What New Heritage Capital does

New Heritage Capital is a Boston-based private equity firm founded in 2006 by Mark Jrolf, Charlie Gifford, and Nickie Norris, who had worked together since 1999. The firm specializes in partnering with founder-owned and family-controlled businesses in the lower middle market, deploying $20-100MM+ equity investments in companies with $4-30MM+ EBITDA across three primary sectors: Business Services, Healthcare, and Manufacturing. The firm's core technology is the proprietary "Private IPO®" investment structure, a trademarked deal architecture that provides founders up to 80% of enterprise value in cash at closing while allowing them to retain 51% voting control and earn up to 50% equity at exit through a 25% incentive equity pool (roughly 2x traditional PE carry).

The firm's revenue model is private equity fund management, generating returns through equity appreciation in portfolio companies that are eventually sold to strategic or financial buyers. New Heritage Capital does not publicly disclose revenue, fund size, or AUM. The firm sources deals through a dedicated business development function (led by VP Greg Katz) and consultative relationships with middle-market investment banking intermediaries, targeting a narrow founder-controlled segment that is structurally underserved by traditional buyout funds. Go-to-market is relationship-driven and content-augmented, with the "Middle Market Musings" podcast (93+ episodes) and thought-leadership content supporting inbound deal flow.

Over a roughly 20-year operating history, New Heritage Capital has invested in 18+ portfolio companies including AMFM Healthcare, Brilliant Gifts, Carnegie Dartlet, Continental Services, DeWinter Group, EPTAM Precision, Execu|Search, FMS Solutions, Icelandirect, Rhythmlink, Stratus Technology Services, and Revela Foods. The firm has produced multiple successful exits, with several portfolio companies doubling, tripling, or quadrupling EBITDA during NHC ownership. Portfolio company Icelandirect acquired SOMA LABS in February 2026 to expand manufacturing capabilities, and Stratus was acquired by Infosys Limited (NYSE: INFY) in April 2026. The firm operates as New Heritage Capital, LLC, is domiciled in Massachusetts, and maintains a lean team of 11-50 employees.

Name

New Heritage Capital

Legal name

New Heritage Capital, LLC

Website

https://newheritagecapital.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

New Heritage Capital is a Boston-based private equity firm founded in 2006 that invests $20-100MM+ equity in founder-owned lower middle market businesses using its proprietary Private IPO® structure, enabling founders to achieve up to 80% liquidity while retaining 51% voting control.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Other Financial Vehicles (525990), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF)

akta.pro secondary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Private equity investments
• Founder-owned businesses
• Lower middle market
• Structured equity capital
• Growth equity investments

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Fund Management: New Heritage Capital generates returns through equity investments in founder-owned lower middle market businesses using the Private IPO® structure. The firm earns returns when portfolio companies achieve liquidity events (sales to strategic or financial buyers), with founders retaining control while NHC provides capital and strategic support.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

New Heritage Capital provides equity capital to founder-owned lower middle market businesses through its proprietary Private IPO® investment structure, deploying $20–100MM+ per transaction in companies with $4–30MM+ EBITDA. The structure delivers up to 80% of enterprise value in cash at closing while allowing founders to retain 51% voting control and up to 50% equity at exit, with a 25% incentive equity pool allocated to founders and leadership teams.

Product overview

New Heritage Capital offers a single core financial product: the Private IPO®, a proprietary private equity investment structure designed specifically for founder-owned businesses. Unlike traditional private equity buyouts, the Private IPO® provides founders with up to 80% liquidity at closing while allowing them to retain majority board control (51%) and continue owning up to 50% of the equity at exit. The structure also includes a 25% incentive equity pool shared across founders and leadership teams. The firm focuses on three sectors: Business Services, Healthcare, and Manufacturing, with target investments of $20-100MM+ equity in companies with $4-30MM+ EBITDA.

Differentiator

Problem solved

Functional benefit

Products and services

• Private IPO® A proprietary private equity investment structure for founder-owners that delivers up to 80% of enterprise value in cash at closing while allowing founders to retain majority board control (51%) and up to 50% equity at exit, with a 25% incentive equity pool for founders and leadership teams. NHC invests 67% of equity (half common, half preferred with 10% PIK at exit).
• Management Buyout Investment Equity capital provided to support management-led buyouts at lower middle market founder-owned businesses, targeting $20-100MM+ equity investments in companies with $4-30MM+ EBITDA.
• Growth Equity Investment Growth capital investments of $20-100MM+ equity in founder-owned lower middle market businesses with $4-30MM+ EBITDA across Business Services, Healthcare, and Manufacturing sectors.

Quantifiable outcome

• Founders can retain 51% voting control while receiving 80% of enterprise value in cash at closing
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Mainsail Partners: Lower middle market private equity firm focused on founder- and family-owned businesses, typically investing $20-100MM+ in operating companies — closely comparable to NHC's deal size and founder-focused thesis.
• Trinity Hunt Partners: Lower middle market PE firm partnering with founder- and family-owned businesses across business services, healthcare, and industrial sectors with a similar EBITDA band and equity check size to NHC.
• Trivest Partners: Lower middle market private equity firm that explicitly partners with founder-owned businesses, with comparable deal size, EBITDA targets, and a long-tenured senior team culture mirroring NHC.
• Auxo Investment Partners: Lower middle market PE firm focused on founder/family-owned businesses in the industrial, business services, and consumer sectors with similar equity check sizes and founder-friendly partnership approach.
• Shore Capital Partners: Lower middle market PE firm targeting founder-owned healthcare, business services, and consumer companies with comparable EBITDA and equity check criteria to NHC's investment profile.
• Sverica Capital Management: Lower middle market private equity firm investing in founder- and family-owned businesses across business services, healthcare, and specialty industrials with comparable ticket size and founder-partnership approach.
• Kian Capital Partners: Lower middle market PE firm focused on founder/family-owned businesses with equity investments typically in the same $20-100MM range, serving business services, healthcare, and industrial end markets.
• Stellex Capital Management: Lower middle market PE firm focused on industrial and business services companies often partnering with founder-owners, with comparable equity check sizes and a similarly concentrated portfolio approach.
• LFE Capital Fund (LFE Acquisitions): Lower middle market PE firm specializing in founder- and family-owned businesses using equity structures designed to balance liquidity with founder control — directly comparable to NHC's Private IPO® thesis.

Broad incumbents

• BBH Capital Partners: Lower middle market PE arm of Brown Brothers Harriman, investing in founder/family-owned businesses across business services, healthcare, and industrial sectors with comparable deal size — broader institutional backing provides a contrast to NHC's independent model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeopen.spotify.com/show/0ZERfan3V29xLwJPvIE2OO
• LinkedInlinkedin.com/company/new-heritage-capital-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments18 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Heritage Capital