Merit Capital Partners
Private equityChicago · Growth · 20 people tracked
Also known as MERIT CAPITAL PARTNERS VI, LLC
Investment thesis
The firm targets established, profitable U.S. manufacturing and service companies across a range of industries, providing capital for management buyouts, recapitalizations, acquisition financings, shareholder liquidity events, growth financings and ESOPs. It looks for businesses with at least $20 million in revenue and $4 million in EBITDA, an experienced management team, strong cash flow, an established market position and growing share. Investments are typically at least $20 million and structured as meaningful equity ownership (control or non-control) combined with subordinated debt carrying a current yield. The firm acts as a board-level advisor rather than a day-to-day operator, and does not pursue startups, turnarounds, real estate, restaurants, or oil and gas exploration.
Source: firm website, verified Sep 1, 2026.
Team · 20 people
from the firm's website
What they invest in
from 45 of 55 portfolio companiesAdvanced Manufacturing ×27Hardware ×15Construction Tech ×13New Materials ×11Consumer ×10Enterprise Software ×6Healthtech ×5Digital Health ×4
HQs:United States×33
Investments · 55 tracked
founders shown can be your intro path
American Producers Supply is an industrial and construction supplies distributor serving manufacturing, power generation, chemical, rail, automotive, and government sectors across multiple regional locations.
Advanced ManufacturingB2B MarketplacesConstruction TechEnterprise SoftwareHardwareMarietta, US
Display Inc manufactures custom display solutions and retail fixtures for retail, healthcare, dining, and events sectors.
Advanced ManufacturingConstruction TechConsumerHardwareRetail TechOrange County, US
Dane BuckRob RipleyMike Zimmerman
Revision designs and manufactures advanced ballistic eyewear and protective equipment for military and tactical personnel worldwide.
Defense TechHardwareEssex Junction, US
Tomcat Bakery is a New York-based bakery producer that manufactures frozen artisan breads, burger buns, and specialty bread products for retail and foodservice customers.
Advanced ManufacturingDirect to ConsumerFoodTechLong Island City, US
Acacia Health provides home health, hospice, and palliative care services delivered by interdisciplinary clinical teams in patients' homes or facilities across Southern California.
Digital HealthHealthtechSouthern California, US
Alex Agazaryan(CEO & Founder)in
Active Minerals International (AMI) mines and processes kaolin clay and attapulgite minerals into specialty additives for industrial uses including concrete admixtures, functional fillers, rheology modifiers, ceramic casting systems, and agricultural crop protectants.
Advanced ManufacturingAgTechNew Materials
Co-investorsStellus Capital Management
Coldwater Sintered Metal Products manufactures sintered metal products for industrial applications.
Advanced ManufacturingHardwareNew MaterialsBattle Creek, US
Bakewise Brands owns and operates a portfolio of specialty bakery brands producing bagels and artisan breads, serving retail and food service markets.
ConsumerFoodTech
Carl's Place manufactures and sells premium indoor golf simulator systems, including impact screens and complete custom setups for residential and commercial use.
ConsumerE-commerceHardwareSports TechMilton, US
Carl
Choice Adhesives manufactures a range of over 500 custom adhesives and sealants for professional applications including woodworking, flooring, fabric, and footwear.
Advanced ManufacturingNew Materials
Circuit Check is a manufacturing and compliance services provider specializing in defense and aerospace sectors, holding specialized certifications including JCP, ITAR registration, and CGP certification for handling controlled military and technical data.
Advanced ManufacturingDeep TechDefense TechEnterprise SoftwareHardwareMaple Grove, US
Woodstream is a portfolio company offering pest control solutions, environmentally friendly home and garden products, and birding accessories to consumers and retail partners.
CleantechConsumerE-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 Associates is a hotel renovation contractor offering interior remodeling services for guest rooms, lobbies, restaurants, spas, and other hospitality spaces.
Construction TechYork, US
Tom Kelley(President, DYA Construction + EIS Hospitality)in
Elgen Manufacturing supplies damper hardware and components for air control systems, including damper blades, bushings, standoffs, end bearings, regulators, quadrants, and mounting brackets.
Advanced ManufacturingConstruction TechHardware
Art Huger(Chief Sales Officer)
Gartner Studios designs, manufactures, and distributes party goods and stationery products for do-it-yourself celebration occasions.
Advanced ManufacturingConsumerDirect to ConsumerE-commerceHudson, US
Glenn Rieder LLC is a specialty manufacturer and architectural millwork contractor based in Milwaukee.
