Montage Partners Monetizes Investment in Equity Methods in Sale to HGGC

HGGC acquires the company after 13 years of successful partnership and growth

SCOTTSDALE, Ariz. , April 29, 2025 /PRNewswire/ -- Montage Partners, a people-first private equity firm based in Scottsdale, Arizona, today announced the successful exit of its investment in Equity Methods (the "Company"), the nation's premier provider of stock-based compensation design, modeling, valuation, financial reporting, and human capital advisory services.

The Company has been acquired by HGGC, a Palo Alto, California-based private equity firm with $8 billion of assets under management known for its values-driven and partnership-centric approach.

Through its complementary portfolio of services, Equity Methods provides deep technical and domain expertise to solve the integrated challenges but unique objectives of the Offices of the CFO and CHRO at many of the world's largest, most sophisticated public and private companies. These range from Silicon Valley startups to Fortune 100 multinationals, including more than 20% of the companies in the S&P 500.

The Company has cultivated a reputation for world-class client service, boasting an industry-leading Net Promoter Score (95), nearly double the next highest-rated competitor. It has also been rated #1 in client satisfaction for 10 consecutive years by the industry's leading independent survey organization, Group Five.

Equity Methods' growth-oriented ethos, promote-from-within culture, and ability to serve the nation's top brands in critical domains all continue to attract, develop, and retain the best and brightest professionals in the industry.

History

Previously a division of Bank of America Merrill Lynch, Equity Methods' leadership sought a capital partner in 2012 to establish independence and invest in a culture of client service, technology-enablement, and people excellence. Montage Partners invested in 2012 to support the spinout as well as significant investments in people, training, and industry-leading technology infrastructure.

"We've been fortunate to partner with Equity Methods not only as investors, but as trusted collaborators, working closely with Takis Makridis [President and CEO of Equity Methods] and the team to support their long-term vision," said Jordan Tate, co-Managing Partner of Montage Partners. "Over the years, we've seen firsthand their commitment to excellence, innovation, and world-class client service—qualities that have made them the market leader they are today. Along the way, we've built genuine friendships, making this both a proud and bittersweet moment as they take this next step with HGGC."

Growth

The past 13 years of partnership have marked tremendous growth for the Company, growing revenue by over 10x and scaling employee headcount by over 5x. Long-term strategic planning – always a focus for Montage Partners' investments – resulted in expanded service lines and the launch of multiple proprietary software offerings. This growth was recognized when Equity Methods was recently ranked on Inc. 5000's prestigious list of fastest-growing private companies in America.

The Company has also invested millions of dollars to stand up best-in-class IT infrastructure as part of its commitment to technology-enablement and security. Thanks to its emphasis on people – a shared value with Montage Partners – Equity Methods was recently awarded Montage Partners' inaugural Values Award. In addition, for 12 consecutive years, Equity Methods has been named as one of the Top Companies to Work for in Arizona, based on employee surveys conducted by independent third parties.

"Montage Partners has been with us through every step of our journey, not just as investors but as trusted partners and friends," stated Makridis. "Their trust and belief in our people have allowed us to reach new heights, and I'm incredibly grateful for the years we've spent working together. We also had a lot of fun along the way. As we enter this next phase with HGGC, we're excited to build on that momentum, further expanding our capabilities and continuing to deliver exceptional service to our clients."

Montage Partners invests in companies with $1.5 million to $7 million of EBITDA in the technology and professional services, healthcare, industrial products and services, and consumer sectors. The firm has a 20-plus-year track record of helping founders and management teams build upon their successful foundation and scale their companies faster.

"Equity Methods exemplifies our commitment to partnering with exceptional management teams to build enduring, market-leading businesses," said Rob Wolfman, co-Managing Partner at Montage Partners. "From day one, our role was to be a true partner, providing resources, guidance, and a sounding board, while trusting Takis and the team to execute on their vision. We're incredibly proud of what we have accomplished together, and are confident that HGGC is the right partner for their next chapter."

"We're grateful for the hard work and guidance of the Harris Williams team throughout the transaction process," added Tate. "They're first-class professionals, and we had a lot of fun working together."

Advisors

Harris Williams served as financial advisor to Equity Methods. Osborn Maledon, P.A. served as legal counsel to Equity Methods. Kirkland & Ellis LLP served as legal counsel to HGGC.

About Montage Partners

Founded in 2004, with offices in Scottsdale, Arizona and Salt Lake City, Utah, Montage Partners is a people-first private equity firm dedicated to helping established businesses reach transformative growth. Montage Partners invests in companies headquartered in the U.S. or Canada with $1.5 million to $7 million in EBITDA in the technology and professional services, healthcare, industrial products and services, and consumer sectors. Above all other investment criteria, Montage Partners invests in exceptional people.

About Equity Methods

From Fortune 100 multinationals to Silicon Valley startups, hundreds of companies trust Equity Methods for services related to share-based compensation and other long-term incentive programs. Equity Methods delivers comprehensive valuations and audit support, tailored financial reports, and human resources advisory for clients in the US and internationally. For nine consecutive years, Equity Methods has been rated #1 in client satisfaction and loyalty among financial reporting providers in Group Five's Stock Plan Administration Benchmarking Study. To learn more, visit www.equitymethods.com.

Media Contacts
Brooke Ouvarov-Bancalero
VP Communications, Montage Partners
Email: [email protected]

SOURCE Montage Partners