Mountaingate Capital, a private equity firm focused on building growth-oriented companies, announced it has acquired UpSwell Marketing, a technology-enabled direct response marketing platform specializing in location-based services. The deal marks the fourth platform investment from Mountaingate Fund III, which launched in January 2025.
Founded in 2008, UpSwell provides performance-driven direct mail and digital marketing solutions across sectors such as automotive services, home services, dental, and other recurring-use industries. The company is known for its proprietary technology, which enables closed-loop attribution and measurable return on investment for clients.
Under the new ownership, UpSwell will continue to be led by CEO Eric Goodstadt alongside Founder and President Tim Ross. The company plans to build on its existing growth momentum by investing further in its team, technology, and service capabilities, while expanding into additional verticals.
The acquisition aligns with Mountaingate’s strategy of investing in tech-enabled marketing services platforms that deliver measurable growth outcomes. The firm intends to support UpSwell’s expansion through both organic initiatives and strategic acquisitions.
Advisors on the transaction included legal counsel WilmerHale for Mountaingate, debt financing from Twin Brook Capital Partners, and BrightTower as exclusive financial advisor to UpSwell.
UpSwell serves small, medium, and enterprise businesses across the U.S. and Canada, delivering customized marketing campaigns designed to drive measurable results for locally focused consumer service industries.
Mountaingate Capital manages over $1.4 billion in assets and focuses on investments in marketing services, business services, and specialty manufacturing and distribution, emphasizing a customer-centric and growth-oriented approach.
KEY QUOTES:
“UpSwell is a differentiated platform operating at the intersection of performance marketing, data, and technology. 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.”
Ian Woon, Vice President at Mountaingate Capital
“We are proud of what UpSwell has built and excited about what lies ahead. 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.”
Tim Ross, Founder and President of UpSwell
“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. 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.”
Eric Goodstadt, CEO of UpSwell
