Honey Creek Capital

What Honey Creek Capital does

Honey Creek Capital, LLC is a privately-held investment firm headquartered in Carmel, Indiana, founded and managed by Don Palmer as Managing Member. The firm operates two closely linked service lines: (1) Investment Capital Services, providing private equity capital for management buyouts, growth capital, generational and management transitions, recapitalizations, distressed deal reorganizations, and independent sponsor deals; and (2) Advisory Services, comprising advisory board participation, executive coaching, and strategic guidance delivered personally by Don Palmer to for-profit and nonprofit organizations. Honey Creek Capital targets mid-market companies within approximately 200 miles of Greater Indianapolis with EBITDA between $500,000 and $2,000,000, and positions itself as a relational co-investor rather than a lead capital provider, explicitly excluding startups, pure technology businesses, restaurants, traditional retail, turnarounds, and highly leveraged companies from its mandate.

The firm's business model is built on two revenue streams: episodic investment returns from its portfolio of at least 10 disclosed companies spanning healthcare, medical devices, manufacturing, payroll services, investigations, and technology services; and ongoing advisory fees and coaching engagements. Go-to-market is entirely relationship-driven, sourced through Don Palmer's board memberships, teaching positions at multiple regional universities, and civic leadership roles across Central Indiana nonprofits. Disclosed portfolio companies include Beyond Payroll, Command Investigations, Activate Healthcare, Electromedical Products International, Equipment Technologies, Envisage, Grand Rivers Aseptic Manufacturing, Hopebridge, SCT, and Montgomery DME, with concurrent board or advisory service at several of these and at non-portfolio entities such as Crew Car Wash, Rehab Medical, Senior Home Companions, and Fifth Third Bank Greater Indiana.

There is no proprietary technology platform, software product, or AI capability underlying the firm's offering; the product is fundamentally human advisory judgment combined with patient capital. The firm is founder-owned with no disclosed institutional backing, parent company, or external funding, and employs between 11 and 50 people. Pricing, fund terms, AUM, and revenue are not publicly disclosed, consistent with a small, privately-managed investment and advisory practice operating in a relationship-based mode rather than an institutional fund structure.

Name

Honey Creek Capital

Legal name

Honey Creek Capital, LLC

Website

https://honeycreekcapital.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Honey Creek Capital is a privately-held investment firm founded by Don Palmer, providing equity capital and advisory services to mid-market companies within 200 miles of Indianapolis, focusing on management buyouts, growth capital, and generational transitions for businesses with $500K-$2M EBITDA.

Ownership category

akta.pro rank

Product category

Private Equity and Advisory Services

NAICS

All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (523940)

SIC

Services-Management Services (8741), Investment Advice (6282)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

akta.pro secondary industry

Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Private equity investments
• Management buyouts
• Growth capital
• Advisory board services
• Executive coaching

Headquarters

HQ city

Carmel

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

Revenue model

1. Investment Returns: Returns on equity investments in portfolio companies through value creation and eventual exits.
2. Advisory and Coaching Services: Don Palmer serves on advisory boards and acts as executive coach for portfolio and non-portfolio companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Honey Creek Capital is a private investment firm that provides equity capital and strategic advisory services to small and mid-market businesses. It operates primarily as a co-investor alongside management teams, deploying capital for management buyouts, growth capital, generational transitions, recapitalizations, and distressed deals. The firm also offers advisory board participation and executive coaching through its managing member, Don Palmer.

Product overview

Honey Creek Capital operates as a private investment firm offering two core service lines: Investment Capital Services (management buyouts, growth capital, generational transitions, recapitalizations, and distressed deals/reorganizations) and Advisory Services (board membership, executive coaching, and strategic guidance). The firm focuses on mid-market companies within 200 miles of Greater Indianapolis with EBITDA between $500,000 and $2,000,000, primarily serving as a co-investor rather than a lead investor.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Capital Services

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

16 partnerships are on record, tiered core and minor.

