New Harbor Capital

The firm lists six partners: Tom Formolo, Ed Lhee, John Pircon, Justin Marquardt, Bo Mlnarik, and Drew Nicholson. It is an unusually distributed partnership structure for a lower middle-market shop, with no identified single founder or CEO. The partners are supported by a vice president, associates, and a dedicated portfolio operations group led by Operating Partner Mike Martin.

The firm operates a thesis-driven, research-based origination model, focusing on industries where it claims deep connectivity. Public endorsements from founders of Community Psychiatry, Blueprint Prep, and LGM Pharma suggest repeat referrals and relationship-based sourcing play a material role. No external deal-sourcing partnerships or banker-driven model are disclosed.

The available record shows only direct control-equity investments — the firm buys founder-owned companies and executes add-on acquisitions. New Harbor has not publicly disclosed any fund-of-funds activity, LP commitments to external vehicles, or co-investment programs alongside other sponsors.

The firm targets lower middle-market companies with a growth- or buyout-orientation. Its publicly named portfolio positions, such as Blueprint Prep, PT Solutions, and FYZICAL, are established operating businesses, not early-stage startups. The firm frames its mandate around scaling existing platforms rather than venture or distressed-turnaround situations.

The website highlights three verticals: Healthcare Education, Healthcare Technology, and Education Technology. In practice, the portfolio also extends into direct care delivery — behavioral health (Community Psychiatry), physical therapy (PT Solutions, FYZICAL), and pain management (KureSmart). The unifying theme is regulated services and training businesses with recurring demand drivers.

Yes. The firm publicly lists an Operating Partner, a Director of Portfolio Operations Group, and a bench of Executive Advisors composed of former PE-backed CEOs. It installs three-member independent boards at portfolio companies and allocates resources toward management-team recruitment, technology upgrades, and M&A integration.

New Harbor Capital's funding base, fund vehicles, and AUM have not been publicly disclosed. The firm markets itself to founder-owners as a growth partner and does not surface its limited partner composition or institutional-backer profile in publicly accessible materials.