
98
5
7
1
2 128 1 1 2 1
3
5
67
3 4
4
9
7
4 18
4
100%
640
772
EMPLOYEE OWNED SINCE 2008
#98
PARTIALLY VESTED
EMPLOYEE OWNERS 100% VESTED
LARGEST ESOP COMPANY IN THE U.S.
VGM Group Share Price $400 $350 $309.96 $300
$284.07 $266.39 $207.70
$200
$184.89 $167.86
$150
$130.81
$135.12
$100
25 20
24 20
23 20
22 20
21 20
20 20
19 20
18 20
20
17
$71.30
16
15 20
14
$58.80
20
13 20
12 20
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10 20
09
08
$0
$29.73 $13.64 $38.80 $8.63 $21.54
20
$50
$86.50
$62.05
20
$56.00
20
Share Price
$250
Year
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˃˃ THE BIG PI C T URE
What Drives Us VGM Group employee owners are driven by the eight Power of One Principles. They define what it means to be an employee owner and set the tone for each employee owner’s day.
We’ve Expanded VGM Warehouses
85,000 SQ. FT.
56,000 SQ. FT.
85,000 SQ. FT.
110,000 SQ. FT.
Est. 2009
Est. 2018
Est. 2020
Est. 2021
336,000 TOTAL SQ. FT.
25 Years Of Heartland Conference VGM Group acquired Heartland Conference in 2001. And in the 25 years since, we’ve transformed it into the premier educational event in the HME industry.
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938
ATTENDEES IN 2026
More Improvements At Headquarters On-site Child Care Center Opened November 2023
VAN MILLER WAY
Van Miller Way In honor of VGM Group’s founder, the City of Waterloo officially renamed W. San Marnan Drive to Van Miller Way in September 2023.
WE OWN THIS PLACE In 2025, VGM Group officially purchased our headquarters in Waterloo, Iowa, making the phrase “We own this place” ring truer than ever before. To celebrate, employee owners held a Day of Service to beautify headquarters and other VGM Group locations.
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03
Employee & Culture
At VGM Group, we all share the same title: Employee Owner. And as employee owners, we get to make our place of work more than a place to work. 100% employee ownership is what makes VGM Group special.
Making A Difference Just as important as taking care of our employee owners is giving back to the communities where they live.
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$500M IN WEALTH GENERATED FROM THE ESOP
$3M
$1.5M
DONATED TO LOCAL CHARITIES AND ORGANIZATIONS OVER THE LAST 40 YEARS
IN JUST THE LAST 10 YEARS
Ownership $42,000
$300,000+ RAISED AND AWARDED BY THE FAMILY FUND
WIL PARTICIPANTS SINCE 2016
VGM Group Scholarship
Family Fund
Since 2019, VGM Group, in partnership with the Waterloo Community Foundation, awards a $1,000 scholarship to six high school students who either work at VGM Group or are dependents of employee owners at any location ready to take the next step in their education.
Established in 2021, the Family Fund is completely funded by employee owners to help employee owners facing financial hardship.
10 Years Of Women in Leadership
AWARDED IN SCHOLARSHIPS
100+
The Women in Leadership (WIL) program was developed in 2016 as a strategic initiative to invest in the company’s female workforce, which represents more than 65% of VGM Group employee owners. The goal was to create opportunities for aspiring and emerging women leaders to grow professionally and expand their leadership skills. Since its inception, over 100 women have taken part in the program.
Get Connected CHECK OUT GROUPS TO JOIN
VGM Group offers numerous groups for employee owners to meet and network with their peers. From company-focused groups like the Employee Ownership Ambassadors to more hobby-based groups like the Book Club or Garden Club, there’s something for everyone. 9
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Pillar Business Units
VGM
Approximate market share of VGM membership.
90%
The merger of former business units VGM & Associates and VGM Fulfillment. VGM & Associates, founded in 1986, was the beginning of VGM Group. Associates’ membership model provides comprehensive solutions to businesses in the non-acute healthcare space, including DME/HME. VGM Fulfillment, founded in 2009, is a third-party logistics provider, offering order fulfillment and inventory management services for CPAP machines and supplies, as well as continuous glucose monitors and breast pumps.
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MEMBERS
MEMBERS
DME COMPANIES
80%
CRT COMPANIES
5,000+ 145
LOCATIONS
LOCATIONS
12M PACKAGES ANNUALLY
3M
CUSTOMERS SERVED
99.85% ACCURACY RATE
4
STRATEGICALLY LOCATED WAREHOUSES TO SERVE PATIENTS IN 3 DAYS OR LESS!
