New Heritage Capital: Buy Box & Recent Acquisitions

At a glance

Latest fund	New Heritage Capital IV, $438M (Nov 2023) S5
EBITDA range	$4M to $30M S1
Check size	$20M to $100M S1
Deal types	Platform, Add-on, Growth, Minority S1
Sectors	Healthcare Services, Accounting & Professional Services, Distribution, Industrial & Manufacturing, Consumer & Food, IT Services & MSP

What New Heritage Capital buys

New Heritage Capital is a Boston private equity firm, founded in 2006, that invests in founder-owned companies in business services, healthcare and manufacturing. Its target lists are broad. In business services they include outsourcing, education, facility and food services, IT services, staffing and HR, professional services and value-added distribution. In healthcare they include patient transport, behavioral health, billing and revenue cycle, home health, outsourced medical services and pharma services. In manufacturing they include aerospace and defense, electrical components, food products, aftermarket parts and plastics.

It looks for platform companies with $4 million to $30 million or more of EBITDA and invests $20 million to $100 million or more of equity. Its signature structure, the Private IPO, pays owners up to 80% of the company's value in cash at closing while they keep 51% of the voting control and most of the board seats. It also does management buyouts and growth equity, and its companies make add-on acquisitions. Fund IV closed at $438 million in November 2023.

Recent deals

Announced in the 24 months before October 20, 2026.

Date	Company	Type	Sector	Source
Aug 2026	CarepointPharmacy and patient access hub; the Private IPO structure leaves management in operating control	Investment	Healthcare Services	Source
Aug 2026	PowerRailMaker and distributor of aftermarket locomotive parts; the founder stays on as board chair	Investment	Industrial & Manufacturing	Source
Apr 2026	StratusIT managed services and implementation firm for insurers, sold to Infosys after a 2023 investment	Exit	IT Services & MSP	Source
Mar 2026	SOMA LABSNew Jersey supplement manufacturer added to Icelandirect; the deal closed in February 2026	Add-on	Consumer & Food	Source
Aug 2025	Merchants Accounting Services and AMP ServicesRestaurant accounting firms added to FMS Solutions, its fourth and fifth add-ons	Add-on	Accounting & Professional Services	Source
Dec 2024	JA Moody and Moody Marine ServiceSupplier and repairer of valves and actuators for the Navy and commercial marine market; the former principal owner retired	Investment	Distribution	Source
Nov 2024	Continental ServicesMidwest corporate food service provider sold to Morgan Street Holdings after ten add-ons	Exit	Consumer & Food	Source

Portfolio by sector

From the firm's portfolio page S3.

Business Services

Brilliant
DeWinter Group
FMS Solutions
JA Moody

Healthcare

AMFM Healthcare
Carepoint

Industrial Distribution and Manufacturing

PowerRail

Manufacturing

Icelandirect

Past investments: Stratus, Continental Services, Covalent Health, Flying Colours

Greymont’s take

How New Heritage Capital fits a seller

New Heritage suits founders who want a large payout but are not ready to hand over the business. Under the Private IPO, the owner takes most of the value in cash, rolls about 20% of the proceeds back in, and keeps majority voting control and board seats. New Heritage puts in about two-thirds of the equity, half as common stock alongside the owner and half as preferred stock with a 10% return paid at exit. It also offers an incentive pool of up to 25% for the founders and leadership team. Its August 2026 deals with Carepoint and PowerRail and its December 2024 JA Moody deal all used this structure.

An owner should model how the preferred stock and its return affect their share of the proceeds at exit, and ask which protective rights New Heritage keeps even though the owner holds voting control.

Questions owners ask

What is the New Heritage Private IPO?

It is the firm's main deal structure. Owners can take up to 80% of enterprise value in cash at closing, reinvest about 20% of their proceeds, keep 51% of the voting control and a majority of board seats, and own up to half of the company at exit.

What size companies does New Heritage invest in?

Its criteria call for platform companies with $4 million to $30 million or more of EBITDA, and equity investments of $20 million to $100 million or more. Its fourth fund closed at $438 million in November 2023, above its $350 million target.

Does New Heritage invest in IT services companies?

IT services is one of its named business services targets. It invested in Stratus, which provides IT managed services and system implementations for property and casualty insurers, in 2023 and sold it to Infosys in April 2026.

Do New Heritage portfolio companies make add-on acquisitions?

Yes. FMS Solutions bought Merchants Accounting Services and AMP Services in August 2025, its fourth and fifth add-ons under New Heritage, and Icelandirect bought supplement maker SOMA LABS in a deal that closed in February 2026.

Sources

S1New Heritage Capital: For Deal Sources (investment criteria and Private IPO terms) Accessed October 20, 2026
S2New Heritage Capital: For Founders Accessed October 20, 2026
S3New Heritage Capital: Portfolio (status on each company page) Accessed October 20, 2026
S4New Heritage Capital: News Accessed October 20, 2026
S5New Heritage Capital Closes Fund IV with $438 Million in Commitments, Surpassing Target (November 28, 2023) Accessed October 20, 2026
S6New Heritage Capital: Stratus portfolio page (invested 2023, exited 2026) Accessed October 20, 2026
S7Carepoint Announces Partnership with New Heritage Capital (August 18, 2026) Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with New Heritage Capital. Figures are as reported on the dates shown and may have changed. Request a correction