Stonehenge Partners

Stonehenge Partners

Stonehenge Partners traces its roots to the late 1990s when Peter Davies, a former Banc One Capital and KPMG Peat Marwick CPA, co-founded the firm. Managing partners Robert Eversole (since 2007, previously Fifth Third Bank's Ohio and Florida CEO) and Andrew Bohutinsky (since 2017) joined later. The group targets established middle-market companies, deploying $10 million to $50 million per investment across manufacturing, distribution, healthcare, and business services — explicitly avoiding real estate, retail, and technology. The firm structures investments as management buyouts, acquisitions, recapitalizations, and growth equity. Its partnership model seeks companies with stable operating histories and cash flows exceeding $2 million. Portfolio companies include Cold Jet, Envision Home Health & Hospice, Stratus Surfaces, The Sports Facilities Companies, and Advanced Drainage Systems. Stonehenge invests as a sole institutional capital provider or co-investment partner, with operating bases centered in Ohio and the greater Midwest. Stonehenge lists 16 professionals, including three managing partners, a CFO, a partner, a director, and multiple vice presidents. Recent operational activity includes providing growth capital to Stratus Surfaces (per the firm's website, undated 2023 release) and an investment in Motion & Flow Control Products (per the firm's website). The investment committee draws on senior advisors Michael Endres and David Meuse, both Banc One Capital veterans. Stonehenge's structural distinction is its continuity of leadership — the firm has operated under the same managing-partner triumvirate for decades while deliberately avoiding the TMT and real estate sectors. That self-imposed constraint shapes a concentrated portfolio in industrial and healthcare niches that few lower-middle-market generalists maintain as explicitly.