Houlihan Lokey Advises Tactacam

Houlihan Lokey is pleased to announce the sale of Tactacam to GTCR, a leading private equity firm, from Bertram Capital and the company’s founders. Jeff Peel, Tactacam’s CEO and Co-Founder, will continue to lead the company and retain significant ownership alongside Co-Founder Ben Thorud. The transaction closed on September 17, 2026.

Founded in 2013 and headquartered in Billings, Montana, Tactacam provides cellular-connected trail and security cameras to more than one million subscribers across the United States. The company helped pioneer the cellular trail camera category with the launch of its Reveal product line in 2020, enabling outdoor enthusiasts to view wildlife with real-time image feeds through a proprietary mobile app. In 2024, Tactacam extended the platform into the security space with the launch of Defend, a line of cellular-connected cameras that support residential and commercial property monitoring outside the range of traditional Wi-Fi-enabled products.

GTCR is a leading private equity firm founded in 1980 that focuses on the consumer, business services, financial services, healthcare, and technology industries. GTCR invests behind The Leaders Strategy™—finding and partnering with management leaders in core domains to identify and build market-leading companies through organic and inorganic growth.

GTCR will partner with the management team to support new investments in product development and expanded distribution. The company and GTCR aim to extend Tactacam’s leadership in cellular-connected cameras while maintaining product quality and leading customer support.

“We built Tactacam by staying close to the customer and understanding how they use our products, whether they are watching wildlife or monitoring a property,” said Mr. Peel, CEO and Co-Founder of Tactacam. “Our partnership with GTCR will support continued investment in Reveal and Defend while preserving that focus on the customer value proposition.”

“Tactacam brings together connected cameras, proprietary software, and subscription services in a platform serving more than one million subscribers,” said David Donnini, Managing Director and 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.”

“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,” added Tom Ehrhart, 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.”

Houlihan Lokey served as a sellside co-advisor to Tactacam.

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