Merit Capital Partners
Private equityChicago · Growth · 20 people tracked
Also known as MERIT CAPITAL PARTNERS VI, LLC
Investment thesis
Merit Capital Partners invests subordinated (mezzanine) debt and equity in established middle-market businesses, typically partnering with management teams and independent sponsors to support acquisitions, majority recapitalizations, leveraged buyouts, and mergers. Its portfolio spans traditional industries including manufacturing of precision and engineered products, industrial minerals and materials processing, building products and distribution, home healthcare and medical services, consumer products, and specialty chemicals. Investments are concentrated across the United States and Canada. Merit frequently provides both debt and equity within a single transaction and works alongside company executives, positioning itself as a flexible capital provider for closely held and family-owned companies seeking growth or ownership transition.
Source: firm website, verified Aug 18, 2026.
Team · 20 people
from the firm's websiteWhat they invest in
from 42 of 55 portfolio companiesAdvanced Manufacturing ×19Construction Tech ×11Hardware ×10Consumer ×8New Materials ×8E-commerce ×4Healthtech ×4Digital Health ×3
HQs:United States×14
Investments · 55 tracked
founders shown can be your intro pathTom Cat Bakery is an artisan bakery that handcrafts Italian, European, and French style breads in various shapes, baking to order with daily delivery to the New York Metropolitan area.
FoodTechLong Island City, US
Acacia Hospice provides hospice and end-of-life care for patients and their families, offering emotional and physical support during terminal illness.
Healthtech
Advantage Sintered Metals, founded in 1990, manufactures engineered powdered metal components, assemblies, and related machining and engineering services.
Advanced ManufacturingHardwareNew MaterialsBattle Creek, US
AFX designs and sells lighting fixtures, including indoor options (ceiling, rail, linear, pendant, sconce, vanity, undercabinet) and outdoor fixtures, along with ceiling fans.
ConsumerHardware
American Producers Supply distributes industrial and construction supplies including tools, fall protection equipment, wire rope, abrasives, and concrete and drywall products, offering brands such as Dewalt, Milwaukee, and 3M.
Advanced ManufacturingB2B MarketplacesConstruction Tech
Bakewise Brands is a bakery company formed by combining Fleischer's Bagels and Tom Cat Bakery, offering a portfolio of over 400 fresh, frozen, and refrigerated bagel and artisan bread products.
ConsumerFoodTech
Carl's Place designs and sells customizable indoor golf simulators, including enclosures, impact screens, launch monitors, and projectors, for home and commercial spaces.
ConsumerE-commerceSports Tech
Circuit Check builds automated test systems, functional and in-circuit test fixtures, and related integrated test solutions for electronics manufacturers.
Advanced ManufacturingDeep TechHardware
Woodstream operates a portfolio of consumer brands offering pest control solutions, products for home, lawn, and garden, and birding accessories.
ConsumerE-commerce
CyCan Industries formulates, blends, and contract-packages chemical products in aerosol, liquid, and cylinder delivery systems, including private-label options for distributors and businesses.
Advanced ManufacturingNew Materials
Digney York is a hotel renovation general contractor that plans and manages interior renovations of guest rooms, public spaces, and amenities for active hospitality properties, working with hotel owners, brands, ownership groups, and management companies.
Construction Tech
Tom Kelley(President, DYA Construction + EIS Hospitality)
Displayit designs, fabricates, and installs trade show booths, custom displays, retail fixtures, restaurant casework, architectural millwork, and branded environments.
Advanced ManufacturingConstruction TechRetail Tech
Elgen Manufacturing produces HVAC and metal framing products and accessories, manufactured in its facility in Northern New Jersey.
Advanced ManufacturingConstruction TechHardware
Engendren designs and manufactures radiators, fluid coolers, and thermal cooling systems for engines and mission-critical equipment across a range of sizes and operating conditions.
Advanced ManufacturingHardware
Gartner Studios sells paper products and stationery, including print-at-home wedding invitation kits, notebooks, journals, certificates, and DIY party supplies such as programs and placecards.
ConsumerDirect to ConsumerE-commerce
Glenn Rieder is an architectural millwork company that provides design, engineering, fabrication, finishing, and installation services for custom millwork projects.
Advanced ManufacturingConstruction Tech
Identity Group is a full-service signage and visual décor provider offering site surveys, sign and décor design, restoration, and installation services, plus digital wayfinding and augmented reality experiences for commercial spaces.
Advanced Manufacturing
InvestorFlow provides a CRM and investor portal with AI-assisted workflows for fundraising, deal execution, and investor relations.
AI & Machine LearningFintechSaaS
John-Richard designs and sells handcrafted home furnishings, including furniture, lighting, mirrors, wall decor, accessories, and botanicals.
ConsumerE-commerce
Kemper designs, manufactures, and supplies crushing, screening, conveyor, and washing equipment for aggregate processing operations, from the primary dump hopper to the stockpile.
Advanced ManufacturingConstruction TechHardware
Kinex Medical supplies post-surgical and rehabilitation products for home use, including continuous passive motion devices, cold therapy, compression garments, lymphedema pumps, DVT prophylaxis devices, rehabilitative stimulators, braces, and joint contracture splints.
Digital HealthHealthtechMedical Devices
Kish Company sources, processes, manufactures, and distributes industrial minerals, extenders, and additives such as barium sulfate, calcium carbonate, graphite, mica, talc, and titanium dioxide.
