# Millstone Capital Advisors

Millstone Capital Advisors is a Private Equity based in Saint Louis, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Saint Louis, United States
- **Region:** North America
- **Address:** St. Louis, MO, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** www.millstoneca.com
- **LinkedIn:** https://www.linkedin.com/company/millstone-capital-advisors

## Regulatory record

- **CRD number:** 167266
- **SEC file number:** 802-107648
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/167266

## About

Millstone Capital Advisors is a private equity investment firm dedicated to helping small to mid-sized companies grow through direct investments and strategic assistance. It has extensive experience with companies in restaurants, manufacturing, financial services, infrastructure, healthcare, and information technology. As a St. Louis-based company, its mission includes enhancing quality of life and economic development for the people in the companies in which it invests and the communities in which they operate.

## Sectors

- Restaurants
- Manufacturing
- Financial Services
- Infrastructure
- Healthcare
- Information Technology
- Real Estate
- Industrial Tech

## People

- Toby Warticovschi — partner

## Questions

### What does Millstone Capital Advisors invest in?

Millstone focuses on control buyouts and growth-equity investments in small to mid-sized companies. Its portfolio spans restaurants (Lion's Choice), industrial manufacturing (Hardin Industries, Patterson Mold & Tool), and large-scale real estate redevelopment (Gateway South). The firm targets industries such as manufacturing, financial services, infrastructure, healthcare, and IT from a single St. Louis base.

### Who makes investment decisions at Millstone?

The firm's website references "our founder and principals" but does not name any individual. No named investment professionals appear in Altss research or on the firm domain. The decision-making entity is therefore described only as the unnamed principals operating from the St. Louis office.

### What is Gateway South, and how does it fit into the portfolio?

Gateway South is a 100-acre riverfront redevelopment masterplan south of the Gateway Arch in downtown St. Louis. Millstone is a co-sponsor alongside Good Developments Group and Vault Partners. The project envisions a Construction & Design Innovation District. Millstone's involvement signals a willingness to commit patient capital to signature regional real-asset projects beyond its core buyout mandate.

## Related profiles

- [Mill Rock Capital](https://altss.com/profile/mill-rock-capital)
- [Millstone Financial Group](https://altss.com/profile/millstone-financial-group)

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Last updated: 2026-08-11T15:07:26.757Z

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