Phoenix, AZ
Waterloo, IA
Total Sleep Services
Nashville, TN
Shiremanstown, PA
LAUNCHED IN
2024 11
˃˃ P I LLAR B USI NES S UNITS
VGM Insurance
Founded in 1990, VGM Insurance has been providing unrivaled service, industry expertise and specialty insurance coverage to a variety of niche industries for over 35 years. While offering programs for a variety of post-acute healthcare industries as well as golf and country club markets, this business model focuses on both Captive and Agency insurance services. The Captive book of business is risk bearing to VGM Group and strategically minimizes that risk through pricing, limits, and reinsurance.
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9
TYPES OF COVERAGE
Commercial General Liability
Professional Liability
Excess Liability
Property
Business Auto
Workers’ Compensation
Directors & Officers
Employment Practices Liability
Cyber Liability
Surety Bonds
PROGRAMS
Home Medical Equipment
Home Health & Hospice
Physical Therapy
Orthotic & Prosthetic
Medical Manufacturer Reps & Distributors
Golf
Senior Living
Bonds
All Allied Healthcare
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50
8,461
STATES COVERED
14,798
TOTAL INSURED
$11B
IN TOTAL INSUREDS’ REVENUE
TOTAL POLICIES
3,300 TOTAL CLAIMS SETTLED
We Live Allied Health
Project Diamond
VGM Insurance understands the complexities and hazards of business unlike any other insurer because this industry is their everyday. This intimate knowledge is what allows VGM Insurance to offer protection beyond the policy.
Implemented in 2026, Project Diamond was a major step in VGM Insurance’s claim processing. As an AI tool, Project Diamond is able to automatically assess claims for their level of risk and prioritize them. This allows underwriters to focus their time on higher-risk claims. ESTIMATED
30%
IN POLICIES PER FULL TIME EMPLOYEE BY 2028
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˃˃ P I LLAR B USI NES S UNITS
HOMELINK
Founded in 1993, HOMELINK acts as a third-party intermediary between providers/payers and patients that are specifically focused on Workers’ Compensation and Group Health claims. HOMELINK’s competitive advantage comes through specific adjudication knowledge of all insurance types, toptier customer service, and scaled efficiencies with technology.
50 38,000 320,000+
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SERVICE LINES OFFERED
DMEPOS
Home Health
Translation
Diagnostic Imaging
Physical Medicine
CRT
Transportation
Hearing
Home/Vehicle Modifications
Dental
Post-acute Care
STATES SERVED
CONTRACTED PROVIDERS
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PATIENTS SERVED EACH YEAR
Sedgwick HealthPartners
Healthesystems
Humana
LARGEST CUSTOMERS IN
Liberty Mutual
2026 1,435
AVG. REFERRALS DAILY
SWAT Team The SWAT Team was developed in 2021 to help all HOMELINK teams. These members will fill gaps in teams where needed, whether that’s due to someone on maternity leave or an extended vacation or if a team’s referral volumes are high. They help support and alleviate the pressure.
$1.6M
AVG. $$$ BILLED DAILY
Award-winning Technology HOMELINK continuously implements technological improvements that help smooth daily operations. One example is Proactive AI. This technology automates several follow-up steps that are otherwise completed by patient care coordinators. And the impact is getting noticed. The Proactive AI team won the 2024 Cheer Each Other On Award and the Proactive AI Champion at the Cognigy Awards in 2026.
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˃˃ P I LLAR B USI NES S UNITS
Two Rivers Marketing Two Rivers Marketing (2RM) was acquired by VGM Group in 2022, and brings a 26-year history of B2B marketing excellence to the company. Founded in 2000, 2RM works with B2B companies to accelerate their business performance by aligning clients’ marketing, sales, and channel partners to develop a shared strategy to win together. 2RM’s integrated growth strategy approach ensures all parts of a B2B brand operate from the same sales and marketing playbook that’s focused on driving measurable growth.
50+
12+
NEW CLIENTS SINCE JOINING VGM
NEW CLIENTS EACH YEAR
48
INDUSTRY AWARDS RECEIVED SINCE 2022
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2,000+ PROJECTS OPENED ANNUALLY
50,000+ HOURS OF SOCIAL MEDIA SUPPORT
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STRATEGIC GROWTH OPPORTUNITIES
Financial Be a profitable and growing financial contributor to the success of VGM Group and the ESOP.
Proactive Growth Mindset
Employees Achieve measurable and sustainable growth for 2RM and its employee owners.
Community Strengthen the industry and community engagement.
Growth Collaborative Working Model
Customer Experience Focus
Grow and optimize the new business engine.
Future Reimagine 2RM for future viability and vitality.
