Our Team

Investment Team

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Armando Avila

Associate

Armando Avila, Associate, joined Merit in 2022. Armando was previously an Associate in the Investment Banking Group at Duff & Phelps, where he was a member of the firm’s Fairness and Solvency Opinions practice, which provides independent financial advice to boards of directors and special committees on mergers and acquisitions, spin-offs and financing transactions.

Armando currently supports Merit’s investment in Glunt Industries.

Armando received his B.S. in Finance from Marquette University, where he was an Evans Scholar.

Armando resides in Chicago.

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Thomas F. Campion

Managing Director

Thomas F. Campion, CFA, Managing Director, joined Merit in 1997. From 1993 to 1997, Tom was a Director of Prudential Asset Management Asia in Hong Kong, a general partner of private equity funds, including equity investments in private companies throughout the Asia Pacific region. From 1987 through 1992, Tom was a Vice President of Prudential Capital Corporation in Newark and Chicago, responsible for originating and managing private placements. While at Prudential Capital, he also earned his Chartered Financial Analyst designation. From 1983 to 1986, Tom worked at the former Arthur Andersen in Milwaukee, where he received his Certified Public Accountant designation.

Tom received his M.B.A. from the University of Wisconsin, Madison, where he graduated with honors and his B.B.A. in Accountancy from St. Norbert College, where he graduated magna cum laude.

Tom currently serves on the Board of Directors of U.S. Minerals, Engendren Corporation, Kinex R&M Holdco, LLC, ASM Holdco, Inc., Glunt Industries Inc., MicroPrecision,  Omni Glass & Paint and Voeller.

Tom’s community activities have included coaching his four children, and serving on the St. Norbert College Advisory Board, the Highlands Foundation, the Apostolate to the Handicapped Board, and Best Buddies.

 

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John J. Darguzas

Principal

John J. Darguzas, Principal, joined Merit in 2018.  From 2011 to 2018, John was a Vice President at Antares Capital Sponsor Finance Group in Chicago.  At Antares John worked on the Underwriting Team evaluating senior debt investment opportunities across a broad range of industries, on the Originations Team reviewing new investment opportunities and on the Credit Advisory Team working on troubled loans all while maintaining an active role in helping establish Antares as a standalone company after it was spun out of GE Capital.  While attending Kellogg part time from 2012 to 2014, John founded MyMenu, an app based platform that helps people with food allergies find restaurants that meet their dining requirements.  From 2005 to 2011, John was a Director in KPMG’s Transaction Service Group, overseeing financial buy-side due diligence of middle market acquisitions for private equity clients.

John Received an M.B.A. from Northwestern University’s Kellogg School of Management in 2012 with concentrations in Marketing and Entrepreneurship.  In 2005, he received a B.S. from Indiana University’s Kelley School of Business with concentrations in Accounting and Finance.  John is a registered CPA.

John currently serves on the Board of Directors of Engendren Corporation, Glenn Rieder, MicroPrecision, LLC, Revision Military, LTD, Urban Surfaces, and U.S. Minerals, Inc.

He lives in Elmhurst with his wife and three sons.

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Evan R. Gallinson

Managing Director

Evan R. Gallinson, Managing Director, joined Merit in 2005. Evan previously worked in Investment Banking with BMO Capital, William Blair & Company, and PriceWaterhouseCoopers, where he focused on mergers and acquisitions advisor work for middle market companies in a variety of industries.

Evan received an M.B.A. from Northwestern University’s Kellogg School of Management in 2002 with a concentration in finance. In 1997, he received a B.B.A. from the University of Michigan with a concentration in finance and accounting.

Evan currently serves on the Board of Directors of CyCan Industries, Elgen Manufacturing Company, Glunt Industries and Urban Surfaces.  Previously he was on the board of Choice Adhesives, RSA Engineered Products and Storage Solutions.

He is a native of New Jersey, but has lived in the Chicago area for over twenty-five years, and is currently residing in Northbrook, IL with his wife and two daughters. Evan’s non-work activities involve watching his daughters’ lacrosse and tennis matches as well as playing platform tennis and uninspiring golf.

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Brian R. Heck

Senior Associate

Brian R. Heck, Senior Associate, joined Merit in 2019. Brian was previously an Analyst in the Industrials Investment Banking Group at Robert W. Baird, where he supported mergers and acquisitions, equity offerings, and debt advisory services. Prior to joining Baird, Brian was an Analyst at TKO Miller, focusing on middle market mergers and acquisitions.

Brian currently serves on the Board of Directors of CyCan Industries, and supports Merit’s investments in American Producers Supply, Propet Footwear, and John-Richard.

Brian received his B.A. in Economics from DePauw University, where he played NCAA Division III golf. A native of the Chicago area, Brian currently resides in Lake View.

