Junior capital and private equity firm
Stonehenge Partners
- HeadquartersColumbus, OH S1
- Founded1999 S2
- Websitestonehengepartners.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | Stonehenge Opportunity Fund V, $375M S2 |
|---|---|
| EBITDA range | $2M+ S2 |
| Check size | $10M to $50M S2 |
| Deal types | Platform, Add-on, Minority, Growth S1 |
| Sectors | Industrial & Manufacturing, Distribution, Healthcare Services, Consumer & Food, Landscaping, Construction Services |
What Stonehenge Partners buys
Stonehenge is a Columbus, Ohio firm founded in 1999 that has raised more than $1.4 billion of committed capital. It calls itself a junior capital firm because it can invest in several forms: subordinated debt, a minority equity stake, a controlling stake, or a mix of these. It backs management buyouts, leveraged acquisitions, recapitalizations and growth plans in manufacturing, distribution, healthcare services and business services companies, and it stays away from real estate and retail. Its holdings range from compressed air products to pavement maintenance, lawn irrigation and franchised consumer brands.
It invests $10 million to $50 million per deal in companies with a steady history and more than $2 million of cash flow. Its January 2026 overview names Stonehenge Opportunity Fund V, a $375 million fund. Stonehenge can be the only institutional investor or a partner to another sponsor, and its two latest announced deals were made alongside other investors, one of them an independent sponsor. Smaller businesses can also join existing platforms such as True North Asphalt or EcoSystems as add-ons.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | DDK FitnessInvested with independent sponsor Woodbrook Lane Partners in this 20-club Anytime Fitness franchisee, funding its purchase of six-club NorCal Fitness | Investment | Consumer & Food | Source |
| Dec 2024 | Motion & Flow Control ProductsGrowth investment alongside Colville Group in a fluid power and hydraulics distributor with more than 50 Western U.S. locations | Growth | Distribution | Source |
Portfolio by sector
From the firm's portfolio page S1.
Business Services
- Rita's Italian Ice & Frozen Custard
- Associated Graphics
- Mashburn Outdoor
- Curated Events
- EcoSystems
- The Sports Facilities Companies
- Salon Freedom
- True North Asphalt
- Carolina Restaurant Group
Distribution
- Motion & Flow Control Products
- Stratus Surfaces
- Certified Power
Healthcare
- Envision Home Health & Hospice
Manufacturing
- EXAIR
- Cold Jet
- The Davlyn Group
Greymont’s take
How Stonehenge Partners fits a seller
Stonehenge suits owners who want to take money out of the business or fund growth without necessarily giving up control. Because it can supply subordinated debt or a minority stake as well as a buyout, an owner can choose how much of the company to sell. It also suits independent sponsors and other small buyers who need a capital partner: its two most recent announced deals, Motion & Flow Control Products in 2024 and DDK Fitness in 2026, were done next to another investor.
The firm describes its capital as patient and says it builds long relationships with management, which fits owners and managers who plan to keep running the company. An owner should ask how the money would be split between debt and equity, what the debt costs and when it must be repaid, and who controls the board if Stonehenge takes a minority position alongside another sponsor.
Questions owners ask
Does Stonehenge take minority stakes or only buy companies outright?
It does both. Stonehenge can invest subordinated debt, minority equity, control equity or a combination, and it can act as the only institutional investor or as a co-investor with another sponsor.
How big does a company need to be for Stonehenge?
Its criteria call for a stable operating history and more than $2 million of cash flow. Individual investments typically range from $10 million to $50 million.
Does Stonehenge work with independent sponsors?
Yes. Its September 2026 investment in DDK Fitness, an Anytime Fitness franchisee, was made with Woodbrook Lane Partners, an independent sponsor, and its December 2024 growth investment in Motion & Flow Control Products was made with Colville Group.
Which industries does Stonehenge avoid?
Its overview lists real estate and retail as industries it avoids, and its website adds technology. It prefers manufacturing, distribution, healthcare services and business services companies.
Sources
- S1Stonehenge Partners home page (approach, criteria, sectors and portfolio) Accessed October 20, 2026
- S2Stonehenge Partners firm overview (January 13, 2026) Accessed October 20, 2026
- S3Investment Companies Announce Partnership With Growing Anytime Fitness Franchise Organization (September 2026) Accessed October 20, 2026
- S4Stonehenge Invests in Motion & Flow Control Products (December 2024) Accessed October 20, 2026
- S5Stonehenge Partners: News Accessed October 20, 2026
- S6Stonehenge Partners: 2023 Year in Review (January 2024) 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 Stonehenge Partners. Figures are as reported on the dates shown and may have changed. Request a correction