Middle market private equity firm
Heartwood Partners
Formerly Capital Partners
- HeadquartersNorwalk, CT S1
- Founded1982 S2
- Websiteheartwoodpartners.com
- Last verifiedOctober 27, 2026
At a glance
| Assets under management | $1.4B (as of Dec 2025) S1 |
|---|---|
| Latest fund | Fund IV, $525M (2023) S2 |
| EBITDA range | $5M to $30M S3 |
| Revenue range | $30M to $400M S3 |
| Deal types | Platform, Add-on, Minority, Growth S3 |
| Geography | United States S3 |
| Sectors | Environmental & Waste, HVAC, Plumbing & Electrical, Industrial & Manufacturing, Distribution, Consumer & Food |
What Heartwood Partners buys
Heartwood Partners is a Norwalk, Connecticut private equity firm with $1.4 billion under management. Its roots go back to 1982, when it started as Capital Partners, and it took the Heartwood name in 2020. It buys founder, family and management-owned US companies in building products, commercial and industrial services, environmental services, distribution, food and agriculture, niche manufacturing, packaging and specialty chemicals. Its target is $30 million to $400 million of revenue and $5 million to $30 million of EBITDA, with a lower floor for add-ons.
What sets it apart is leverage. Heartwood says it uses about half the debt of a typical buyout, has averaged about 75% equity in its deals, and pays out spare cash to its investors and to the owners and managers who keep a stake. It makes control and minority investments and prefers asset purchases from S corporations, LLCs and partnerships. Smaller companies usually fit as add-ons, such as the electrical contractors Norlee Group buys across the Southeast and the waste processors The Amlon Group has added since 2025.
Recent deals
Announced in the 24 months before October 27, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | IEM ElectricHickory, North Carolina industrial electrical contractor; Norlee Group's eighth add-on, closed September 30, 2026 | Add-on | HVAC, Plumbing & Electrical | Source |
| Sep 2026 | The Xtreme GroupMiami aviation maintenance, repair and overhaul platform; growth investment closed May 29, 2026 with management staying on | Platform | Source | |
| Aug 2026 | Vintage ElectricGainesville, Florida electrical contractor added to Norlee Group | Add-on | HVAC, Plumbing & Electrical | Source |
| Jun 2026 | Super-SodSod, seed and landscaping supply company sold to Kainos Capital | Exit | Source | |
| May 2026 | Ireland Electric CorporationAugusta, Georgia electrical contractor added to Norlee Group | Add-on | HVAC, Plumbing & Electrical | Source |
| Apr 2026 | Excel TSD of TennesseeMemphis permitted hazardous waste treatment operator, with related WSI and UTI, added to The Amlon Group | Add-on | Environmental & Waste | Source |
| Apr 2026 | B.I.G. EnterprisesMaker of custom guard booths and protective enclosures added to VITALSpace | Add-on | Industrial & Manufacturing | Source |
| Mar 2026 | Lion Industrial ResourcesChannelview, Texas hazardous and non-hazardous industrial waste management assets added to The Amlon Group | Add-on | Environmental & Waste | Source |
| Jan 2026 | Mastermelt AmericaSweetwater, Tennessee industrial waste processing facility added to The Amlon Group; deal closed May 2025 | Add-on | Environmental & Waste | Source |
| Jan 2026 | Sur-SealCustom engineered converting manufacturer sold to Brodie Generational Capital Partners | Exit | Industrial & Manufacturing | Source |
| Nov 2025 | The Amlon GroupFirst continuation vehicle, about $245 million led by Apogem Capital, closed May 15, 2025 to keep backing Amlon | Investment | Environmental & Waste | Source |
| Nov 2025 | Inter-Bay Electric CompanyTampa electrical construction firm added to Norlee Group | Add-on | HVAC, Plumbing & Electrical | Source |
| Oct 2025 | Beaumont Electric CompanyNaples, Florida electrical services firm added to Norlee Group | Add-on | HVAC, Plumbing & Electrical | Source |
| Aug 2025 | MicroCarePrecision cleaning fluids and tools maker sold by Fund III; buyer not named | Exit | Industrial & Manufacturing | Source |
| Jul 2025 | M&Q PackagingSale completes Heartwood's exit from M&Q Holdings; buyer not named | Exit | Industrial & Manufacturing | Source |
| Jun 2025 | Norlee GroupGrowth investment, made October 28, 2024, in a Jacksonville electrical and mechanical services group led by its founder | Platform | HVAC, Plumbing & Electrical | Source |
| Apr 2025 | VITALSpaceModular building products company formed from SteelCell, CareAffirm and Portable Solutions Group | Investment | Industrial & Manufacturing | Source |
