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.

The Firm’s most common exit type is trade sale (59%). 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 Activity28
    • M&A Buy Activity16
    • M&A Sell Activity12
  • Total Sectors Invested 5
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 32

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 ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.0/yr) # 16 - - - - - 16
Sell (0.0/yr) # 12 - - - - - 12
vol $10.3B $10.3B
  28

Most Recent M&A

Company Date Value Type
EdgeConneX, Inc. 2020-08-19 - Secondary Buyout
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 Add-on Acquisition
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
Masergy Communications, Inc. 2011-08-22 210M USD Secondary Buyout
Plano, Texas · www.masergy.com
View All >>

M&A by Sector

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

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (100%) - 15 (94%) -
  Colorado 3 (75%) - 5 (31%) -
  Washington - - 2 (13%) -
  Texas - - 2 (13%) -
  North Carolina 1 (25%) - 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 4 (100%) - 15 (94%) -
Cross-border - - 1 (6%) -
Total 4 - 16 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 2 (50%) - 6 (38%) -
Buyout (LBO, MBO, MBI) - - 5 (31%) -
Venture 2 (50%) - 5 (31%) -
Total 4 - 16 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 5 (42%) 8.3B (80%)
Trade Sale 4 (33%) 1.8B (18%)
Secondary Sale 2 (17%) 210M (2%)
IPO 1 (8%) -
Total 12 $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)
17%
2 (17%)
Strategic(s)
67%
8 (67%)

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

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