Key Takeaways
- • GTCR acquired Tactacam from Bertram Capital in a transaction that valued the company at over $1.5 billion, representing a more than 2x return on Bertram's May 2023 investment at approximately $700 million valuation.
- • Tactacam generates over $150 million in projected 2026 EBITDA, translating to a ~10x EBITDA multiple for GTCR, and operates a subscription-based platform serving more than one million subscribers with three-year revenue growth of 324%.
- • The company operates dual product lines: Reveal (cellular trail cameras for hunters and landowners launched in 2020) and Defend (off-grid security cameras for residential and commercial properties introduced in 2024), with a recently added 360-degree Defend model and complementary offerings including FeatherSnap and Habitat IQ.
- • Founder Jeff Peel and co-founder Ben Thorud retain significant ownership and leadership roles post-acquisition, while GTCR plans to fund new product development and expand distribution across both Reveal and Defend product lines.
- • This marks Bertram Capital's first exit from its 2023-vintage $1.6 billion fund and adds a consumer subscription platform to GTCR's existing security portfolio, which includes Everon (acquired October 2023) and SimpliSafe (completed November 2025).
Summary
GTCR has completed its acquisition of Tactacam from Bertram Capital in a transaction valuing the Billings, Montana-based company at over $1.5 billion. The deal represents a significant exit for Bertram Capital, marking the first liquidity event from its 2023-vintage fund and delivering more than a 2x return on the firm's May 2023 investment at approximately $700 million. According to Reuters reporting from February 2026, Tactacam was expected to generate over $150 million in EBITDA in 2026, implying a transaction multiple of roughly 10x projected earnings.
Tactacam operates a dual-platform, subscription-based business serving over one million subscribers. The Reveal line of cellular trail cameras, launched in 2020, represents the core business, enabling hunters to monitor wildlife and landowners to surveil food plots and property gates without requiring physical visits to swap memory cards. The Defend product line, introduced in 2024, applies the same cellular hardware architecture to off-grid security monitoring for residential and commercial properties—homes, cabins, barns, and job sites beyond Wi-Fi reach—with no wiring or professional installation required. In January 2026, Tactacam expanded the Defend offering with a 360-degree camera. The company also operates complementary revenue streams: FeatherSnap, an AI-enabled camera-equipped bird feeder for species identification, and Habitat IQ, a land-management planning tool. Monthly data plans begin at $5, providing recurring subscription revenue visibility.
The company, founded in 2013 by Jeff Peel and co-founder Tara Peel (chief operating officer) and Ben Thorud, achieved 324% three-year revenue growth and ranked 1,353rd on the 2025 Inc. 5000 list. Tactacam employs over 500 people. Founders Peel and Thorud retain significant ownership and leadership continuity post-transaction, with Peel remaining CEO. GTCR's acquisition adds Tactacam to its growing consumer and commercial services portfolio, which already includes Everon (formerly ADT's commercial fire and security division, acquired October 2023) and SimpliSafe (home security, acquisition completed November 2025). The firm also owns Consumer Cellular wireless and previously held Protection 1, GreatCall, and Lytx. David Donnini and Tom Ehrhart, managing directors at GTCR, led the investment and signaled plans to fund product development and expand distribution for both Reveal and Defend lines.
The transaction reflects tailwinds in both hunting equipment and residential security markets. The U.S. Fish and Wildlife Service recorded 14.4 million hunters aged 16 and older in 2022 who collectively spent $45.2 billion annually, including $19.3 billion on equipment. The home security market has grown to 48% household penetration as of Q2 2025, up from 38% in 2022, according to Parks Associates. Cellular trail camera competitors include Moultrie (owned by PRADCO Outdoor Brands, part of EBSCO Industries) and GSM Outdoors' Stealth Cam line (acquired by Platinum Equity from Gridiron Capital in July 2024 for approximately $1.6 billion). J.P. Morgan, Jefferies, and Houlihan Lokey advised Tactacam on the sale; UBS advised GTCR.
Tactacam operates a dual-platform, subscription-based business serving over one million subscribers. The Reveal line of cellular trail cameras, launched in 2020, represents the core business, enabling hunters to monitor wildlife and landowners to surveil food plots and property gates without requiring physical visits to swap memory cards. The Defend product line, introduced in 2024, applies the same cellular hardware architecture to off-grid security monitoring for residential and commercial properties—homes, cabins, barns, and job sites beyond Wi-Fi reach—with no wiring or professional installation required. In January 2026, Tactacam expanded the Defend offering with a 360-degree camera. The company also operates complementary revenue streams: FeatherSnap, an AI-enabled camera-equipped bird feeder for species identification, and Habitat IQ, a land-management planning tool. Monthly data plans begin at $5, providing recurring subscription revenue visibility.
The company, founded in 2013 by Jeff Peel and co-founder Tara Peel (chief operating officer) and Ben Thorud, achieved 324% three-year revenue growth and ranked 1,353rd on the 2025 Inc. 5000 list. Tactacam employs over 500 people. Founders Peel and Thorud retain significant ownership and leadership continuity post-transaction, with Peel remaining CEO. GTCR's acquisition adds Tactacam to its growing consumer and commercial services portfolio, which already includes Everon (formerly ADT's commercial fire and security division, acquired October 2023) and SimpliSafe (home security, acquisition completed November 2025). The firm also owns Consumer Cellular wireless and previously held Protection 1, GreatCall, and Lytx. David Donnini and Tom Ehrhart, managing directors at GTCR, led the investment and signaled plans to fund product development and expand distribution for both Reveal and Defend lines.
The transaction reflects tailwinds in both hunting equipment and residential security markets. The U.S. Fish and Wildlife Service recorded 14.4 million hunters aged 16 and older in 2022 who collectively spent $45.2 billion annually, including $19.3 billion on equipment. The home security market has grown to 48% household penetration as of Q2 2025, up from 38% in 2022, according to Parks Associates. Cellular trail camera competitors include Moultrie (owned by PRADCO Outdoor Brands, part of EBSCO Industries) and GSM Outdoors' Stealth Cam line (acquired by Platinum Equity from Gridiron Capital in July 2024 for approximately $1.6 billion). J.P. Morgan, Jefferies, and Houlihan Lokey advised Tactacam on the sale; UBS advised GTCR.
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