New Heritage Capital

The Private IPO® is New Heritage Capital's proprietary minority-recapitalization structure. It provides founder-owners 80% of the purchase price in cash while allowing them to retain the majority of board seats and an outsized incentive equity plan — up to 25% — designed to let founders capture more future upside than in a traditional control-buyout. Heritage markets it as a transaction that replicates much of the liquidity of a full sale without requiring founders to relinquish control.

Yes, the firm does both. Its stated transaction types include the Private IPO® (minority recapitalization), management buyouts, and growth equity. The Private IPO® is its signature framework, but Heritage also executes traditional majority-buyout and growth-capital deals.

The firm targets platform companies with EBITDA between $4M and $30M+, writing equity investments typically ranging from $20M up to $100M+. These parameters are listed on its strategy page as the core investment criteria.

Managing Directors Mark Jrolf and Charlie Gifford are the firm's most senior leaders, and they appeared alongside a public-facing investment team of partners, principals, and vice presidents on the firm's website. Heritage has not publicly disclosed a formal investment committee structure, but the Managing Directors are the named decision-makers.

Its portfolio and investment criteria show a concentration in healthcare services (behavioral health, air medical transport, ambulance logistics), manufacturing (aerospace components, medical devices, food ingredients), and business services (IT staffing, accounting & finance staffing, corporate food service, marketing and enrollment services for higher education). The firm also lists industrials, value-added distribution, and education as target areas.

The firm's public materials describe only direct deal-making — minority recapitalizations, management buyouts, and growth equity — in founder-owned businesses. There is no mention of fund-of-funds commitments or LP investing in its published strategy.

Charles K. Gifford — known as Chad Gifford, former Chairman of Bank of America — appears as a named thought leader on the firm's website in an interview discussing banking crises and the 2009 financial crisis. Managing Director Charlie Gifford is likely a relation, though the firm has not publicly disclosed the specific personal link. The Gifford name links Heritage to one of Boston's most established financial families.