| Mar 2025 | Kent ManufacturingThird-generation Michigan family custom converter added to Sur-Seal | Add-on | Industrial & Manufacturing | Source |
| Feb 2025 | Tri-Tex GrassTexas expansion for Super-Sod | Add-on | Source | |
| Nov 2024 | Outlook GroupLabel and packaging unit of M&Q Holdings sold on November 4, 2024 | Exit | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Building Products / Niche Manufacturing
- VITALSpace Current
Commercial & Industrial Services
- Norlee Group Current
- The Xtreme Group Current
Distribution / Niche Manufacturing
- Fletcher Business Group Current
Environmental Services
- The Amlon Group Current
Food/Agriculture/Nutrition / Distribution
- Bush Brothers Provision Co. Current
- NativeSeed Group Current
Food/Agriculture/Nutrition / Niche Manufacturing
- Somafina Current
Niche Manufacturing
- Artisant Lane Current
- Royal Products Current
Packaging
- Imprimus Label & Packaging Current
Specialty Chemicals/Materials
- ChromaScape Current
Past investments: Aftermarket Performance Group, Allentown, Ames Group (now BHI Energy), Breen Color Concentrates, CMI Limited, Dayton Parts, Derby Fabricating Solutions, Fintube, High Bar Brands, Linen Holdings, Lone Star Beef Processors, M&Q Holdings, MicroCare, Parkway Products, Roll Rite, S.M. Stoller Corporation, Super-Sod, Sur-Seal, Twitchell Technical Products, UW Solutions, Weaver Leather
Greymont’s take
How Heartwood Partners fits a seller
Heartwood fits owners who want to sell most of the company but keep a meaningful stake, and who worry about a buyer loading the business with debt. Because it borrows less, more of the cash the company earns can go to growth and to periodic payouts to owners who stay invested. Its deals usually keep management in place, as with Norlee Group and The Xtreme Group.
For environmental and waste services owners, the clearest route is The Amlon Group, which treats and recycles hazardous and industrial waste and has made three add-ons since its 2025 continuation fund. Electrical and mechanical contractors in the Southeast can look to Norlee, which has made eight add-ons since Heartwood invested in October 2024. Owners should ask how much of the price is paid in cash versus rolled equity, and how Heartwood's preference for asset purchases affects their taxes.
Questions owners ask
What size companies does Heartwood Partners buy?
Its approach page lists revenue of $30 million to $400 million and EBITDA of $5 million to $30 million for new platforms, with lower EBITDA accepted for add-on acquisitions by its portfolio companies.
Does Heartwood buy waste and environmental services companies?
Yes. Environmental services is one of its listed industries, and The Amlon Group, which recycles and treats hazardous and industrial waste, added Mastermelt America, Lion Industrial Resources and Excel TSD after a $245 million continuation vehicle in 2025.
Was Heartwood Partners previously called Capital Partners?
Yes. The firm was founded in 1982 as Capital Partners, raised its first three income funds under that name, and rebranded as Heartwood Partners in 2020.
How is Heartwood different from a typical buyout firm?
It says it uses roughly half the debt common in private equity deals, has averaged about 75% equity, and periodically distributes excess cash to investors and to managers who invest alongside it.
Sources
- S1Heartwood Partners home page ($1.4B AUM as of December 31, 2025) Accessed October 27, 2026
- S2Heartwood Partners: Our Firm and history Accessed October 27, 2026
- S3Heartwood Partners: Our Approach and acquisition criteria Accessed October 27, 2026
- S4Heartwood Partners: Companies Accessed October 27, 2026
- S5Heartwood Partners: Growth Solutions for Owners Accessed October 27, 2026
- S6Norlee Group Announces Eighth Add-on Acquisition of IEM Electric (October 5, 2026) Accessed October 27, 2026
- S7Heartwood Partners Closes Oversubscribed Continuation Vehicle for The Amlon Group (November 24, 2025) Accessed October 27, 2026
- S8Heartwood Partners Announces Growth Investment in Norlee Group (June 12, 2025) Accessed October 27, 2026
- S9Heartwood Partners Growth Investment in The Xtreme Group (September 22, 2026) Accessed October 27, 2026
- S10Heartwood Partners 2025 Year in Review (January 14, 2026) Accessed October 27, 2026
- S11Heartwood Partners: News Accessed October 27, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Heartwood Partners. Figures are as reported on the dates shown and may have changed. Request a correction