Bertram Capital Management
Bertram Capital Management, LLC operates as Bertram Capital, a private equity firm targeting lower middle-market companies. Its stated focus includes business services, consumer, industrial/manufacturing and technology, with separate Flagship and Ignite fund criteria.
Bertram describes a buy-and-build private equity strategy focused on lower middle-market companies.
The Flagship Fund prefers control investments, while the Ignite Fund may pursue control or structured-minority investments. The firm publishes fund-specific revenue, EBITDA, enterprise-value and equity-check ranges, but the cited current strategy page does not state a general geographic investment mandate.[1][2][3][4][5][6]
What does Bertram Capital Management invest in?
Bertram Capital Management, LLC operates as Bertram Capital, a private equity firm targeting investments in lower middle-market companies. The firm states that it provides investment advisory services only to the privately offered funds it advises and does not make those services available to the public or other advisory clients.[1][2]
Bertram describes an approach that combines venture-capital operating methodologies with private-equity financial discipline, emphasizing reinvestment and technology enablement rather than relying solely on financial engineering and near-term cash-flow extraction.
The firm describes its strategy as buy-and-build, targeting businesses in fragmented markets where complementary acquisitions can add scale, stability, market expansion and strategic relevance. Bertram seeks to construct portfolios of 9-12 platform companies per fund, with approximately 50% of capital allocated to initial platform investments and the remainder reserved for follow-on acquisitions.[3]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
Published criteria: The Flagship Fund lists revenue of $50-$250M, EBITDA of $7.5-$50M, enterprise value of $150-$500M and platform equity checks of $50M+; the Ignite Fund lists revenue of $25-$50M, EBITDA of $3-$7.5M, enterprise value of $50-$150M and platform equity checks of $10M-$50M. Add-ons can be smaller or earlier stage, and structured-minority EBITDA may be greater for the Ignite Fund.[3]
What should a business owner evaluate before considering a transaction with Bertram Capital Management?
Owners evaluating Bertram can compare their business against the firm’s stated sector focus and the separate Flagship and Ignite revenue, EBITDA, enterprise-value and equity-check ranges. The firm’s stated transaction preferences include control investments, private companies or divestitures, management buyouts and shareholder liquidity events. Its buy-and-build model, follow-on acquisition reserve and value-creation framework—including management strengthening, sales and marketing improvements, complementary acquisitions, technology and intellectual-property enablement, and operational improvement—are relevant topics for discussion in a potential transaction.
Owners should clarify geographic flexibility, transaction structure, rollover equity, governance rights, leverage, management continuity, ownership duration, follow-on capital availability and the role of operating resources in a proposed transaction.[3]
Does Bertram have a formal geographic mandate or preference beyond the North American operating references shown publicly
For a proposed transaction, would Bertram seek control, structured minority or another ownership structure
What rollover-equity, governance and management-continuity arrangements would apply to the proposed transaction
What companies does Bertram Capital Management target?
The Flagship Fund lists revenue of $50-$250M, EBITDA of $7.5-$50M, enterprise value of $150-$500M and a platform equity check range of $50M+. The Ignite Fund lists revenue of $25-$50M, EBITDA of $3-$7.5M, enterprise value of $50-$150M and a platform equity check range of $10M-$50M.
Add-ons can be smaller or earlier stage. Bertram also states that structured-minority EBITDA may be greater for the Ignite Fund.[3]
Bertram lists business services, consumer, industrial/manufacturing and technology as industry focus areas for both its Flagship Fund and Ignite Fund.[3]
The cited current strategy page does not state a general geographic investment mandate, geographic eligibility rule or regional allocation policy for Bertram’s Flagship or Ignite funds. A strategy case study describes a portfolio company with locations throughout North America, but that is a portfolio-company operating reference rather than an explicit firm-wide geographic mandate.[3]
Bertram describes a buy-and-build model in which approximately 50% of fund capital is allocated to initial platform investments and the remainder is reserved for follow-on acquisitions. The firm states that add-ons can be smaller or earlier stage than its platform targets.[3]
Bertram’s current official portfolio page identifies current investments including AFC Industries, Applied Adhesives, Burke, Cogency Global, Lectric eBikes, Left Lane Auto, MSE Supplies, Perennials and Sutherland, Perimeter Solutions Group, Querétaro F.C., Reveal Cellular Camera, Ridgeline Roofing & Restoration, Safety Products Global, STARC Systems, The Bluebird Group and Trademark Global.
The cited portfolio page presents current and exited investments but does not state that the displayed companies constitute a complete list of all investments made or currently held.[4]
Bertram announced a new platform investment in STARC Systems on September 10, 2026, describing STARC as its sixth platform investment in Fund V; the announcement stated that transaction terms were not disclosed.
The Bluebird Group announced a growth partnership with Bertram Capital on June 16, 2026. Bertram described Bluebird as its fifth platform investment in Fund V, and the announcement stated that transaction terms were not disclosed.
On February 10, 2026, Bertram announced that it had joined the ownership group of Querétaro F.C. as a significant, non-controlling investor. The investment was described as Bertram’s fourth platform in its Ignite fund, with terms not disclosed.
Bertram announced completion of the sale of NEFCO to Leonard Green & Partners on January 14, 2026. The announcement described the transaction as Bertram’s second exit from Fund IV and 23rd exit since launch in 2006, with terms not disclosed. On January 8, 2026, Bertram announced the sale of ReVamp Companies to Calera Capital and stated that terms were not disclosed.[5][6][7][8][9]
What is not clear from Bertram Capital Management's public investment criteria?
The cited current strategy page does not state a general geographic investment mandate, geographic eligibility rule or regional allocation policy for the Flagship or Ignite funds.
The cited STARC Systems announcement states that transaction terms were not disclosed. The cited Bluebird Group announcement likewise states that transaction terms were not disclosed. The cited portfolio page does not state that its displayed companies are a complete list of all investments made or currently held.[3][4][5][6]
Questions to ask when evaluating Bertram Capital Management as a buyer or investment partner
Does Bertram have a formal geographic mandate or preference beyond the North American operating references shown publicly?
For a proposed transaction, would Bertram seek control, structured minority or another ownership structure?
What rollover-equity, governance and management-continuity arrangements would apply to the proposed transaction?
How much follow-on capital would be available for add-on acquisitions, and how would that capital be allocated?
What ownership horizon and exit-planning practices would apply to a new platform investment?
How would Bertram's leverage approach, management augmentation, technology enablement and operating-improvement initiatives be applied to the target company?
Sources & research notes
- Official website / firm overview
- Services / capabilities
- Investment strategy
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
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How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
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