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Recapping a Year of Recaps

We are pleased to provide a brief update on our activities over the past year. Headquartered in Conshohocken, PA, Mereo Capital Partners (“Mereo”) is focused on opportunistic and thematic investments in lower middle market companies which have the potential for operational improvement. Since founding Mereo in January of 2021, we have focused on the following:
• Building a brand consistent with our core values of integrity, technical excellence, teamwork, passion & perseverance, and humility.
• Sourcing less-competitive investment opportunities through our network of industry and advisory relationships and through boutique investment banks focused on the lower middle market.
• Closing new investments and partnering with management to implement value creation plans with the assistance of our operating advisors.

As described below, we spent the last year focused on accelerating capital distributions to our investors. We also continue to seek new investments within our core sectors: healthcare services, defense & government services, business services, and industrials. We are currently under an exclusive agreement to invest in our fifth platform which we expect to close soon. We are gratified to see that our operationally intensive strategy in the lower middle market is resonating with sellers, advisors, lenders, and investors.

At Mereo itself, we are proud to announce the promotion of Phil Cooke to Vice President. We are currently seeking to fill an Analyst role this summer.

Below are brief updates on our portfolio companies:

Swish Dental LLC

Swish Dental LLC (“Swish”) is a leading dental services organization founded by a prominent female dental practitioner, Dr. Viraj Desai in 2017. Swish provides its patients with the highest-quality clinical care in a tech-enabled, spa-like experience which caters to the growing affluent demographic of the greater Austin, San Antonio and Houston, Texas MSAs. Since Mereo’s investment in October 2021, Swish has grown from nine to twenty-three locations. The Company’s strategy of de novo-driven growth is benefiting from a consistent, repeatable process, leading to strong returns on investment. In 2025, the Company completed a debt financing with JP Morgan to provide a distribution to shareholders and additional growth capital for new locations. Mereo and management continued to implement an equity buy-in program for high performing dentists, building upon the Company’s retention initiatives. The Company finished 2025 with significant revenue growth, a sizable cash balance and modest debt, providing a solid foundation to sustain its growth trajectory in the Austin, San Antonio, and Houston corridors. Mereo and management recently engaged a major investment bank to commence a process to explore strategic options for the business.

Luna Labs USA LLC

In March 2022, Mereo made an investment to facilitate the corporate divestiture of Luna Labs USA LLC (“Luna”), from Luna Innovations Incorporated (NASDAQ: LUNA). Luna Labs conducts advanced technology research for government agencies such as the U.S. Department of Defense, National Institute of Health, Department of Energy, and for prime government contractors such as Boeing and Lockheed Martin.

Luna achieved two major milestones in 2025: a recapitalization in April, providing a meaningful distribution to investors, and the successful sale of the TrueClot and Dislotech product lines in October, enabling the full repayment of the Company’s term loan and providing a cash balance to support future distributions and growth investments. The Company demonstrated resilience amid SBIR timing disruptions, supported by a sizable awarded and in negotiation pipeline and a growing mix of non SBIR contracts. In addition, Luna advanced its commercialization strategy and increased engagement with strategic, industrial, and defense partners. In particular, GlassLock, its proprietary transparent armor glass sealant, recorded multiple purchase orders and continued progress in qualifications, while 3WAVES, its virtual motion system for aviation training, also recorded purchase orders from defense customers and received growing interest from outside investors. Overall, Luna exited 2025 with enhanced liquidity, a strong contract research backlog, and an expanding commercialization pipeline.

Integrated Foot and Ankle Specialists LLC

Integrated Foot and Ankle Specialists LLC (“IFAS”) is a multi-site podiatry and foot and ankle surgery organization established in 2022 to support the growth and integration of physician practices across the region. Backed by a 50/50 joint venture between Mereo and Avonwood Capital Partners, IFAS has expanded rapidly and is now a leading group practice with 23 locations and 27 providers across Pennsylvania and New Jersey.

Following the completion of six acquisitions between July 2024 and January 2025, along with a de novo launch in March 2025, IFAS and its sponsors shifted focus to optimizing the platform throughout the remainder of 2025. The organization enhanced its corporate leadership with the hiring of a new Chief Operating Officer, VP Finance, Director of Operations, and Controller. In February 2026, IFAS reached a meaningful operational milestone with the successful transition of its revenue cycle management function in house, increasing control over billing and collections and improving operating leverage as the platform scales. Throughout 2025, the platform also streamlined operations across several locations, built out its provider roster, and implemented various initiatives to improve patient care and back-office activity. Entering 2026, IFAS is a more integrated and efficient organization, well positioned to complete its operational initiatives, unlock incremental cash generation potential, and capitalize on its acquisition pipeline as it continues to build its standing as a leading podiatric care provider in the mid-Atlantic region.

