Key Takeaways
- • GTCR acquired Reveal Cellular Camera, a ruggedized connected-device manufacturer serving outdoor, security, and monitoring applications, from Bertram Capital in a transaction closed as of September 2026.
- • Reveal Cellular Cameras feature multi-carrier cellular connectivity, ruggedized hardware, and all-weather capability, targeting hunters, outdoor enthusiasts, security professionals, and pest control markets with recurring revenue models.
- • Bertram Capital acquired Reveal in May 2023 with support from Everberg Capital's last-out term loan, positioning the company for growth before the GTCR exit.
- • JPMorgan served as financial advisor on the sale process, indicating institutional-grade transaction execution and valuation methodology, though specific deal pricing remains undisclosed.
- • The transaction reflects GTCR's continued focus on platform investments in mission-critical technology and connected-device companies within defensible verticals.
Summary
GTCR has acquired Reveal Cellular Camera from Bertram Capital, completing a transaction involving a Caledonia, Minnesota-based manufacturer of ruggedized cellular-connected security and monitoring devices. Reveal specializes in all-weather surveillance equipment designed for outdoor scouting, wildlife monitoring, and security applications, with particular focus on the hunting, outdoor sports, and pest control markets. The company's product line features multi-carrier cellular connectivity, ruggedized hardware architecture, and modular accessory compatibility to serve demanding field environments.
Bertram Capital originally acquired Reveal in May 2023, with Everberg Capital providing structured financing support through a last-out term loan to facilitate that initial platform acquisition. The sale to GTCR marks an exit event for Bertram's investment within approximately three years, reflecting typical middle-market private equity hold timelines. JPMorgan served as financial advisor to Bertram Capital on the transaction, advising throughout the sale process, though specific transaction valuation and deal terms remain confidential.
The acquisition aligns with GTCR's investment thesis in connected-device companies targeting recurring revenue streams within specialized verticals. Reveal's focus on multi-carrier cellular infrastructure, ruggedized product engineering, and subscription-based monitoring services positions it within the broader trend toward edge computing and remote asset monitoring across commercial and consumer security markets. The transaction underscores continuing institutional capital deployment into technology-enabled hardware businesses serving durable end markets beyond traditional consumer electronics.
Bertram Capital originally acquired Reveal in May 2023, with Everberg Capital providing structured financing support through a last-out term loan to facilitate that initial platform acquisition. The sale to GTCR marks an exit event for Bertram's investment within approximately three years, reflecting typical middle-market private equity hold timelines. JPMorgan served as financial advisor to Bertram Capital on the transaction, advising throughout the sale process, though specific transaction valuation and deal terms remain confidential.
The acquisition aligns with GTCR's investment thesis in connected-device companies targeting recurring revenue streams within specialized verticals. Reveal's focus on multi-carrier cellular infrastructure, ruggedized product engineering, and subscription-based monitoring services positions it within the broader trend toward edge computing and remote asset monitoring across commercial and consumer security markets. The transaction underscores continuing institutional capital deployment into technology-enabled hardware businesses serving durable end markets beyond traditional consumer electronics.
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