M&A Deal Summary

Beringer Capital Acquires Bold Orange

On August 26, 2025, private equity firm Beringer Capital acquired business services company Bold Orange from Mountaingate Capital

Acquisition Highlights
  • This is Beringer Capital’s 2nd transaction in the Business Services sector.
  • This is Beringer Capital’s 10th transaction in the United States.
  • This is Beringer Capital’s 1st transaction in Minnesota.

M&A Deal Summary

Date 2025-08-26
Target Bold Orange
Sector Business Services
Buyer(s) Beringer Capital
Sellers(s) Mountaingate Capital
Deal Type Secondary Buyout
Advisor(s) Canaccord Genuity (Financial)
Kirkland & Ellis (Legal)

Target

Bold Orange

Minneapolis, Minnesota, United States
Bold Orange is a human connections company with a two-fold purpose: business and societal progress. Bold Orange modernizes loyalty, CRM, and digital experiences for both consumer and business-to-business brands. Bold Orange is based in Minneapolis, Minnesota.

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Buyer(S) 1

DESCRIPTION

Beringer Capital is a private equity and M&A advisory firm. Beringer's direct investment group looks to partner with founders of growing companies to maximize the value of their business. Areas of investment interest include marketing services, digital media, and specialty media. In addition to direct investing, Beringer also provides M&A and corporate development services. Beringer Capital was formed in 1990 and is headquartered in Toronto.


DEAL STATS #
Overall 13 of 13
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 3 of 3
State: Minnesota M&A 1 of 1
Country: United States M&A 10 of 10
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-12 Northern Commerce

London, Ontario, Canada

Northern Commerce is a full-service digital agency that specializes in building high-performance omnichannel retail experiences. Northern Commerce was founded in 2015 and is based in London, Ontario.

Buy -

Seller(S) 1

SELLER

Mountaingate Capital

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2016
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Mountaingate Capital is a private equity firm focused on acquiring middle-market companies with $5 to $25 million of EBITDA. The Firm focuses on growth-oriented companies in the business services, specialty manufacturing, marketing, and distribution sectors. Mountaingate looks to partner with management when investing and will consider transaction situations from buyouts, to consolidations and recapitalizations. Mountaingate Capital was formed in 2016 and is based in Denver, Colorado.


DEAL STATS #
Overall 7 of 7
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
State: Minnesota M&A 1 of 1
Country: United States M&A 7 of 7
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-13 Rep Data

New Orleans, Louisiana, United States

Rep Data is a technology-driven data and insights partner, helping insights professionals streamline insights initiatives with a focus on data quality and consistent execution. Partnering with market research agencies, consultancies, Fortune 500 corporations, advertising and brand strategy firms, universities, and public relations agencies, the company delivers real, reliable, and fraud-free research data at scale. Its solutions include: Research Desk, a centralized research platform that enhances efficiency and data quality; and Research Defender, an advanced fraud prevention system that conducts 2.9 billion security scans annually to protect data integrity. Rep Data was founded in 2020 and is based in New Orleans, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-08 Walker Sands

Chicago, Illinois, United States

Walker Sands is a marketing agency focused on accelerating the growth of B2B brands, offering tailored solutions to drive real business results for its B2B clients, with core capabilities that include public relations, demand generation, branding, creative, marketing strategy, and web. Walker Sands was formed in 2001 and is based in Chicago, Illinois.

Buy -