Franklin Partners advises Bulk Reef Supply in sale to Bertram Capital

Bertram Capital logo and Bulk Reef Supply logo

Bertram Capital (“Bertram”) has announced its investment in Golden Valley, MN-based Bulk Reef Supply (“BRS” or the “Company”), an e-commerce company specializing in high-value content, products, and supplies for saltwater aquarium enthusiasts. BRS represents the fourth investment in Bertram’s fourth fund. Terms of the transaction were not disclosed.

“Bulk Reef Supply has grown to become a trusted authority for ‘reefers’ across the world. The Company’s YouTube channel educates and entertains millions of saltwater aquarium hobbyists, from novices who are just starting out to the most accomplished experts. BRS’s success as an e-tailer reflects an unrivaled understanding of the needs, challenges, and aspirations of reefers across all skill levels,” said Ryan Craig, Partner at Bertram Capital. “We are excited to partner with founders Ryan Batcheller and Andrew Duneman and the entire BRS team. Ryan and Andrew have built a rapidly growing company that represents an excellent platform to apply the Bertram High 5sm, our value creation strategy, within a unique enthusiast category.”

Bulk Reef Supply’s product catalog, which includes a growing number of products developed in-house by the BRS team, represents one of the world’s most complete and innovative lineups of saltwater aquarium products. The Company was founded in 2007 by Ryan and Andrew and has become the top online destination for enthusiasts to explore the hobby and purchase the latest and most innovative products for their tanks.

“Bulk Reef Supply represents Bertram’s 25th investment in e-commerce businesses. BRS represents the quintessential example of a Company that has authentically built, matured and grown a base of dedicated consumers who rely on the Company to engage, educate, and entertain them, in addition to offering them access to the best products and technology,” said Jeff Drazan, Managing Partner of Bertram Capital. “We believe our proven value creation strategy with e-commerce businesses, enabled by our Bertram Labs capabilities, will support and accelerate the company’s growth over the next several years.”

“The Bulk Reef Supply team is thrilled to have the opportunity to partner with Bertram Capital and find the next evolution of BRS. During the sale process, Bertram demonstrated a clear understanding of what drives e-commerce enthusiast brands like BRS and how to utilize evolving e-commerce best practices, behavioral data and resources such as Bertram Labs to help unlock further growth opportunities. We look forward to a bright future and daring greatly together.”

— Ryan Batcheller, Bulk Reef Supply Co-founder

About Bulk Reef Supply
Bulk Reef Supply is the leading ecommerce company selling saltwater aquarium products. The Company is based in Golden Valley, Minnesota, and employs just under 100 people. The Company carries a full line of products, but specializes in lighting, controllers, and plumbing equipment necessary to maintain a healthy and balanced saltwater environment capable of supporting a diverse aquatic life. The Company has over 221K subscribers on YouTube and a robust library of 1,300+ videos which has been viewed over 50 million times. For more information, please visit the Company’s website at

About Bertram Capital
Bertram Capital is a private equity firm targeting investments in lower middle market companies. Since its inception in 2006, the firm has raised over $1.7B of capital commitments. In addition to supplying strategic growth capital, Bertram Capital leverages proprietary processes and services, Bertram High-5 and Bertram Labs, to empower its portfolio companies to unlock their full business potential. The Bertram High-5 is an operationally-focused value creation strategy, which includes management augmentation, operational initiative implementation, complementary business acquisition, sales and marketing improvements, and leveraging technology and IP. The cornerstone of this strategy is Bertram Labs, its in-house technology team, which drives growth and value through digital marketing, e-commerce, big data and analytics, application development, and internal and external platform optimization. Visit for more information.

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Minneapolis, Minnesota 55402

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