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Merit Investment Bank Advises Herco Inc. in Its Sale to Quality Gold

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Merit Investment Bank & Co., a leading middle-market investment bank, is honored to have served as exclusive advisor to Herco Inc. in its sale to Quality Gold.

Headquartered in San Francisco, Herco Inc. is a leading wholesaler of fine jewelry, specializing in 14-karat, 18-karat and platinum designs. Founded by Reuven and Zehava Itelman in 1979, Herco has grown to serve over 3,000 customers across the United States and carries over 1,600 SKUs.

Joe Durnford, chairman of Merit Investment Bank & Co., said, “We were honored to work with the Itelman family to create liquidity for Reuven and Zehava while simultaneously positioning the Herco brand for a long legacy in the marketplace. Reuven has spent more than 40 years building a brand that is synonymous with quality and customer service, and we congratulate him on a well-earned retirement.”

Quality Gold, a leading vertically integrated specialty logistics and jewelry distributor, announced in late December that it would be acquired via SPAC by Tastemaker Acquisition Corp. (Nasdaq: TMKR). The strategic acquisition of Herco complements Quality Gold’s product suite and expands its distribution network.

Reuven Itelman, founder of Herco, added, “We are grateful to Joe and Sean for their efforts and guidance throughout this process. After 43 years in the jewelry business, I knew my business but didn’t know how to exit it. We simply would not have gotten to this point without their partnership. My wife and I are grateful to the customers and suppliers we’ve had over the years, and we are excited for a long retirement and time with family.”

Legal advisory was provided by George Buffington of Buffington & Aaron.

About Herco Inc.

Established in 1979, Herco is a wholesaler of and procurement specialist in gold, platinum, titanium, palladium, and gemstone jewelry, selling to boutique and omnichannel retailers across North America. The company has built a decades long reputation for quality, expert craftsmanship and product longevity.

About Merit Investment Bank

About Merit Investment Bank & Co. is a leading boutique investment bank focused on serving middle-market companies. Merit Investment Bank & Co. executes sell-side M&A, buy-side M&A, and capital advisory services with specific emphasis on the technology, software, consumer, business services, and manufacturing sectors. In addition, Merit Investment Bank & Co. offers other investment banking services such as debt and equity capital raises, restructuring advisory services, business valuations, and project financing through its subsidiary, Merit Investment Bank Securities, member FINRA / SIPC, a full-service Broker-Dealer licensed in 50 states.

Merit Investment Bank, a leading middle market investment bank, with a specialization in building products, is honored to have served as exclusive advisor to VaproShield (“VaproShield”) in its sale to (Muncaster Capital.)

by: Merit Investment Bank

SEATTLE – October 31, 2025 – PR.com – Merit Investment Bank (“Merit”), a leading middle-market investment bank with deep expertise in the building products and construction materials sector, is pleased to announce that it served as the exclusive financial advisor to VaproShield, a premier manufacturer of high-performance air and water barrier systems, in its sale to Muncaster Capital, a privately held investment company based in Texas.

This strategic transaction represents a significant milestone for VaproShield, a recognized innovator in the building-envelope industry. For more than two decades, the company has pioneered the design and manufacture of high-performance, vapor-permeable air barrier (AB) and water-resistive barrier (WRB) membranes and accessories. Through its commitment to research, sustainability, and customer-focused innovation, VaproShield has become a trusted partner to architects, builders, and developers seeking to enhance energy efficiency, moisture control, and long-term building performance.

“The sale of VaproShield shows what’s possible when visionary founders create real value and plan strategically for an exceptional exit,” said Craig Dickens, Chairman of Merit Investment Bank. “We were honored to help align the company with the right partner, culture, and capital for its next stage of growth. This milestone reflects years of innovation, discipline, and thoughtful preparation leading to an outstanding outcome.”

The acquisition by Muncaster Capital, am ESOP, will provide VaproShield with additional resources and strategic backing to expand operations, accelerate innovation, and strengthen its presence in both domestic and international markets. Muncaster’s long-term investment philosophy aligns closely with Vaproshield’s mission to deliver environmentally responsible, high-performance solutions to the construction industry.

“VaproShield has built an exceptional brand through innovation, sustainability, and performance,” added Chris Barnes, Managing Director at Merit Investment Bank. “It was a privilege to advise such a forward-thinking team whose commitment to excellence andcustomer trust has made them industry leaders. This transaction delivers a strong outcome for shareholders and positions VaproShield for its next phase of growth.”

Legal counsel for the company was provided by Holland & Knight LLP. Merit extends its appreciation to Stephen McKay and the firm’s M&A team for their seasoned legal guidance and support throughout the transaction, ensuring a smooth and efficient closing process.

The company was also advised by Baker Tilly US, LLP. Merit acknowledges Preston Smith, Director – Transaction Advisory, and Michael Hurst, Partner – Tax, for their expert guidance and transactional support. Their technical insight and professionalism were instrumental in achieving a successful closing.

About the Buyer

Muncaster Capital of Texas, Inc. is a privately held holding company based in Ennis, Texas, primarily associated with the building materials and protective coatings industry. Established in 1986, it serves as the parent company for Polyguard Products, a leading manufacturer of high-performance barrier systems, air and moisture membranes, and protective coatings used in construction and infrastructure projects.

Muncaster Capital oversees operations focused on innovation, sustainability, and long-term business growth within the building-envelope sector. As a mid-sized, family-owned enterprise, it plays a strategic role in managing assets, guiding corporate development, and supporting Polyguard’s mission to deliver durable, energy-efficient solutions to the construction industry.

About Merit Investment Bank

Merit Investment Bank is a leading boutique investment bank focused on serving founder/family-owned middle-market, technology-forward companies. The firm principally executes sell-side M&A, as well transactions with specific emphasis on the building products technology, infrstructure, consumer, and manufacturing/distribution/industry 4.0 sectors.

In addition, Merit offers services including buy-side M&A debt and equity capital raises, restructuring advisory, business valuations, and project financing.

Securities offered through Finalis Securities LLC, Member FINRA/SIPC. Merit Investment Bank and Finalis Securities LLC are separate, unaffiliated entities

Contact:

Craig Dickens, Chairman

Merit Investment Bank

Craig.Dickens@MeritInvestmentBank.com

253-370-8893

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