GTCR has acquired Tactacam, a maker of cameras that send pictures from the woods and other remote properties straight to a customer's phone, from Bertram Capital.
Tactacam makes cameras that hunters, landowners and property owners fix to a tree, fence post or building and leave in place for weeks at a time. Each camera carries its own cellular modem. When a motion sensor trips, the image travels over a mobile network to the Tactacam app, rather than sitting on a memory card until someone walks out to collect it.
The Reveal line of cellular trail cameras, launched in 2020, is the company's core business. Hunters use the cameras to learn which deer pass a stand and when, and landowners use them to watch food plots and gates. The cameras run on add-on solar panels and lithium battery packs and connect through data plans that start at $5 a month.
Defend, introduced in 2024, applies the same cellular hardware to security. The cameras watch homes, cabins, barns, gates and job sites that sit beyond the reach of Wi-Fi, and they need no wiring or professional installation. In January 2026, Tactacam added a 360-degree Defend camera that monitors a full circle around its mounting point. The company also sells FeatherSnap, a camera-equipped bird feeder that uses artificial intelligence to identify visiting species, and Habitat IQ, a land-management planning tool.
Billings, Montana-headquartered Tactacam, led by CEO and co-founder Jeff Peel, was founded in 2013. Co-founder Tara Peel is the company’s chief operating officer. Tactacam serves more than one million subscribers, employs more than 500 people, and ranked 1,353rd on the 2025 Inc. 5000 list after posting three-year revenue growth of 324%.
Mr. Peel will continue to lead Tactacam following its sale to GTCR and will retain significant ownership alongside co-founder Ben Thorud.
Bertram invested in Tactacam in May 2023 in a transaction that valued the company at approximately $700 million, according to Maslon, the Minneapolis law firm that represented Tactacam. The founders retained roughly half of the company’s equity following the transaction.
"We decided to partner with Bertram when they offered us something no one else would, a true 50/50 partnership," said Mr. Peel. "They supported us when we needed them to, such as by helping us hire key executives, and gave us the freedom to execute on our plan to build the business. Additionally, the employee incentive plan we jointly implemented provided a generous mechanism to reward our employees for their hard work. The Tactacam team appreciates Bertram's effort and support along the journey."
In February 2026, Reuters reported that Bertram had hired J.P. Morgan to run a sale that could value Tactacam at more than $1.5 billion, and that the company expected to generate more than $150 million of EBITDA in 2026. A $1.5 billion valuation would equate to about 10 times that projected EBITDA. The sale of Tactacam is the first exit from Bertram’s $1.6 billion and 2023-vintage fund.
[caption id="attachment_241525" align="alignright" width="120"] Ryan Craig[/caption]
"On behalf of the Bertram team, we want to thank and congratulate the founders and employees of Tactacam on this milestone," said Ryan Craig, a partner at Bertram. "They have built a business with consistent revenue growth, expanding market share, and a scalable model that positions them well for continued growth. We are proud to have partnered with the founders and executive leadership team, who worked tirelessly to build an exceptional company and product."
Cellular trail cameras grew out of hunting. The U.S. Fish and Wildlife Service counted 14.4 million Americans aged 16 and older who hunted in 2022. Together they spent $45.2 billion on the pursuit, including $19.3 billion on equipment. A cellular camera spares a hunter the walk in to swap a memory card, a trip that leaves scent and disturbs the animals being watched.
The same hardware answers a property-security need that Wi-Fi cameras cannot reach. According to Parks Associates, 48% of U.S. households had a security product in the second quarter of 2025, up from 38% in 2022.
Tactacam's competitors include Moultrie, an Alabama-based maker of game feeders and trail cameras founded in 1979 by Dan Moultrie. Moultrie sells cellular cameras through its Moultrie Mobile service and is part of PRADCO Outdoor Brands, a unit of privately held EBSCO Industries.
Another is GSM Outdoors, a Texas-based hunting products company founded in 1999 whose brands include Stealth Cam trail cameras. Platinum Equity acquired GSM from Gridiron Capital in July 2024 in a deal Reuters reported at about $1.6 billion.
Tactacam adds a subscription camera business to GTCR's security portfolio. The firm acquired Everon, the former commercial fire and security business of ADT, in October 2023, and completed its purchase of home security company SimpliSafe from Hellman & Friedman in November 2025. It also owns wireless carrier Consumer Cellular, and previously owned Protection 1, GreatCall and Lytx.
