Lower middle market private equity firm
Mereo Capital Partners
- HeadquartersConshohocken, PA S1
- Founded2021 S6
- Websitemereocapitalpartners.com
- Last verifiedNovember 5, 2026
At a glance
| EBITDA range | $3M to $15M S2 |
|---|---|
| Revenue range | $15M to $200M S2 |
| Check size | $10M to $30M S2 |
| Deal types | Platform, Add-on, Minority S2 |
| Geography | United States S8 |
| Sectors | Healthcare Services, Dental, Industrial & Manufacturing, Accounting & Professional Services |
What Mereo Capital Partners buys
Mereo Capital Partners is a Conshohocken, Pennsylvania firm, started in January 2021, that invests in lower middle market US companies. It backs founder and family businesses, carve-outs from larger companies, and distressed or special situations, mainly in business services, healthcare services, industrials, and defense and government services. Its target is a company with $15 million to $200 million of revenue and $3 million to $15 million of normalized EBITDA, and it invests $10 million to $30 million per deal.
Mereo takes control or minority positions, using common or structured equity. Its five holdings show the range: it bought Algus Packaging in 2022, owns podiatry group IFAS through a 50/50 venture with Avonwood Capital Partners, and entered Swish Dental and Luna Labs through convertible preferred stock. In June 2026 it joined Charter Oak Equity in a joint investment in MP Design Group. A smaller company is most likely to meet Mereo as an add-on: IFAS invites practices to join its network, and MP Design Group plans selective acquisitions.
Recent deals
Announced in the 24 months before November 5, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jun 2026 | MP Design GroupJoint investment with Charter Oak Equity in a Biloxi architecture, engineering and surveying firm; David Machado stays as CEO | Platform | Accounting & Professional Services | Source |
| May 2026 | Practice of Dr. Michael CherellaFive-location podiatry practice in Philadelphia and South Jersey added to IFAS; the purchase closed April 13, 2026 | Add-on | Healthcare Services | Source |
| Nov 2025 | TrueClot and Dislotech product linesLuna Labs sold the two medical training product lines to Integrated MedCraft and cleared its debt | Exit | Source | |
| Jan 2025 | Comprehensive Foot & Ankle Center of South JerseyMulti-office New Jersey podiatry practice added to IFAS | Add-on | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S3.
Aerospace & Defense
- Luna Labs
Business Services
- MP Design Group
Healthcare Services
- Integrated Foot and Ankle Specialists (IFAS)
- Swish Dental
Industrial
- Algus Packaging
Greymont’s take
How Mereo Capital Partners fits a seller
Mereo suits an owner with $3 million to $15 million of EBITDA who wants an active investor and may not want to sell everything at once. It has used purchases, a 50/50 venture and convertible preferred stock, so a partial deal is a real option, and it also looks at carve-outs and distressed situations. Expect hands-on work after closing: the firm calls its strategy operationally intensive and uses operating advisors to carry out a value plan.
Podiatrists in Pennsylvania and New Jersey, and design firms in the Southeast, have the clearest path today through IFAS and MP Design Group. Mereo has also returned cash to its investors through recapitalizations, such as Algus in June 2025. An owner keeping a stake should ask how much debt the company would carry afterward, and how and when minority holders get paid.
Questions owners ask
What size company does Mereo Capital Partners look for?
It targets US companies with $15 million to $200 million of revenue and $3 million to $15 million of normalized EBITDA. Its criteria page puts its investment at $10 million to $30 million per deal.
Will Mereo take a minority stake?
Yes. Its criteria list both control and minority stakes, in common or structured equity. It entered Swish Dental in 2021 and Luna Labs in 2022 with convertible preferred stock, and it owns IFAS through a 50/50 venture with Avonwood Capital Partners.
Who runs MP Design Group, and do Mereo and Charter Oak control it?
David Machado stays on as chief executive. The June 2026 release calls the deal a joint investment and leaves terms undisclosed, so it does not give either firm's stake or say whether the two hold control together.
Is Mereo buying add-ons for its companies?
Yes. IFAS bought a five-location practice in April 2026 and publicly invites podiatrists to join its network. The release on MP Design Group also says that company will selectively pursue acquisitions in architecture and engineering services.
Sources
- S1Mereo Capital Partners home page Accessed November 5, 2026
- S2Mereo: Investment Criteria Accessed November 5, 2026
- S3Mereo: Portfolio Accessed November 5, 2026
- S4Mereo: News Accessed November 5, 2026
- S5Mereo and Charter Oak Equity Announce Joint Investment in MP Design Group (June 9, 2026) Accessed November 5, 2026
- S6Mereo: Recapping a Year of Recaps (March 13, 2026) Accessed November 5, 2026
- S7Mereo Capital Partners 2023 Year in Review (January 9, 2024) Accessed November 5, 2026
- S8Mereo one-page firm overview (October 2026) Accessed November 5, 2026
- S9Algus Completes Recapitalization with IBT/UMB (June 27, 2025) Accessed November 5, 2026
- S10Mereo Holds 2026 Investor Conference (November 5, 2026) Accessed November 5, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Mereo Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction