Philosophy How We Work Criteria Team Portfolio Start a Conversation Investor Portal
Indianapolis, Indiana  ·  Founded 2002

We invest in companies
we intend to keep.

Heron Capital is a private investment firm built by entrepreneurs, for entrepreneurs. We don't manage a fund. We don't answer to a committee. We partner with exceptional business owners who want a thoughtful, permanent home for what they've built.

See What We Look For Our Approach →
20+
Years Operating
No Fund
No Timeline Pressure
Midwest
Base & Preference
20+
Years Investing & Operating
$0
External Fund Obligations
∞
Hold Period — We Don't Flip
2
Decision Makers — No Committee
Our Philosophy

Not private equity.
Something better.

Traditional PE firms manage other people's money, answer to fund timelines, and are structurally required to sell. We are not that.

Heron is funded by its principals. We make decisions at a table of two. We hold our companies for as long as it takes to do right by them — because we're owners, not managers of capital.

Have a confidential conversation →
01Permanent Capital

No fund lifecycle. No forced exit. We buy companies we want to own for decades, not quarters. Your employees wake up to the same ownership structure they went to sleep with.

02Entrepreneur-to-Entrepreneur

We've built and operated businesses ourselves. When we sit across the table, we're not reading from an investment thesis — we're talking shop with someone who's done it.

03Operating Partnership

We roll our sleeves up. We attend your management meetings. We solve problems alongside you, not above you. Your success is not a line item — it's the whole point.

04Relationship Before Transaction

The best deals we've done came from conversations that started years before any LOI. If you're thinking about your next chapter, we'd rather start talking now.

How We Work

Decisions at a human scale.

No investment committee. No layers. The people you meet in diligence are the people you'll work with for the next decade.

01
Preliminary Conversation

We start with an honest conversation — no NDA, no banker on the phone. Just two principals getting to know your business and what you're hoping for. Completely off the record if you prefer.

02
Focused Diligence

We do our homework efficiently. We've been operators — we know what matters and what doesn't. We move fast, communicate clearly, and won't waste your time on irrelevant process.

03
Partnership, Long-Term

After close, you have two experienced operators in your corner with no competing interests. We build alongside you — organically and through strategic add-on acquisitions when the right fit emerges.

Acquisition Criteria

What we look for.

We're deliberately broad on industry. What we're not flexible on is the quality of people and the durability of the business model.

We are actively seeking add-on acquisitions for Arcamed — suppliers, contract manufacturers, and service providers to the orthopedic industry. No minimum EBITDA.

Reach out directly →
Exceptional People

We invest in people first. The team that built the business is almost always the right team to keep growing it. We don't arrive with our own operators or restructuring agendas.

Industry-Agnostic, with Depth in Manufacturing & Healthcare

We won't pass on a great business because of the sector. Our deepest experience is precision manufacturing and healthcare supply chain, but we go where the right opportunity leads.

Midwest Base, North American Scope

We are rooted in Indianapolis and prefer proximity. We'll consider the right business anywhere in North America — but you'll find us easiest to work with if you're in our time zone.

EBITDA up to $4M

We focus on the lower middle market. We will consider underperforming companies with a clear path — we have the operational depth to work through challenges alongside management.

Gross Margin Potential >35%

We look for businesses where the economics support long-term investment in people and operations — not just optimization for a near-term exit multiple.

The Team

Two principals.
Decades of experience.

The people you meet on day one are the same people you'll call five years after close.

Greg Maurer
Greg Maurer
Executive Chairman & Co-Owner

Founder of Heron Capital, Greg has spent decades building and investing in companies across healthcare, manufacturing, and technology. He brings the strategic perspective of a founder and the patience of a long-term owner to every partnership. Greg is intimately involved in all aspects of the investment process — from initial conversation through long-term stewardship.

FounderLife Science VCStrategic OperationsBoard Governance
Connect
Kevin Etzkorn
Kevin Etzkorn
Managing Director & Co-Owner

Nuclear Engineer, U.S. Navy veteran, and former Principal at CID Capital, where portfolio exits included EKOS Corporation (BTG), Renal Solutions (Fresenius), and Atlantis Components (Astra Zeneca). Kevin brings 20+ years of investing and operating experience across medtech, precision manufacturing, and defense-adjacent industries. Co-founder and CFO of Arcamed.

U.S. NavyMedtech InvestingPrecision ManufacturingM.B.A. Illinois
LinkedIn
Portfolio

We build companies worth owning.

Current Portfolio Company
Arcamed

A precision contract manufacturer of medical device cases, trays, and screw caddies serving orthopedic OEMs. ISO 13485 certified and FDA registered, headquartered in Indianapolis. Approximately 75% of revenue is generated from spine customers.

Visit arcamed.com →
Certification
ISO 13485 / FDA Registered
Primary Market
Spine & Orthopedic OEMs
Headquarters
Indianapolis, Indiana
Products
Cases, Trays & Screw Caddies
Actively Seeking Add-On Acquisitions for Arcamed

Suppliers, contract manufacturers, and service providers to the orthopedic industry — profitable, no minimum EBITDA. Reach out directly →

Get in Touch

If you're thinking about your next chapter,
let's talk.

The best conversations start early — before a process, before a banker, before a timeline. We're accessible, direct, and happy to have an off-the-record conversation with any business owner quietly exploring what's next.

Address9245 N. Meridian St., Ste. 101
Indianapolis, IN 46260
Phone317-686-1950
Fax317-686-1954
Emailadmin@heroncap.com
ContactSusan Roederer
Fund Administrator & Executive Assistant
All inquiries handled confidentially.
Thank you for reaching out. We'll be in touch within one business day. All conversations are treated as confidential.
Close
Investor Portal
Portfolio Access

Access your investor documents, capital account statements, and portfolio updates. Contact Susan Roederer at admin@heroncap.com if you need access credentials.

Restricted to authorized investors. For access: admin@heroncap.com or 317-686-1950.

Close
Legal

Privacy Policy

Heron Capital Equity Partners, LLC ("Heron Capital") is committed to protecting the privacy and confidentiality of information shared with us.

Information We Collect

We may collect information you voluntarily provide through our contact form, including name, email, phone, company, and message content.

How We Use Your Information

Confidentiality

All information is treated as strictly confidential. We do not sell, trade, or share your personal information with third parties except as required by law.

Contact

Questions: admin@heroncap.com or 317-686-1950.

Last updated 2025 · Heron Capital Equity Partners, LLC · Indianapolis, IN 46260