Boston-based private equity firm New Heritage Capital (NHC) has garnered over $150m towards its latest investment fund.
The firm, which focuses on founder and family-owned businesses, has to date raised $112.36m for its New Heritage Capital Fund, alongside a further $39.44m from a separate sidecar fund, according to recent SEC filings.
It is seeking to raise $175m for the fund, which will invest in sectors such as aerospace, education & training, manufacturing, business services, food & beverage, pet products, consumer, healthcare, test & measurement, distribution, industrial & infrastructure and transportation & logistics. It targets privately held businesses with “a minimum of five years of stable cash flows”, minimum revenue of $30m and EBITDA of at least $5m.
New Heritage was founded in 2006 by Mark Jrolf, after spending ten years prior with Heritage Partners, alongside NHC general partner Charles Gifford and COO Nickie Norris.
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