Gridiron Capital’s 2024 Year In Review
Getting Better Every Day: Investment in New Companies, Exited Platform Companies, Returned Investor Capital, and Enhanced Team Capabilities
NEW CANAAN, CT, February 4, 2025 – Gridiron Capital, LLC (“Gridiron Capital” or “Gridiron”), had a successful 2024 and continued to invest in our team and our capabilities to be even better in 2025 and beyond. This year has been particularly noteworthy, marked by the successful exit of two platforms alongside a new platform investment in Gridiron’s Fund V that aligns with our thematic-driven approach to investing. Additionally, Gridiron closed 24 add-on acquisitions across Fund IV and Fund V, further solidifying our strategic growth initiatives. The expansion of our team resources has strengthened our operational capabilities and deepened our expertise across key industry niches, enabling us to better serve our stakeholders and collaborate with our portfolio companies. Throughout 2024, we have remained steadfast in our philosophy of investing not just in businesses, but in people, partnering with management teams who share our vision of building purposeful organizations that drive meaningful impact.
Our achievements this year reflect the remarkable efforts of our portfolio companies, dedicated investors, talented team members, and extensive networks, all of whom have contributed significantly to our success. The strategic advances we’ve made this year, combined with our enhanced organizational capabilities, have positioned Gridiron for continued success in identifying, developing, and realizing value across our portfolio. As we celebrate our 20th anniversary, we are energized by the opportunities that await us in 2025 and remain committed to pushing boundaries and building upon our achievements. Keep reading for more details on Gridiron’s 2024 highlights.
Two Platform Exits
In 2024, Gridiron completed the sale of GSM Outdoors, a Fund IV portfolio company, and Foundation Wellness, a Fund III portfolio company.
GSM Outdoors is an industry-leading branded outdoor enthusiast company with a diverse and growing portfolio of more than 50 rugged outdoor brands. Over the course of our partnership, GSM grew significantly through strategic expansions into fishing and other rugged outdoor categories, while dramatically scaling the cellular and app subscription business, completing 18 acquisitions of iconic brands, and driving consistent organic growth through new product development. We are grateful for the collaborative partnership with the GSM Management team and will continue to cheer them on during their next chapter with Platinum Equity.
Foundation Wellness is a leading consumer wellness platform that empowers consumers to live healthy, active, and pain free lives. Foundation Wellness designs, manufactures, markets, and sells high-value branded wellness products, including its leading clinically endorsed premium orthotic brand, Powerstep®, and its rapidly growing premium performance orthotic brand Currex®, through a diverse mix of channels. The Gridiron and Foundation Wellness teams worked in lockstep through COVID and invested significantly in the team, systems, technologies, and operations to transform the business from a primarily private label manufacturer to an innovative, consumer-facing, high-margin branded business that has grown both organically and through strategic acquisitions. We believe Foundation Wellness is positioned well for success in their next partnership with Bansk Group.
New Platform Investment
In November, Gridiron closed on our sixth platform investment in Fund V, Health Monitor Network (“Health Monitor”).
Health Monitor is a healthcare marketing platform that provides innovative, high-quality medical education to patients and healthcare professionals directly at the point-of-care and beyond. The partnership with Health Monitor represents an investment within Gridiron’s outsourced pharmaceutical services Thematic Area of Expertise. Through its ideation process, Gridiron identified outsourced pharmaceutical services as a compelling thematic area, resulting from the firm’s conviction in the secular tailwinds driven by outsourced service providers’ ability to address the growing and complex needs of the broader pharmaceuticals industry. We look forward to partnering with Health Monitor CEO Dave Paragamian and his team during the company’s next phase of growth.
Nine New Team Additions
We have continued to invest in and prioritize building a high-performance team that fosters our Winning Together culture. We look to add team members to expand the resources and capabilities we offer our management teams and enhance processes at Gridiron. Below are the team additions we have made over the last year:
Marcus Meyer – Managing Director, Capital Markets
Jason Cohen – Operating Partner, Leads M&A Integration Center of Excellence
Tom McInerney – Operating Partner, Focuses on Operational Effectiveness, Performance Improvement, and Transaction Advisory
Caroline Sizer – Vice President, Portfolio Analytics
Will Atkins – Associate, Investment Team
Pranav Maganti – Associate, Investment Team
Jemarc Walters – Associate, Investment Team
Paul Addeo – Accounting Manager
Elisa Gashaj – Tax Manager
Strong Add-on Activity
In 2024, Gridiron portfolio companies completed 24 strategic add-on acquisitions across the following portfolio companies:
Gridiron Fund V
Esquire Deposition Solutions – Provider of tech-enabled deposition services
GarageCo – Platform of brands within the residential and commercial garage door services industry
Legacy Service Partners – Provider of residential HVAC, plumbing, and electrical services
M&D Distributors – Distributor and remanufacturer of heavy duty aftermarket parts for diesel engine applications
Vistage Worldwide – CEO coaching organization for small and mid-sized businesses
Gridiron Fund IV
Colibri Group – Provider of online learning solutions for licensed professionals
Class Valuation – Technology-enabled appraisal management company
GSM Outdoors – Branded products for the hunting & rugged outdoor enthusiast market
Vertical Supply Group – Vertically integrated manufacturer, distributor and retailer of owned and third party branded fall protection & work at height products
Gridiron Industry Recognition
Gridiron was the recipient of three awards this year:
#2 on 2023 HEC Paris – Dow Jones Top Mid-Market Buyout Performance Ranking
Previously ranked #1 in 2021 and 2022, Gridiron was listed as #2 in the 2023 ranking based on comprehensive performance data from 632 private equity firms and the 1,241 funds they raised between 2010 and 2019.
