Mountaingate Capital (“Mountaingate”), a Denver‑based private equity firm focused on building market‑leading growth companies, announced that it has acquired UpSwell Marketing (“UpSwell”), a vertically focused, technology‑enabled direct response marketing platform. The investment in UpSwell represents the fourth platform investment from Mountaingate Fund III which was announced in January 2025.

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Founded in 2008, UpSwell is a leading provider of performance direct mail and digital marketing solutions for location‑based services companies, with deep specialization across automotive services, home services, dental, and other recurring‑use verticals. The company differentiates itself through its commitment to deliver exceptional service for its clients, enabled by its best-in-class team and proprietary technology that enables closed‑loop attribution capabilities.

The investment in UpSwell reinforces the firm’s focus on tech‑enabled marketing services businesses that deliver measurable growth outcomes. Under Mountaingate ownership, UpSwell will look to build upon current growth momentum through continued investment in its people, capabilities, and technology.

Eric Goodstadt, CEO of UpSwell, will continue to lead the company alongside Tim Ross, Founder and President.

“UpSwell is a differentiated platform operating at the intersection of performance marketing, data, and technology,” said Ian Woon, Vice President at Mountaingate Capital. “As marketers increasingly demand measurable, ROI‑driven customer acquisition, UpSwell’s outstanding team, closed‑loop attribution, vertical focus, and scalable technology strongly position the company to take share. We are excited to partner with Eric, Tim, and the team to support the next phase of growth through both organic initiatives and strategic acquisitions.”

“We are proud of what UpSwell has built and excited about what lies ahead,�� said Tim Ross, Founder and President of UpSwell. “Mountaingate shares our conviction around performance‑driven marketing and brings deep experience scaling marketing services platforms. This partnership allows us to continue investing in our people, technology, and clients while expanding our reach across new verticals.”

“Over the past several years, we have built a client-centric, disciplined, scalable, and technology‑enabled organization while preserving the entrepreneurial culture that drives our success,” said Eric Goodstadt, CEO of UpSwell. “With Mountaingate’s support, we plan to accelerate our long history of growth with investment in key verticals and capabilities that enhance our targeting and attribution leadership.”

WilmerHale served as legal counsel to Mountaingate Capital. Twin Brook Capital Partners provided debt financing for the transaction. BrightTower served as exclusive financial advisor to UpSwell.

About UpSwell Marketing

Founded in 2008, UpSwell is a provider of data‑driven direct response local marketing solutions for small, medium, and enterprise‑level businesses and franchises in the U.S. and Canada. The company delivers turnkey, customized marketing campaigns that drive measurable returns for clients across a wide variety of locally focused consumer service industries, including automotive repair, fitness, health and wellness, dental, and home services.

About Mountaingate Capital

Mountaingate Capital is a Colorado‑based private equity firm that specializes in partnering with founders and entrepreneurial companies to accelerate growth and build industry leaders. Mountaingate’s focus on organic growth, coupled with its customer‑centric buy‑and‑build approach for add‑on acquisitions, and shared equity ownership with management, creates more value for the end customer, while forging stronger, more collaborative, and more successful investment partnerships with management teams. With over $1.4 billion of assets under management, Mountaingate targets investments in marketing services, business services, specialty manufacturing and distribution. For more information on Mountaingate, please visit www.mountaingate.com.

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