Advanced ManufacturingNew Materials
Manitowoc Tool & Machining (MTM) is a contract machining company that performs large-scale machining and turning of castings, forgings, and billet, operating an ISO 9001-based quality management system with bar code routing for traceability.
Advanced ManufacturingHardwareNew MaterialsManitowoc, US
Medway Air Ambulance operates its own fleet of 16 Learjet aircraft equipped for up to ICU-level care, providing medical air transport for patients across the US, North America, and internationally.
HealthtechMedical Devices
MicroPrecision is a contract manufacturer of custom turned and milled parts, offering multi-spindle machining, CNC Swiss and Turn-Mill machining, and CNC vertical milling for high- and low-volume production.
Advanced ManufacturingHardwareDelavan, US
MVP is a digital marketing agency offering brand and website design, development, and SEO services, building custom WordPress sites for clients such as private equity, M&A, and real estate firms, as well as Fortune 500 and mid-market CPG, healthcare, and industrial groups.
Marketing TechSaaS
MW Metals Group is a metals recycling company that services industrial plants nationwide, holding standard safety certifications and RIOS (Recycling Industry Operating Standard) charter membership.
Advanced ManufacturingCircular EconomyNew Materials
Nester Hosiery designs, manufactures, and delivers premium socks, headwear, footwear, and accessories for the outdoor and lifestyle market, operating its own brands (such as Farm to Feet, Fox River, Pistil, and Ballston) as well as licensed brands and private-label/contract manufacturing for retailers.
Advanced ManufacturingConsumerDirect to Consumer
Omni is a full-service commercial glass and paint contractor that fabricates and installs windows, specialty and fire-rated glass, OEM glass for heavy machinery and vehicles, and provides commercial and industrial painting.
Advanced ManufacturingConstruction Tech
PFI designs and domestically produces retail display and merchandising solutions — including beverage merchandisers, showcases, acrylic displays, corrugated, and millwork — in plastic, wood, metal/wire, and acrylic.
Advanced ManufacturingHardwareRetail Tech
Paul Flum
Propet makes comfort footwear offered in a full range of full and half sizes and multiple widths from Slim to XX-wide, aimed at people seeking pain-free everyday walking, errands, hiking, and activities like pickleball.
ConsumerDirect to Consumer
Reliant at Home provides in-home care for senior adults, including home health (skilled nursing and therapy), hospice, caregiver support, and outpatient rehabilitation services.
Digital HealthHealthtech
Revision develops protective equipment and gear for military and law enforcement personnel, and supplies NATO countries through a contract with the NATO Support and Procurement Agency (NSPA).
Defense TechHardware
Rose Paving is a commercial paving contractor that provides pavement maintenance, repair, resurfacing, and reconstruction for parking lots, sidewalks, and concrete surfaces.
Construction Tech
Steele Solutions designs, engineers, and fabricates structural steel equipment platforms, mezzanines, and chute solutions for making use of space above the floor in facilities such as retail and e-commerce operations.
Advanced ManufacturingConstruction TechLogistics & Supply Chain
Provides warehouse and automation design solutions, including a unified warehouse software platform (combining WMS, WES, and WCS) and high-density storage systems for managing and executing warehouse operations.
Logistics & Supply ChainRoboticsSaaS
Stratus provides EEG monitoring services and software for healthcare systems and clinicians, including ambulatory EEG, continuous ICU/EMU monitoring, EEG hardware, and clinical trial support.
AI & Machine LearningDigital HealthMedical Devices
Superior Roofing and Waterproofing is a family-owned company offering roof installation, repair, and waterproofing services for commercial, HOA, and government properties.
Construction Tech
The Liberty Group provides staffing, direct-hire recruiting, and executive search services focused on the multifamily property management and real estate industry, filling onsite, professional, and leadership roles.
HR TechPropTech
Urban Surfaces supplies durable, waterproof, slip-resistant flooring products for a range of building types, including multifamily, senior and assisted living, student housing, hospitality, commercial, single-family, and stadium projects.
Construction TechNew MaterialsPropTech
Worthington Industries separated its steel processing business in December 2023 into two publicly traded companies, Worthington Enterprises and Worthington Steel.
Advanced ManufacturingNew Materials
John H. McConnell(Founder)
Fund performance · per public LP disclosures · 4
as of Dec 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Merit Mezzanine Fund VIILPs: Minnesota State Board of Investment | 2020 | — | 7.6% | 1.16x | 0.29x |
| Merit Mezzanine Fund VILPs: Minnesota State Board of Investment | 2016 | — | 16.4% | 1.82x | 1.33x |
| Merit Mezzanine Fund V, L.P.LPs: Minnesota State Board of Investment, Nebraska Investment Council, Maryland State Retirement and Pension System | 2010 | — | 10.6% | 1.79x | 1.58x |
| Merit Mezzanine Fund IV, L.P.LPs: Minnesota State Board of Investment | 2004 | — | 11.6% | 2.00x | 1.98x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does Merit Capital Partners invest at?
- Merit Capital Partners invests at the Growth stage.
- What is Merit Capital Partners's typical check size?
- Merit Capital Partners typically writes checks of $20M.
- What sectors does Merit Capital Partners focus on?
- Merit Capital Partners focuses on Advanced Manufacturing, Consumer, Healthtech, Logistics & Supply Chain, New Materials.
- Where is Merit Capital Partners located?
- Merit Capital Partners is headquartered in Chicago, US.