Lower middle market private equity arm of a venture capital firm
Heartland Growth Partners
- HeadquartersColumbus, OH S4
- Websiteheartlandvc.com/private-equity
- Last verifiedNovember 3, 2026
At a glance
| EBITDA range | $2M to $10M S1 |
|---|---|
| Revenue range | $10M+ S1 |
| Check size | $5M to $30M S1 |
| Deal types | Platform, Minority S1 |
| Geography | Midwest US S1 |
| Sectors | Industrial & Manufacturing, Accounting & Professional Services, Distribution, Transportation & Logistics |
What Heartland Growth Partners buys
Heartland Growth Partners is the private equity arm of Heartland Ventures, a Columbus, Ohio venture firm whose backers are mostly Midwest business owners and operators. The private equity side buys into privately held, often family-owned, Midwest companies in infrastructure and industrial services, niche manufacturing, value-added distribution, transportation and logistics, and general industrial work. It takes majority stakes or significant minority stakes and leans on its network of owner-operators for industry advice and new customers.
Its stated target is a company with at least $10 million of revenue, $2 million to $10 million of EBITDA and an enterprise value under $100 million, with an equity check of $5 million to $30 million. So far the portfolio is small: Victory Machine & Fab, a millwright, rigging, machining and fabrication shop in Sidney, Ohio, and ADF Engineering, a Miamisburg, Ohio process and facility engineering firm added in May 2026. Heartland has not announced any add-on acquisitions, so a business below that size range is unlikely to fit today.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| May 2026 | ADF EngineeringGrowth partnership with a Miamisburg, Ohio process and facility engineering firm; its president and VP of operations keep running it | Platform | Accounting & Professional Services | Source |
Portfolio by sector
From the firm's portfolio page S2.
Private Equity
- Victory Machine & Fab
- ADF Engineering
Greymont’s take
How Heartland Growth Partners fits a seller
Heartland suits owners of family-run Midwest industrial, engineering or manufacturing businesses who want a partner that thinks like an operator and who are open to staying involved. In the ADF Engineering deal, the president and the vice president of operations kept running the company under its own name, and Heartland pointed to its network of industrial owners and its experience with automation and AI tools as the main help it brings.
Because this is a young private equity strategy with two announced companies and no stated fund size, an owner should ask where the equity for each deal comes from, whether Heartland would take a majority or a minority stake in their case, and how long it expects to hold the business before selling.
Questions owners ask
Is Heartland Growth Partners a venture capital firm?
No. It is the private equity arm of Heartland Ventures, a Midwest venture firm. The private equity side buys majority or significant minority stakes in established, privately held industrial businesses rather than funding startups.
What size business does Heartland Growth Partners look for?
Companies with at least $10 million of revenue, $2 million to $10 million of EBITDA and an enterprise value under $100 million. It puts $5 million to $30 million of equity into each deal.
Does Heartland Growth Partners invest outside the Midwest?
Its stated criteria call for Midwest-based companies, and both of its current private equity holdings, Victory Machine & Fab and ADF Engineering, are in western Ohio.
Sources
- S1Heartland Growth Partners (private equity page on heartlandvc.com) Accessed November 3, 2026
- S2Heartland: Portfolio Accessed November 3, 2026
- S3Heartland: Team Accessed November 3, 2026
- S4ADF Engineering Announces Strategic Growth Partnership with Heartland Growth Partners (PR Newswire, May 20, 2026) Accessed November 3, 2026
- S5Heartland: Victory Machine & Fab portfolio page Accessed November 3, 2026
- S6Heartland: Max Brickman, Founder and Managing Partner Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Heartland Growth Partners. Figures are as reported on the dates shown and may have changed. Request a correction