Meritage Funds Mergers and Acquisitions Summary

Growth Capital Firm Profile

Meritage Funds’ most common sectors for investment arecommunications (44%) and information technology (25%) . The Firm’s most common investment types include growth capital (38%) and buyout (lbo, mbo, mbi) (32%). In total, Meritage Funds has invested in 9 US states and 2 different countries.

In the last 3 years, Meritage Funds has exited 1 company. The Firm’s most common exit type is trade sale (54%). Meritage Funds’ largest (disclosed) exit occurred in 1999 when it sold MetroNet Communications for $7.0B.

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M&A Summary

  • M&A Total Activity29
    • M&A Buy Activity16
    • M&A Sell Activity13
  • Total Sectors Invested 5
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 34

Meritage Funds

6870 W 52nd Avenue, Suite 210,
Arvada, Colorado 80002
United States
(303) 352-2040
www.meritagefunds.com
info@meritagefunds.com

Meritage Funds is a private investment firm focused on growth equity opportunities. The Firm targets companies that deliver tech-based services that leverage recurring revenue business models. Areas of interest include businesses that 'enable communications, deliver content, and facilitate commerce'. Prospective transaction situations include direct equity financings, recapitalizations, control acquisitions, consolidations, restructurings, spin-outs and management buy-outs. Meritage typically looks to commit $3 to $20 million over the lifecycle of an investment. Meritage Funds was formed in 1998 and is based in Arvada, Colorado.


Investment Criteria

Sectors of Interest: Communications, Financial Services, Information Technology, Marketing, Media, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 3 20
Target EBITDA - -
Investment Size 5 15
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 16 - - - - - 16
Sell (0.4/yr) # 11 1 - - - 1 13
vol $10.3B $10.3B
  29

Most Recent M&A

Company Date Value Type
Datavail Corp. 2024-01-16 - Secondary Sale
Broomfield, Colorado · www.datavail.com
EdgeConneX, Inc. 2020-08-19 - Secondary Sale
Herndon, Virginia · www.edgeconnex.com
Faction, Inc. 2018-03-15 - Venture
Denver, Colorado · www.factioninc.com
Crisp Media, Inc. (dba Crisp Mobile) 2017-05-02 33M USD Trade Sale
New York, New York · www.crispmedia.com
Caliber UX, Inc. 2016-10-26 - Venture
Boulder, Colorado · www.calibermind.com
SmartSky Networks LLC 2015-10-23 - Growth Capital
Morrisville, North Carolina · www.smartskynetworks.com
SMBSuite, Inc. 2013-08-14 - Growth Capital
Irving, Texas · www.smbsuite.com
elementek LLC 2012-09-10 - Growth Capital
Denver, Colorado · www.peakcolo.com
Datavail Corp. 2012-09-06 - Growth Capital
Broomfield, Colorado · www.datavail.com
Digital Fortress, Inc. 2012-03-30 - Buyout (LBO, MBO, MBI)
Seattle, Washington · dfcolo.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Communications 1 (33%) - 7 (44%) -
Information Technology - - 4 (25%) -
Internet Software and Services 1 (33%) - 2 (13%) -
Marketing 1 (33%) - 2 (13%) -
Software - - 1 (6%) -
Total 3 - 16 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 3 (100%) - 15 (94%) -
  Colorado 2 (67%) - 5 (31%) -
  Washington - - 2 (13%) -
  Texas - - 2 (13%) -
  North Carolina 1 (33%) - 1 (6%) -
  South Carolina - - 1 (6%) -
  New York - - 1 (6%) -
  Missouri - - 1 (6%) -
  Illinois - - 1 (6%) -
  Florida - - 1 (6%) -
Canada - - 1 (6%) -
  Alberta - - 1 (6%) -
Domestic 3 (100%) - 15 (94%) -
Cross-border - - 1 (6%) -
Total 3 - 16 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 1 (33%) - 6 (38%) -
Buyout (LBO, MBO, MBI) - - 5 (31%) -
Venture 2 (67%) - 5 (31%) -
Total 3 - 16 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 5 (38%) 8.3B (80%)
Trade Sale 4 (31%) 1.8B (18%)
Secondary Sale 3 (23%) 210M (2%)
IPO 1 (8%) -
Total 13 $10.3B

Deal Values

sell # Total
> $1B 2 $8.1B
$100M to $1B 7 $2.2B
< $100M 1 $33M
TOTAL $10.3B
Largest MetroNet Communications Corp.
$7.0B (1999-06-01)

M&A Connections

Deals
Exited to
Investor(s)
23%
3 (23%)
Strategic(s)
62%
8 (62%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

1.0B USD

Established

1998

Specialist/Generalist

Specialist

Leadership

David Solomon

Co-founder & Managing Director

Jack Tankersley

Founder & Managing Director

Jay Tankersley

CIO

Laura Beller

Managing Director

FAQ

When was Meritage Funds founded?

Meritage Funds was founded in 1998.

What type of investor is Meritage Funds?

Meritage Funds is a growth capital firm.

Where is Meritage Funds headquartered?

Meritage Funds is headquartered in Arvada, Colorado.

How much capital does Meritage Funds have under management?

Meritage Funds has 1.0B USD under management.

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