[caption id="attachment_241510" align="alignright" width="120"] David Donnini[/caption]
"Tactacam brings together connected cameras, proprietary software and subscription services in a platform serving more than one million subscribers," said David Donnini, a managing director and the head of Business & Consumer Services at GTCR. "That combination is a strong fit with our experience investing in technology-enabled consumer and commercial subscription businesses. We look forward to partnering with Jeff and his team to build on Tactacam's business."
GTCR invests $350 million or more of equity per platform in scaled North American businesses. Sectors of interest include business and consumer services; financial services and technology; healthcare; and technology, media and telecommunications. The firm's flagship Fund XIV closed at its $11.5 billion hard cap in May 2023. In August 2026, GTCR closed its first Capital Solutions Fund with $1.25 billion for minority structured equity and debt investments. GTCR was founded in 1980 and is headquartered in Chicago.
[caption id="attachment_241526" align="alignright" width="120"] Tom Ehrhart[/caption]
GTCR plans to fund new product development and wider distribution for both product lines. "With Defend, Tactacam has taken the cellular camera platform it built for the outdoor market and applied it to another practical need: monitoring residential and commercial properties beyond the reach of Wi-Fi," said Tom Ehrhart, a managing director at GTCR. "We see an opportunity to build on that expansion through investment in product development and distribution, alongside continued investment in Reveal."
Bertram Capital invests in lower middle-market companies. Its flagship fund targets businesses with more than $7.5 million of EBITDA and revenue of $50 million to $250 million, while its Ignite strategy targets companies with more than $3.5 million of EBITDA and revenue of $25 million to $50 million. Sectors of interest include business services, consumer, industrial and technology. Bertram works alongside Bertram Labs, its in-house technology team, which focuses on digital marketing, e-commerce and data analytics. The firm has raised more than $4 billion since its founding in 2006 and is headquartered in Foster City, California.
"Our successful investment in Tactacam was made possible by excellent teamwork between the Bertram Capital and Bertram Labs teams," said Jeff Drazan, a managing partner at Bertram. "The data science team at Bertram Labs, led by Billy Mateker, played an integral role in helping our investment team gain conviction in the company and helping the firm understand the business's potential."
GTCR's investment was led by Mr. Donnini and Mr. Ehrhart. J.P. Morgan, Jefferies and Houlihan Lokey were the financial advisors to Tactacam, and UBS was the financial advisor to GTCR.
Tactacam makes cameras that hunters, landowners and property owners fix to a tree, fence post or building and leave in place for weeks at a time. Each camera carries its own cellular modem. When a motion sensor trips, the image travels over a mobile network to the Tactacam app, rather than sitting on a memory card until someone walks out to collect it.
The Reveal line of cellular trail cameras, launched in 2020, is the company's core business. Hunters use the cameras to learn which deer pass a stand and when, and landowners use them to watch food plots and gates. The cameras run on add-on solar panels and lithium battery packs and connect through data plans that start at $5 a month.
Defend, introduced in 2024, applies the same cellular hardware to security. The cameras watch homes, cabins, barns, gates and job sites that sit beyond the reach of Wi-Fi, and they need no wiring or professional installation. In January 2026, Tactacam added a 360-degree Defend camera that monitors a full circle around its mounting point. The company also sells FeatherSnap, a camera-equipped bird feeder that uses artificial intelligence to identify visiting species, and Habitat IQ, a land-management planning tool.
Billings, Montana-headquartered Tactacam, led by CEO and co-founder Jeff Peel, was founded in 2013. Co-founder Tara Peel is the company’s chief operating officer. Tactacam serves more than one million subscribers, employs more than 500 people, and ranked 1,353rd on the 2025 Inc. 5000 list after posting three-year revenue growth of 324%.
Mr. Peel will continue to lead Tactacam following its sale to GTCR and will retain significant ownership alongside co-founder Ben Thorud.
Bertram invested in Tactacam in May 2023 in a transaction that valued the company at approximately $700 million, according to Maslon, the Minneapolis law firm that represented Tactacam. The founders retained roughly half of the company’s equity following the transaction.
"We decided to partner with Bertram when they offered us something no one else would, a true 50/50 partnership," said Mr. Peel. "They supported us when we needed them to, such as by helping us hire key executives, and gave us the freedom to execute on our plan to build the business. Additionally, the employee incentive plan we jointly implemented provided a generous mechanism to reward our employees for their hard work. The Tactacam team appreciates Bertram's effort and support along the journey."