• Crew Car WashcoreOthersDon Palmer serves on the advisory board of Crew Car Wash, a Fishers, IN-based car wash company. This is part of Honey Creek Capital's advisory board assignment activities.
• Fifth Third Bank – Greater IndianacoreOthersDon Palmer serves as a board member for Fifth Third Bank's Greater Indiana region, representing Honey Creek Capital's executive presence in the banking sector.
• Rehab MedicalcoreOthersDon Palmer serves on the advisory board of Rehab Medical, an Indianapolis-based healthcare company, supporting their strategic direction.
• Senior Home CompanionscoreOthersDon Palmer serves on the advisory board of Senior Home Companions, an Indianapolis-based senior care services company.
• Goodwill of Central and Southern IndianacoreOthersDon Palmer serves as Chairman of the Board of Directors for Goodwill of Central and Southern Indiana, demonstrating civic engagement and nonprofit leadership.
• Elevate IndyminorOthersDon Palmer serves on the board of Elevate Indy, an Indianapolis-based nonprofit organization focused on youth development.
• Sagamore InstituteminorOthersDon Palmer serves as Secretary on the Board of Trustees for the Sagamore Institute, an Indianapolis-based think tank.
• Empart USAminorOthersDon Palmer serves on the board and chairs the Finance Committee for Empart USA, a Denver, CO-based nonprofit organization.
• Ahaus EngineeringminorOthersDon Palmer provides corporate service through advisory board or board membership for Ahaus Engineering, a Richmond, IN-based company.
• Three Whitt EnterprisesminorOthersDon Palmer provides corporate service through advisory or board membership for Three Whitt Enterprises, a Dayton, OH-based company.
• YPO Gold, Indiana ChapterminorOthersDon Palmer serves as Chapter Chair for YPO Gold's Indiana Chapter, a peer network of chief executives.
• KIPP Indy College PrepminorOthersDon Palmer serves in a nonprofit board capacity for KIPP Indy College Prep, an Indianapolis-based education organization.
• National Christian Foundation of IndianaminorOthersDon Palmer is a co-founder of the National Christian Foundation of Indiana, a philanthropic organization.
• Wheeler MissionminorOthersDon Palmer serves on the board of Wheeler Mission, an Indianapolis-based nonprofit organization serving those experiencing homelessness.
• Opportunity InternationalminorOthersDon Palmer serves on the board of Opportunity International, a Chicago, IL-based global microfinance organization.
• Opportunity Transformation InvestmentsminorOthersDon Palmer serves on the board of Opportunity Transformation Investments, a Chicago, IL-based impact investment organization.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• HKW Capital Partners: Lower middle market private equity firm focused on management buyouts and growth investments across the US, with a relationship-driven culture and operational support similar to HCC's approach. Comparable in check size and value-add orientation.
• Lake Capital: Chicago-based private equity firm investing in lower middle market companies, often partnering with management teams and founders. Comparable in deal size, regional Midwest footprint, and operating-focused value creation.
• BlueArc Capital (formerly Rich Mayfield Capital): Indianapolis-based private investment firm targeting lower middle market companies with operational improvement theses. Comparable regional Midwestern focus, check size, and emphasis on strong management partnerships.
• Cortec Group: Lower middle market private equity firm investing alongside management teams, with similar deal size discipline and operational partnership approach. Comparable in investment criteria structure and value-add orientation.
• Mason Wells: Midwest-based lower middle market PE firm making control investments in management buyouts and recapitalizations. Similar sector agnosticism within B2B services, manufacturing, and healthcare, with comparable EBITDA target ranges.
• Capital Alignment Partners: Indianapolis-based private investment firm focusing on control investments in lower middle market businesses, often with management teams. Directly comparable geographic focus and co-investor/lead investor orientation.
• Argosy Capital: Private equity firm investing in lower middle market companies across diverse sectors with management teams. Similar deal size range and value-creation approach through operational support and strategic guidance.

Broad incumbents

• Fifth Third Capital Markets (PE arm): Don Palmer serves on the Fifth Third Bank Greater Indiana board and the bank operates a substantial commercial banking and direct private equity/lending franchise for the lower middle market. Comparable in deal profile even though far larger in scale and capital resources.

Others

• Opportunity International (Microfinance): Don Palmer serves on the board of Opportunity International, a global microfinance institution, and its related impact investment vehicle. Tangentially comparable via their parallel ecosystem of small-business capital and advisory services, though not a direct competitor.

Regional players

• Brixey & Meyer Capital Partners: Ohio-based lower middle market investment firm focused on majority recapitalizations and management buyouts in the Midwest. Comparable regional orientation and target EBITDA range.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/honey-creek-capital-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Honey Creek Capital