Bertram Exits Tactacam to GTCR in Private Equity Deal Valued $1 Billion

GTCR has acquired cellular-connected camera company Tactacam from Bertram Capital and the company’s founders in a transaction valued at more than $1 billion, giving the Chicago private equity firm control of a subscription-driven technology business serving more than 1 million customers across the U.S.

The transaction closed Sept. 28, with Tactacam co-founder Jeff Peel remaining chief executive and retaining a significant ownership position alongside co-founder Ben Thorud. The investment comes from GTCR Fund XIV, the firm’s $11.5 billion flagship buyout fund.

GTCR targets recurring revenue and security expansion

Founded in 2013 and headquartered in Billings, Montana, Tactacam developed its business around cameras for hunters and other outdoor users before moving further into security applications.

Its Reveal cellular trail camera, launched in 2020, lets users receive images remotely through Tactacam’s mobile application without requiring a Wi-Fi connection at the camera location. The company now has more than 1 million subscribers across the United States.

That installed base provides GTCR with exposure to recurring subscription revenue in addition to hardware sales. The Wall Street Journal reported that subscription plans start at $55 annually.

Tactacam expanded the addressable market in 2024 with its Defend security camera line. The technology is designed for locations where conventional Wi-Fi-dependent systems can be impractical, including farms, construction sites, vacant properties and other remote locations.

GTCR said its investment will support broader distribution and go-to-market execution across both Tactacam’s outdoor and security businesses.

Bertram secures first Fund V exit

For Bertram Capital, the transaction marks the first exit from Bertram Capital Fund V, the firm’s 2023-vintage flagship vehicle.

Bertram invested in Tactacam in 2023 and worked with the founders and management to expand the company’s products, subscription base and distribution. The firm confirmed completion of the sale Sept. 30 but did not disclose financial terms in its official Tactacam exit announcement.

The more than $1 billion transaction value was reported separately by The Wall Street Journal.

The exit is notable in a private equity market where distributions remain an important consideration for limited partners. Selling a relatively recent investment gives Bertram an opportunity to return capital from a 2023-vintage fund while many managers continue to hold assets longer because of valuation gaps between buyers and sellers.

The deal also illustrates the continuing appeal of founder-led businesses with recurring revenue and identifiable avenues for expansion. Peel and Thorud are not making a complete exit; their continuing ownership aligns them with GTCR as the buyer seeks to expand the platform.

GTCR applies experience from subscription businesses

GTCR’s interest in Tactacam fits with the firm’s previous investments in technology-enabled monitoring and subscription businesses.

The manager has backed companies including SimpliSafe, GreatCall and Lytx, giving it experiences with business models combining hardware, connectivity, monitoring and recurring customer relationships.

Tactacam provides a similar combination but operates across outdoor recreation and security.

GTCR’s investment thesis centers on expanding distribution while increasing adoption of the company’s newer security products. The Defend platform broadens Tactacam beyond the hunting and wildlife market into property monitoring, creating a potentially larger addressable market without abandoning the cellular technology underpinning its existing business.

The transaction also follows other portfolio activity at GTCR. PE NEWSWIRE recently reported on GTCR’s sale of Corza Medical’s biosurgery business to EQT, another example of the Chicago manager monetizing assets while continuing to deploy capital through its flagship strategy.

$1 billion deal lands above increasingly active middle market

At more than $1 billion, Tactacam sits just above the traditional U.S. middle-market range commonly defined by PitchBook as deals with enterprise values of $25 million to $1 billion.

The transaction nevertheless shares characteristics increasingly sought by middle-market sponsors: founder involvement, recurring revenue, a specialized market position and opportunities to scale through operational investment rather than relying exclusively on financial leverage.

PE NEWSWIRE has reported that U.S. private equity deal value in the $25 million-to-$100 million segment jumped 70% in the second quarter of 2026 as sponsors increasingly searched for opportunities below the largest buyout transactions.

Tactacam demonstrates that competition for differentiated businesses extends beyond smaller deals.

The company has already built a nationwide subscriber base, but GTCR’s investment depends partly on whether the platform can translate its position in trail cameras into a broader security business. That expansion would put Tactacam into a much larger but more competitive market.

Founders stay invested in the next phase

Founder continuity is an important part of the transaction structure.

Peel will continue running Tactacam, while he and Thorud will maintain significant equity stakes alongside GTCR. That arrangement gives the founders participation in any additional value created under the new owner rather than crystallizing a complete exit.

For GTCR, the deal combines that continuity with capital from an $11.5 billion flagship fund and experience scaling subscription-based monitoring businesses.

For Bertram, it produces an early realization from Fund V only three years after the firm’s initial Tactacam investment.

The transaction therefore represents both a sizable private equity exit and a new sponsor-backed growth phase for Tactacam, with the company’s million-plus subscriber base and expansion from outdoor cameras into property security forming the central components of GTCR’s investment case.