Algus Packaging LLC

Algus Packaging LLC (“Algus”) operates at the intersection of packaging manufacturing and industrial automation, supplying plastic blister and clamshell packaging solutions alongside custom built, highly automated equipment that enables customers to package and seal their products on the factory floor. Since Mereo’s acquisition of the business in November 2022, Mereo has focused on reshaping the Company’s physical footprint, investing in organizational leadership, strengthening cash flow and balance sheet performance, and improving the efficiency of day to day operations.

In June of 2025, Algus completed a significant recapitalization of the Company and its affiliated real estate holding entity, resulting in a meaningful return of capital to Mereo’s investors. Over the course of the year, Mereo and Algus worked collaboratively to enhance working capital discipline, capital expenditure planning, and overall operational efficiency, while also strengthening sales visibility and forecasting capabilities. Additionally, Algus has deepened engagement with its customer base across several fronts, including the launch of a machine servicing and maintenance offering that is expected to scale significantly in 2026. Looking ahead, priorities for Algus include expanding the sales team to further develop its strong pipeline and build upon established customer relationships. Mereo continues to actively support the Company’s planning and preparedness efforts, with a focus on resilience under potential downside scenarios given ongoing global trade uncertainty, geopolitical tensions, and elevated input prices.

Phil Cooke

Phil Cooke

SENIOR ASSOCIATE

Prior to Mereo, Phil completed his MBA in Finance and Management at The Wharton School of the University of Pennsylvania, where he graduated with honors and was recognized on the Director’s List. Previously, Phil worked at Binnacle Capital Services, a family office, and served as Chief of Staff to the Chairman of Elsevier and Director of Corporate Affairs of RELX Group, Elsevier’s parent company. Phil grew up in the Philadelphia area and graduated magna cum laude from Princeton University with a BA in Philosophy. He interned with Mereo during the summer of 2023.

SCOTTIE MILLER

ASSOCIATE

Prior to Mereo, Scottie was an Investment Banking Analyst in the Global Healthcare Group at Jefferies, where he executed on various mergers and acquisitions and capital raising initiatives. Notably, his deal experience includes the sale of Dental Care Alliance, a leading multi-specialty dental support organization, to Mubadala Investment Company.
Scottie graduated summa cum laude from Bucknell University with his BS in Accounting and Finance.

JOHN MATTHEWS

SENIOR ASSOCIATE

John worked most recently at Hamilton Lane as a Direct Investment Analyst, evaluating equity and credit co-investment opportunities. John previously interned for Susquehanna Private Capital and LMZ Partners. John received his BBA from Temple University.

ADAM BOWIE

PRINCIPAL

Prior to Mereo, Adam worked for L2 Capital Partners executing control investments across a variety of industries in the lower middle-market and supporting portfolio companies on high-impact strategic initiatives. Previously, Adam was an investment banker covering diversified industrial companies in Citigoup’s Global Industrials Group. Before transitioning to a career in finance, Adam served as a Ground Intelligence Officer in the United States Marine Corps. Adam earned his MBA in finance and management from NYU Stern and his BBA from Temple University.

GIORGIO BOERO

CHIEF FINANCIAL OFFICER

Giorgio most recently served as CFO of Silver Star Opportunity Partners and as a consultant for Financial Advisers Partnership. Previously, he worked at Silvermine Capital Management as the firm’s CFO. Prior to Silvermine, Giorgio was the CFO of TCW Advisors, Inc. Private Equity Fund, specializing in Latin American middle-market companies. Giorgio received his Master’s in Professional Accountancy from the University of Buenos Aires.
John O'Hare

JOHN O'HARE

CO-FOUNDER, PARTNER

Prior to Mereo, John was a senior professional at Tortola Advisors, where he provided operational turnaround services to middle-market companies. Previously, John was Co-Portfolio Manager at Saybrook Corporate Opportunity Funds. While at Saybrook, he served on the boards of directors of six portfolio companies. John received his BA from the University of Illinois and his MBA from Vanderbilt University.

RICH KURTH

CO-FOUNDER, MANAGING PARTNER

Rich most recently served as Co-Head of the Man Group’s Leveraged Credit strategy. Rich previously sold Silvermine Capital Management, a credit hedge fund he co-founded, to the Man Group. Prior to founding Silvermine, Rich was founding member, portfolio manager, and head trader of TCW’s Senior Loan and Bank Debt Group. Rich received his BS in Business Administration from The Citidel, The Military College of South Carolina.

LEO HELMERS

CO-FOUNDER, MANAGING PARTNER

Leo is the founder of three investment strategies: Susquehanna Private Capital, a middle-market buyout fund; LMZ Partners, a family office focused on lower middle-market control buyouts; and Carlyle Mezzanine Partners, the mezzanine funds of The Carlyle Group. Previously, he worked at Crescent Capital, the Mezzanine investment platform of TCW. Leo has recently served on the boards of several portfolio companies, including McNally Ind., SPC Dermatology, Sunrise Transportation, LeverPoint Management and Long Island Veterinary Specialists. Also, Leo was recruited to chair the board of Plews, Inc. in a successful turnaround.