Moving Around While Staying Put In its 26 years, 2RM has moved into four different buildings—each meeting the needs of the business unit at the time. Incredibly, all these locations have only been within a handful of blocks in the East Village in Des Moines, Iowa. 2RM officially moved into their new home in the summer of 2025 with plans to turn the third floor of their location into a hoteling space for any visiting employee owners from other VGM Group business units. 17
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Service Business Units
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United Publications Headquarterd in Yarmouth, Maine, United Publications was acquired by VGM Group in 2019, but has been putting out market-leading media since 1981. Their two major publications are HME News, a monthly newspaper focused primarily on the home medical equipment industry, and Security Systems News, a monthly publication focused on the security industry.
23,000+ SUBSCRIBERS
26,000+ SUBSCRIBERS
HME News Business Summit The HME News Business Summit is an annual conference for executives and decision-makers in the home medical equipment industry. Hosted by HME News since 2004, the event focuses on high-level business strategy, industry trends, leadership development, networking, and operational best practices for HME providers. The 2024 and 2025 conferences had their largest attendance on record!
300+
ATTENDEES FOR THE 2025 HME NEWS BUSINESS SUMMIT
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˃˃ S ERVICE BUS INES S UNITS
VGM Forbin
In business since 1994 and acquired by VGM Group in 1999 when it was The Forbin Project, VGM Forbin specializes in technology and digital marketing. They help businesses build and manage websites, market their services online, secure and support their IT infrastructure, and implement technology solutions that improve business performance.
650+ CLIENTS SINCE 2001
1,700+ A subset of Forbin, forbinfi was developed in 2023 to tailor toward web management of over 175 banks and financial institutions. They offer the same services as Forbin, just for a specific market!
175 CLIENTS
PROJECTS COMPLETED
$1M+ EBITDA-E IN 2025
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VGM Government Relations
Being primarily in the home medical equipment world, VGM Group developed VGM Government Relations in 2002 to advocate for HME companies on the national level. Though the team is small, they help make an impact by supporting and advocating for the industry at state associations and in Washington D.C.
Grassroots Advocacy Toolkit The Grassroots Advocacy Toolkit is a resource launched in July 2025 to help DMEPOS stakeholders become more effective advocates for industry issues at the local, state, and federal levels. It was designed for providers, caregivers, industry partners, and patient advocates who want to influence legislation and regulations affecting access to home medical equipment and services.
630,000
MILES TRAVELED EACH YEAR
LAUNCHED IN
2025
21
˃˃ S ERVICE BUS INES S UNITS
Shared Services
0
Corporate Accounting
Facilities
1,600+ employee owners and dozens of accounts— one team to handle ALL of the financials and logistics. Corporate Accounting helps keep VGM Group financially healthy by tracking revenue and expenses, paying bills, collecting payments, producing financial reports, and ensuring the company meets all accounting and regulatory requirements.
Facilities helps keep VGM Group safe, clean, and presentable for its employee owners and any visitors that may come to headquarters. But they do more than just clean—they also help set up and tear down for any events and at headquarters. They also lend a helping hand when needed if there’s heavy lifting involved.
Corporate Communications
Human Capital
Corporate Communications, including the Events team, assist with nearly all company-wide initiatives. The size of projects the team is involved in has a vast range. Sometimes it’s a one-day project helping a Get Connected group craft an email. Other times it’s coordinating large productions and events like the VGM Awards or Heartland Conference. Nearly everything you see walking the halls, whether it’s a wall graphic for the VGM Group Journey or the latest CEO Update on the TVs, Corporate Communications had a hand in it.
Corporate IT The Corporate IT team members are the silent heroes behind VGM Group. They ensure all VGM Group’s systems are up and running and servers are stable. Helping employee owners with their tech issues is just part of their job. Corp. IT is consistently investing in and improving security measures to help Protect Our Company, as well as and helping business units research, test, and implement any new tech to help improve ways of doing business.
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Human Capital helps make VGM Group more than just a place to work. They support employees throughout their careers, from recruiting and onboarding to development and leadership growth. They oversee benefits, employee engagement, and performance management while partnering with leaders to build strong teams and support the company’s continued success.
Legal The Legal team provides strategic guidance and support across VGM Group, helping manage risk, ensure regulatory compliance, review contracts, and protect the company’s interests. They help support growth initiatives, promote sound business practices, and provide governance throughout the organization.
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Accolades
“I HONESTLY BELIEVE VGM GROUP IS THE BEST COMPANY IN THE WORLD. AND IT’S BECAUSE WE HAVE THE BEST PEOPLE IN THE WORLD.” JEREMY STOLZ, VGM GROUP CEO Employee Owner Since 2003
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Read more about our ownership culture in Stories Of Opportunity, our annual year in review.
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