2024 Inc. Magazine Founder-Friendly Investors Award
Gridiron’s fourth recognition of the Founder-Friendly Investor Award validates our integrity and respect-driven approach to partnering with business owners to generate long-term value. Our decades of investment insights, network of industry experts, and culture of shared values enable Gridiron to transform growing companies while maintaining strong alignment with founders’ visions. The Founder-Friendly Investors List showcases private equity firms, venture capital firms, and lenders in the United States that are deeply committed to partnering with founders to ensure the success of their businesses.
2024 BluWave Top Private Equity Innovator Award
Gridiron has been honored with BlueWave’s Top Private Equity Innovator Award for 2024, a prestigious recognition that highlights the firm’s innovative practices. This award, determined through research by BluWave professionals in consultation with leading limited partners, investment bankers, and other thought leaders, places Gridiron among the top 2% of private equity firms for innovation across proactive due diligence, transformative value creation, modern private equity firm operations, and corporate citizenship.
ESG & Philanthropy Update
This fall, Gridiron completed its fourth annual ESG Report.
We are proud to report increased Scope 1, 2, and 3 emissions tracking, increased adoption of industry best practice policies, continued focus on increasing diversity at the firm, deepened cyber-security procedures and awareness, and additional support for our communities.
Gridiron recently participated in several philanthropic engagements in support of our affinity groups: women, children, and Veterans.
As part of our Annual Meeting, our investors, management teams, and the Gridiron team packed over 30,000 meals to feed hungry children through our partnership with No Child Hungry.
In November, Gridiron sponsored and participated in The Bob Woodruff Foundation’s 18th Annual Stand Up for Heroes Veterans Day event. The Bob Woodruff Foundation’s mission is to ensure our nation’s Veterans, service members, and their families have stable and successful futures.
Furthering our support of Veterans, Gridiron has partnered with JobPath to increase hiring opportunities for Veterans at our portfolio companies, which has resulted in 38 hires across the portfolio this year.
The Gridiron team volunteered with Person to Person, an organization that supports families and individuals as they move toward stability with healthy food, clothing, housing assistance, and a path to economic opportunity.
Investment Team Associate, Scott Voigt, participated in Haymaker for Hope’s amateur charity boxing event to knock out cancer. Scott raised over $120,000, with all proceeds going to the Dick Vitale Pediatric Cancer Research Fund. We are grateful to Scott and for the opportunity for our team to play a role in supporting kids in their fight against cancer.
We are grateful for the unwavering support of our partners and look forward to Winning Together in 2025 as we celebrate our 20 year anniversary.
About Gridiron Capital
Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams and creating value by building middle-market companies into industry leaders in the consumer products & services, industrial growth, and business services segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values, and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.
Contacts
Gridiron Capital, LLC
Thomas A. Burger Jr.
Co-Founder and Managing Partner
Kevin Jackson
Managing Partner
Disclaimers and Important Information:
Information and opinions are as of the date of this material and are subject to change without notice. This information is being provided by Gridiron Capital, LLC (“Gridiron”) an is for discussion purposes only. No representation is made with respect to the accuracy, completeness or timeliness of information and Gridiron assumes no obligation to update or revise such information. This information is not a recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security. It is not intended to be, nor should it be construed or used as, investment, tax, accounting, legal or financial advice. Additional information is available upon request. Gridiron is an SEC Registered Investment Advisor. Registration of an Investment Advisor does not imply any level of skill or training. A copy of current Form ADV Part 2A is available upon request or at https://adviserinfo.sec.gov/.
Industry Recognition & Awards Disclosures:
1. The 2023 Mid-Market HEC-Dow Jones Private Equity Performance Ranking, published on March 6, 2024, ranks private equity funds in terms of aggregate performance based on buyout funds raised between 2010 and 2019. Gridiron did not pay to promote this recognition and provided information to HEC-Dow Jones upon request to inform the HEC-Dow Jones Ranking. The selection criteria required PE firms to have raised between $1bn and $5bn through at least two funds from 2010 to 2019, with investments in the U.S., EU, or globally. The 2023 HEC-Dow Jones ranking analyzed performance data from 632 private equity firms and the 1,241 funds they raised between 2010 and 2019 with an aggregate equity volume of $2.18 trillion. The HEC-Dow Jones Ranking should not be considered an endorsement of Gridiron Capital or its funds by the authors or distributors of the ranking. See the full report and methodology here.
2. The 2024 list of Founder-Friendly Investors, issued by Inc. on 10/29/2024, was based on the time period of October 2023 – October 2024. This award is the opinion of the party conferring the award and not of Gridiron. Gridiron submitted a nomination and paid a participation fee to be considered for this list. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing. See the full report and methodology here.
3. BluWave, LP has not received investment capital from and holds no ownership interest in the PE firms evaluated or recognized under the Top Private Equity Innovator awards program. BluWave received no compensation from any of the PE firms in connection with this awards program. However, BluWave may otherwise provide services to the PE firms and/or portfolio companies, but BluWave confirms that its assessment of the PE firms was independent of any such service arrangements. Top 2% in the PE industry is based on BluWave’s review of the more than 5,000 PE firms in the U.S. and Canada from which the PE firms were selected as award recipients. This award was given as of 2/21 for the period of 2024. See the full report and methodology here.