In February 2026, Reuters reported that Bertram had hired J.P. Morgan to run a sale that could value Tactacam at more than $1.5 billion, and that the company expected to generate more than $150 million of EBITDA in 2026. A $1.5 billion valuation would equate to about 10 times that projected EBITDA. The sale of Tactacam is the first exit from Bertram’s $1.6 billion and 2023-vintage fund.
[caption id="attachment_241525" align="alignright" width="120"] Ryan Craig[/caption]
"On behalf of the Bertram team, we want to thank and congratulate the founders and employees of Tactacam on this milestone," said Ryan Craig, a partner at Bertram. "They have built a business with consistent revenue growth, expanding market share, and a scalable model that positions them well for continued growth. We are proud to have partnered with the founders and executive leadership team, who worked tirelessly to build an exceptional company and product."
Cellular trail cameras grew out of hunting. The U.S. Fish and Wildlife Service counted 14.4 million Americans aged 16 and older who hunted in 2022. Together they spent $45.2 billion on the pursuit, including $19.3 billion on equipment. A cellular camera spares a hunter the walk in to swap a memory card, a trip that leaves scent and disturbs the animals being watched.
The same hardware answers a property-security need that Wi-Fi cameras cannot reach. According to Parks Associates, 48% of U.S. households had a security product in the second quarter of 2025, up from 38% in 2022.
Tactacam's competitors include Moultrie, an Alabama-based maker of game feeders and trail cameras founded in 1979 by Dan Moultrie. Moultrie sells cellular cameras through its Moultrie Mobile service and is part of PRADCO Outdoor Brands, a unit of privately held EBSCO Industries.
Another is GSM Outdoors, a Texas-based hunting products company founded in 1999 whose brands include Stealth Cam trail cameras. Platinum Equity acquired GSM from Gridiron Capital in July 2024 in a deal Reuters reported at about $1.6 billion.
Tactacam adds a subscription camera business to GTCR's security portfolio. The firm acquired Everon, the former commercial fire and security business of ADT, in October 2023, and completed its purchase of home security company SimpliSafe from Hellman & Friedman in November 2025. It also owns wireless carrier Consumer Cellular, and previously owned Protection 1, GreatCall and Lytx.
[caption id="attachment_241510" align="alignright" width="120"] David Donnini[/caption]
"Tactacam brings together connected cameras, proprietary software and subscription services in a platform serving more than one million subscribers," said David Donnini, a managing director and the head of Business & Consumer Services at GTCR. "That combination is a strong fit with our experience investing in technology-enabled consumer and commercial subscription businesses. We look forward to partnering with Jeff and his team to build on Tactacam's business."
GTCR invests $350 million or more of equity per platform in scaled North American businesses. Sectors of interest include business and consumer services; financial services and technology; healthcare; and technology, media and telecommunications. The firm's flagship Fund XIV closed at its $11.5 billion hard cap in May 2023. In August 2026, GTCR closed its first Capital Solutions Fund with $1.25 billion for minority structured equity and debt investments. GTCR was founded in 1980 and is headquartered in Chicago.
[caption id="attachment_241526" align="alignright" width="120"] Tom Ehrhart[/caption]
GTCR plans to fund new product development and wider distribution for both product lines. "With Defend, Tactacam has taken the cellular camera platform it built for the outdoor market and applied it to another practical need: monitoring residential and commercial properties beyond the reach of Wi-Fi," said Tom Ehrhart, a managing director at GTCR. "We see an opportunity to build on that expansion through investment in product development and distribution, alongside continued investment in Reveal."
Bertram Capital invests in lower middle-market companies. Its flagship fund targets businesses with more than $7.5 million of EBITDA and revenue of $50 million to $250 million, while its Ignite strategy targets companies with more than $3.5 million of EBITDA and revenue of $25 million to $50 million. Sectors of interest include business services, consumer, industrial and technology. Bertram works alongside Bertram Labs, its in-house technology team, which focuses on digital marketing, e-commerce and data analytics. The firm has raised more than $4 billion since its founding in 2006 and is headquartered in Foster City, California.
"Our successful investment in Tactacam was made possible by excellent teamwork between the Bertram Capital and Bertram Labs teams," said Jeff Drazan, a managing partner at Bertram. "The data science team at Bertram Labs, led by Billy Mateker, played an integral role in helping our investment team gain conviction in the company and helping the firm understand the business's potential."
GTCR's investment was led by Mr. Donnini and Mr. Ehrhart. J.P. Morgan, Jefferies and Houlihan Lokey were the financial advisors to Tactacam, and UBS was the financial advisor to GTCR.
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