Advanced ManufacturingConstruction TechMilwaukee, US
Tom Donohue(President & Chief Executive Officer)Nicholas Willems(Chief Financial Officer)
Glunt Industries is a large-scale steel fabrication and machine shop that fabricates, reconditions, rebuilds, and repairs steel and aluminum mill equipment such as rolls, chocks, and mandrels.
Advanced ManufacturingHardwareNew MaterialsWarren, US
Identity Group designs, manufactures, and installs custom signage and visual décor products for retail and grocery customers.
Advanced ManufacturingConstruction TechRetail TechBrunswick, US
Eric Borduas(Chief Executive Officer)in
InvestorFlow provides an integrated front office platform for private markets firms, connecting capital formation, deployment, asset management, and investor services workflows in real time.
AI & Machine LearningEnterprise SoftwareFintechSaaS
Chris Ashrafi(Chief Revenue Officer)in
Co-investorsAmbina PartnersGrandBanks CapitalHatteras Venture PartnersKPS Capital PartnersSteelSky Ventures
John-Richard designs and sells luxury home furnishings including furniture, lighting, mirrors, wall art, and decorative accessories created through collaborations with award-winning designers and artists.
ConsumerE-commerce
Kemper manufactures and installs material handling and mineral processing equipment including crushers, screens, and conveyors for aggregates and mining operations.
Advanced ManufacturingConstruction TechHardware
Kinex Medical is an orthopedic specialty medical equipment company that delivers durable medical equipment and orthotics for post-acute and in-home rehabilitation.
Digital HealthHealthtechMedical Devices
Kish Company operates processing facilities that handle mineral processing including mica and spheres, with integrated laboratory capabilities.
Advanced ManufacturingNew MaterialsMentor, US
MicroPrecision manufactures precision machined parts for industrial customers, leveraging advanced technology and a stable workforce focused on consistent quality and long-term reliability.
Advanced ManufacturingHardwareDelavan, US
Mark SarderMaya SarderJim Costello
MVP Design is a design and web development agency with a team of designers, developers, and creative professionals.
Developer ToolsEnterprise SoftwareMarketing TechSaaSMinneapolis, US
Co-investorsSvoboda Capital Partners
MW Metals Group collects and processes recyclable metals from industrial plants and supplies premium-grade ferrous and nonferrous recycled materials to corporate clients nationwide.
Advanced ManufacturingCircular EconomyLogistics & Supply ChainNew MaterialsDayton, US
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
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
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
Rose Paving is a commercial paving contractor providing pavement maintenance, repair, sealcoating, and reconstruction services to commercial properties.
Construction TechPropTechChicago, US
Jaron Srain(CEO)in
Steele Solutions designs and manufactures structural steel work and equipment platforms for material handling, storage, and heavy equipment in warehouses, distribution centers, and manufacturing facilities.
Advanced ManufacturingConstruction TechEnterprise SoftwareLogistics & Supply ChainMilwaukee, US
Storage Solutions designs and implements warehouse automation, storage optimization, and material handling solutions for distribution and fulfillment operations in North America and globally.
Enterprise SoftwareLogistics & Supply ChainRoboticsSaaSSector Agnostic
Craig McElheny(Founder)
Stratus Neuro provides EEG hardware products and clinical software solutions for hospital systems and neurology practices.
AI & Machine LearningDigital HealthHardwareHealthtechMedical Devices
Superior Roofing Co. provides roof installation and repair services to residential and commercial customers in the American Southwest.
Construction Tech
The Liberty Group is a real estate staffing and recruitment firm that places executive recruiters and personnel consultants for the property management industry.
HR TechPropTechHouston, US
Co-investorsHalifax Group
Urban Surfaces manufactures and supplies resilient flooring products including luxury vinyl plank, vinyl tile, and SPC flooring for multi-family, commercial, hospitality, and rental properties.
Advanced ManufacturingConstruction TechNew MaterialsPropTechCorona, US
U.S.
Advanced ManufacturingCircular EconomyConstruction TechNew Materials
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)in
Exits · 1
IPOs and acquisitions across the tracked portfolioClassicbrandsacq. by Woodstream
Portfolio news
latest coverage across their companiesInvestorFlow · investorflow.com · Jun 22, 2026
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
- How many investments has Merit Capital Partners made?
- Merit Capital Partners has 55 tracked investments, 1 of which have exited via acquisition or IPO.
- 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.
- Who does Merit Capital Partners co-invest with?
- Merit Capital Partners most often shares deals with GrandBanks Capital, Halifax Group, Hatteras Venture Partners, among 8 tracked co-investors.
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