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The Heritage Group
Tom Bell runs The Heritage Group, the family office for the Bell family of Indianapolis, investing in private equity, real estate, and infrastructure.
The Heritage Group
The Heritage Group serves as the single-family office for the Bell family, whose wealth originated from Heritage Construction Materials, a major asphalt and paving business, and Heritage Environmental Services, an environmental remediation firm. The office is based in Indianapolis with additional offices in Houston and Westport, Connecticut, reflecting a national investment scope. The firm was established several decades ago to manage the family's growing capital and diversify into new asset classes. The Heritage Group invests across a range of asset classes including private equity, real estate, and infrastructure, often targeting direct investments where the family can add operational value. The firm has a noted focus on industrial and environmental sectors, leveraging the Bell family's deep industry knowledge from their core businesses. Confirmed portfolio companies include Heritage Environmental Services and Heritage Construction Materials (per public record), alongside real estate holdings and infrastructure projects in the Midwest and beyond. The firm also participates in co-investments with other family offices and institutional partners, typically in the lower-middle market. The scale of The Heritage Group's deployment and number of professionals is not publicly disclosed, but the firm maintains a lean team of investment professionals across its three offices. The family operates several philanthropic entities, including the Bell Foundation, which supports education and environmental initiatives in Indiana. In the last 24 months, the firm has been active in real estate development and infrastructure investments in the Midwest, though specific deal terms and dates are not public. A structural differentiator for The Heritage Group is its deep operational heritage in industrial and environmental services, which gives the firm a direct, hands-on approach to value creation in portfolio companies and real assets. Unlike many family offices that rely solely on financial due diligence, the Bell family and their team bring operational management experience to their investments, blurring the line between owner and operator. This operating-company relationship shapes the firm's sourcing and underwriting, allowing them to execute deals that require comprehensive sector expertise.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Indianapolis
Corporate office
Indianapolis, IN, United States
Additional offices
Houston, TX, United States · Westport, CT, United States
Principals
Tom Bell
Principal
Sector focus
Frequently asked questions
Who runs investment decisions at The Heritage Group?
The firm is led by Tom Bell, a principal representing the Bell family. The investment team includes a mix of family members and external professionals. The Heritage Group operates with a lean structure, allowing the family to make direct decisions on major investments, particularly in private equity and real estate.
How does The Heritage Group source proprietary deal flow?
The firm leverages its deep operational expertise in industrial and environmental sectors to identify and underwrite direct investment opportunities. Much of the deal flow originates from the Bell family's network in the construction, environmental services, and industrial real estate industries. The Heritage Group also actively pursues co-investments alongside other family offices and private equity firms.
Is The Heritage Group structured as a single family office or does it operate more like a private equity firm?
The Heritage Group operates as a single-family office, managing the wealth of the Bell family. However, the firm has a direct investment posture that resembles a private equity or operational holding company, particularly in industrial and infrastructure assets. The distinction is that all investment decisions are ultimately made for the benefit of the Bell family, not external limited partners.
Does The Heritage Group participate in fund commitments or only direct deals?
The firm is known primarily for direct investments in private companies, real estate, and infrastructure. It may also commit to private equity funds on a selective basis, particularly those focused on industrial or environmental sectors where the family has domain expertise. Publicly, however, the firm emphasizes its direct deal-making approach.
What investment stages does The Heritage Group typically target?
The Heritage Group invests across a range of stages, from mature operating companies to growth equity and real asset developments. The firm's sweet spot is the lower-middle market in industrial and environmental sectors, where it can leverage operational expertise to enhance value. It also pursues real estate and infrastructure projects, typically in the Midwest region.
Which sectors does The Heritage Group explicitly avoid?
The firm's disclosed sector preferences focus on industrial, environmental, and real estate assets. There are no public statements about sectors it avoids, but the firm's track record suggests it stays close to its core competencies in heavy industry and infrastructure. It likely avoids early-stage technology or consumer discretionary sectors, though this is inferred from investment patterns.
Where does the underlying wealth come from?
The Bell family's wealth originated from Heritage Construction Materials, a major asphalt and paving business, and Heritage Environmental Services, an environmental remediation and industrial services company. These businesses were built over decades and later generated a pool of capital that the family invested through The Heritage Group.
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