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Coffee Talk
Business Observer Tuesday, Apr. 1, 2014 4 years ago

Equity firm turns up searchlight

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Stonehenge Growth Equity Partners, a Tampa-based firm that recently raised $40 million to invest in Southeast technology and business services companies, seeks new entities to fund.

Stonehenge Growth Equity Partners, a Tampa-based firm that recently raised $40 million to invest in Southeast technology and business services companies, seeks new entities to fund.

This comes off its latest success, an eight-year investment in Rochester, N.Y.-based iCardiac Technologies. That firm, which provides cardiac safety assessment services, attracted next-stage capital from new venture partners after several years of fast revenue growth, says Stonehenge Growth Equity Partners Managing Partner Brian Model. Stonehenge officials decline to release terms of the firm's exit.

“It was a very positive exit,” Model tells Coffee Talk. “We returned a modest gain on our investment. Now I'm off to find the next one.”

Model says iCardiac had the largest two qualifications Stonehenge seeks in a firm it invests in: An experienced management team and a niche in innovative information technology that merges with health care. The upstate New York region, adds Model, is one area in the country, like Florida, that the firm believes is undeserved in early-stage investments.

A Bank One spinoff, Stonehenge was founded in 1999. Stonehenge Growth Equity is a unit of Stonehenge Capital Co. In addition to private equity and venture capital, Stonehenge Capital has divisions that focus on tax credit consulting and entertainment industry investments. Stonehenge Capital has eight offices nationwide, including Tampa, Dallas, Denver and New York City locations. The Tampa location for both the parent company and the equity fund is in Hyde Park.

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