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David M. Jones

Managing Director

David M. Jones, Managing Director, joined Merit in 1993 in conjunction with the closing and initial investing of Fund I. David was previously a senior consultant with Peterson Consulting, a national business valuation and litigation consulting firm, and specialized in business and product line valuations in intellectual property disputes.

David earned an M.B.A. with honors from the University of Chicago and a B.B.A. from the University of Notre Dame in 1988.

A Managing Director of Merit Capital Partners since 2000, David currently serves on the Board of Directors of Medway Air Ambulance, Inc. 

David and Jenny have four adult children and focus their primary charitable efforts on childhood education and cancer research. David was active with the Employee Stock Ownership Association, having served as a member of the Finance Committee from 2001 until 2016. David’s community activities included serving on several St. Mary Parish committees, coaching youth basketball and softball, and serving as Board Member of Camp Kesem, the largest national organization dedicated to supporting children impacted by a parent’s cancer, at no cost to families. David is also a past board member of the Wellness House, a community-based organization devoted to helping cancer patients and families.

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Timothy J. MacKenzie

Managing Director

Timothy J. MacKenzie, CFA, Managing Director, joined Merit in 1993. Tim was previously a Senior Vice President of Fiduciary Capital, a publicly raised mezzanine fund. Prior to that, he worked at Prudential Capital Corporation in both the Dallas and Milwaukee regional offices. From 1982 to 1986, Tim was a Vice President with RepublicBank Dallas.

Tim received his M.B.A. from the University of Illinois with a concentration in finance and a B.A. from Northwestern University in 1980 with a major in economics. He earned the designation of Chartered Financial Analyst in 1990.

Tim and his wife reside in Hinsdale, Illinois and have three adult children. His community activities include serving as President of Hinsdale Golf Club, Chairman of the Christ Church of Oak Brook Trustee Board, President of Chicago Men’s Fellowship,  and President of the local Young Life Foundation Board.

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Daniel E. Pansing

Managing Director

Daniel E. Pansing, Managing Director, joined Merit in 1999. He began his career at the First National Bank of Omaha where he was a Management Trainee, gaining exposure to all aspects of the bank’s operations. He later joined the bank’s Commercial Lending Department. In 1995, Dan moved to Chicago to join LaSalle Bank’s (now Bank of America) credit training program. As a Commercial Loan Officer at LaSalle, Dan focused on leveraged and asset based transactions with middle market companies.

Dan received his M.B.A., with honors, in 1999 from the Anderson School at U.C.L.A. As a Venture Fellow, his studies focused on finance and entrepreneurial studies. In 1993, Dan earned a B.S. in Political Science, magna cum laude, from Miami University in Oxford, Ohio. He graduated Phi Beta Kappa.

Dan currently serves on the Board of Directors of Nester Hosiery, Propet Footwear and Reliant at Home Inc.

Dan lives with his wife and two daughters in Western Springs.  He enjoys staying active in his community, coaching teams and serving on area charitable boards.  Recently, he was elected to the board of his local school district.  Outside the office, Dan enjoys golf, fly fishing and paddle tennis.

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Joseph A. Polaneczky

Managing Director

Joe Polaneczky, Managing Director, joined Merit in 2013. Joe previously worked in Leveraged Finance with GE Antares Capital’s Sponsor Finance Group in Chicago, where he focused on private equity sponsored transactions across a broad range of industries. Prior to joining GE Antares in 2008 with its acquisition of Merrill Lynch Capital, Joe worked in the Corporate Finance Group at Merrill Lynch Capital focusing on middle market, private equity lending.  Joe began his career in investment banking at Cochran Caronia Waller providing mergers and acquisitions advisory services for companies primarily in the financial services and health care industries.

Joe received an M.B.A. from the University of Chicago’s Booth School of Business with concentrations in Finance, Economics and Entrepreneurship. He earned his B.A. in Economics from the University of Chicago where he graduated with honors and played NCAA Division III football. Joe currently serves on the Board of Directors of Propet Footwear, John-Richard Collection, Nester Hosiery, MW Metals Group, and Omni Glass & Paint.

A native of Ohio, Joe has lived in the Chicago area for over 20 years, and currently resides in Hinsdale, IL with his wife and three children. Joe’s non-work activities include coaching his children’s sporting activities and guest lecturing at the University of Chicago Booth School of Business.

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Lisa P. Sullivan

Vice President

Lisa Portanova Sullivan, Vice President, joined Merit in 2022. Lisa was previously a Managing Director at CIBC Bank USA, leading the institution’s Commercial Banking Training Program for incoming bankers. Prior to training, Lisa was a member of the Bank’s Commercial team as a Loan Officer focusing on middle market and private equity lending.

Lisa received an M.B.A., with honors, from Loyola University Quinlan School of Business with a concentration in Finance. She earned her B.S. from the University of Illinois in Urbana-Champaign.

A native of the Chicago suburbs, Lisa currently resides in the city of Chicago.

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Terrance M. Shipp

Managing Director

Terrance M. Shipp, Managing Director,  is a founding partner of Merit. Prior to forming the general partner of Fund I in 1991, Terry was a Partner in LaSalle Capital Group, a Chicago-based management buyout firm. Between 1982 and 1990, Terry worked at Prudential Capital Corporation, most recently as Regional Vice President in charge of the firm’s Chicago and Cleveland offices, which specialized in middle-market mezzanine investments. Terry was responsible for a staff of approximately 12 investment professionals and a portfolio over $1 billion. During his eight years with Prudential Capital, he was actively involved in a significant number of the mezzanine investments generated by the Chicago office. His responsibilities included origination, structuring, due diligence, negotiation, monitoring and disposition activities.

Terry received his M.B.A., with distinction, from Northwestern University’s Kellogg Graduate School of Management and a B.S., magna cum laude, from the University of Colorado.

Terry currently serves on the Board of Directors of Alliance Family of Companies, Identity Group Holdings, John-Richard Collection, Inc. and MW Metals Group.

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Sean H. Stanley

Vice President

Sean H. Stanley, Vice President, joined Merit in 2020. Sean was previously an Associate with Flexpoint Ford in Chicago, focusing on identifying, evaluating and executing private equity investments in the healthcare sector. Prior to joining Flexpoint Ford, Sean was an Investment Banking Analyst within J.P. Morgan’s Industrials Group in Chicago, where he focused on mergers and acquisitions and capital markets transactions.

Sean received an M.B.A. from the University of Chicago Booth School of Business with concentrations in Accounting and Entrepreneurship. He earned his B.S.B.A. in Finance and Accounting from Washington University in St. Louis, where he played NCAA Division III basketball.

Sean currently serves on the Board of Directors of Kinex R&M, Voeller, Good Giant and Acacia Health.

A native of the Chicago suburbs, Sean currently resides in the city of Chicago.

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Marc J. Walfish

Managing Director

Marc J. Walfish, Managing Director, is a founding partner of Merit Capital Partners. Prior to founding Merit, Marc worked for thirteen years at The Prudential Insurance Company of America, most recently as Senior Vice President of Prudential Capital Corporation. In this capacity, Marc was based in Chicago and responsible for the firm’s four Midwest offices and a portfolio of over $2 billion.

Marc earned his M.B.A. and B.S.B.A., cum laude, from Boston University.

Marc currently serves on the Board of Directors of AAR Corp. and Gartner, LLC.

Marc’s community service activities include coaching youth soccer and serving on the Board of the local AYSO. Marc has also served on the Board of his local community and is a past President. Marc has guest lectured at the University of Iowa’s Tippie College of Business.

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Benjamin W. Yarbrough

Managing Director

Benjamin W. Yarbrough, Managing Director, joined Merit in 2008. Ben was previously a Consultant at Marakon Associates, a boutique strategy consulting firm based in New York City and London serving global Fortune 200 clients. At Marakon, Ben worked across various industries, including healthcare, financial services and consumer products. Prior to Marakon, Ben was a Fellow at the United States Golf Association Foundation in Colorado Springs, helping to manage the USGA’s grants program.

Ben received an M.B.A. from the University of Chicago Graduate School of Business with concentrations in finance and entrepreneurship. He earned his B.A. in economics from the University of Pennsylvania.

Ben currently serves on the Board of Directors of Identity Group Holdings, Alliance Family of Companies (d/b/a Stratus), Reliant at Home Inc., Glenn Rieder, Revision Military, LTD., and Good Giant.

Ben is actively involved with the Crohn’s and Colitis Foundation of America, and is a frequent guest lecturer at the University of Chicago Booth School of Business. A native of Mississippi, Ben resides in Winnetka with his wife, two sons and daughter.

Finance Team

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Anne E. Boland

Controller

Anne E. Boland, Controller, joined Merit in 2003. Anne was previously a financial analyst in William Blair & Company’s Financial Control Department. Prior to joining William Blair in 2000, she worked at Marsh, Inc. as a staff accountant in their regional Finance Center. Anne is a C.P.A. and received her B.B.A. in Accountancy from the University of Wisconsin.

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Van T. Lam

Chief Financial Officer

Van T. Lam, CPA, Chief Financial Officer, joined Merit in 1999. Van was previously an Associate at Heller Financial, Inc., a middle-market finance company, working in their Corporate Finance group. Prior to joining Heller in 1997, she worked at Arthur Andersen L.L.P. in their Audit and Business Advisory group. Van is a C.P.A. and received her B.S. in Accountancy from the University of Illinois at Urbana-Champaign.