Heron Capital

Heron Capital Equity Partners is a private equity firm based in Indianapolis, Indiana, with an additional office in Carmel, Indiana. The firm specializes in buyouts, recapitalizations, and investments in emerging growth and expansion-stage companies, primarily focusing on small to middle market businesses. Heron Capital is largely industry agnostic but places a strong emphasis on precision manufacturing and healthcare-related sectors while avoiding retail investments. The firm concentrates its efforts within the United States and Canada, particularly in the Midwest, and prefers to invest in private companies located within 250 miles of Indianapolis. Heron Capital typically invests between $1 and $10 million in companies with revenues of at least $2 million and earnings between $0.5 million and $4 million, seeking a controlling interest and the potential for a gross margin exceeding 35%. The firm is committed to long-term investments and aims to take board seats in its portfolio companies, leveraging insights from a network of advisors in science, medicine, and business leadership.

Kevin Etzkorn

Managing Director

Greg Maurer

Founder & Managing Director

12 past transactions

NeoChord

Series C in 2015
NeoChord, Inc. is a medical technology company that specializes in developing devices to address degenerative mitral valve disease (DMR), a condition that can lead to serious complications such as atrial fibrillation and congestive heart failure. The company's flagship product is the NeoChord Artificial Chordae Delivery System, a disposable device designed to repair damaged heart chordae through a small incision while the heart continues to beat. This innovative approach allows for mitral valve repair to be performed via a 2 to 3-inch incision between the ribs, significantly less invasive than traditional methods that require larger incisions and the use of heart-lung machines. Founded in 2007, NeoChord is headquartered in St. Louis Park, Minnesota.

AirXpanders

Series E in 2014
AirXpanders develop technology enabling tissue expansion after reconstructive surgery with an emphasis on breast reconstruction. It addresses current unmet needs for patients who require tissue expansion after reconstructive surgery with the first emphasis on breast reconstruction. Present methods of tissue expansion utilize saline-filled implants that are typically injected on a weekly basis after surgery in order to reach the volume of skin and tissue required for the placement of a permanent breast implant.

Scale Computing

Series D in 2012
Scale Computing, Inc. specializes in edge computing, virtualization, and hyperconverged solutions tailored for midsized businesses. Founded in 2007 and headquartered in Indianapolis, Indiana, the company offers its HC3™ platform, which integrates servers, storage, and virtualization into a single, user-friendly system. This all-in-one appliance enhances storage speed and capacity while simplifying datacenter management. HC3 continuously monitors virtual machines and hardware components to ensure application availability and efficiently address infrastructure events. In addition to its core platform, Scale Computing provides services such as infrastructure refresh, virtual-to-virtual migration, physical-to-virtual migration, and disaster recovery solutions. As a result, the company is increasingly favored by IT departments across various industries looking to maintain high availability and scalability of their applications.

AirXpanders

Series D in 2012
AirXpanders develop technology enabling tissue expansion after reconstructive surgery with an emphasis on breast reconstruction. It addresses current unmet needs for patients who require tissue expansion after reconstructive surgery with the first emphasis on breast reconstruction. Present methods of tissue expansion utilize saline-filled implants that are typically injected on a weekly basis after surgery in order to reach the volume of skin and tissue required for the placement of a permanent breast implant.

AirXpanders

Series D in 2012
AirXpanders develop technology enabling tissue expansion after reconstructive surgery with an emphasis on breast reconstruction. It addresses current unmet needs for patients who require tissue expansion after reconstructive surgery with the first emphasis on breast reconstruction. Present methods of tissue expansion utilize saline-filled implants that are typically injected on a weekly basis after surgery in order to reach the volume of skin and tissue required for the placement of a permanent breast implant.

Celleration

Series E in 2011
Celleration Inc. develops and commercializes therapeutic ultrasound healing technologies in the United States. It offers MIST Therapy, a noncontact and low frequency ultrasound solution delivered through a saline mist to the wound bed. The company serves patients, medical professionals, and payers. Celleration Inc. was formerly known as Advanced Medical Applications, Inc. The company was founded in 1999 and is based in Eden Prairie, Minnesota. As of May 29, 2015, Celleration, Inc. operates as a subsidiary of Alliqua BioMedical, Inc.

IDEV Technologies

Series D in 2010
IDEV Technologies is an emerging growth medical device company focused on the development of products for endovascular and interventional applications. Currently, IDEV markets SUPERA, a novel self-expanding nitinol stent. Using a patented interwoven design, SUPERA offers improved flexibility, radial strength, and kink and crush resistance compared to other marketed stents. SUPERA is currently approved for use in the treatment of biliary strictures in the US. IDEV is currently enrolling patients in the SUPERB IDE trial to study SUPERA's safety and efficacy when used in the superficial femoral artery (SFA).

Celleration

Series D in 2008
Celleration Inc. develops and commercializes therapeutic ultrasound healing technologies in the United States. It offers MIST Therapy, a noncontact and low frequency ultrasound solution delivered through a saline mist to the wound bed. The company serves patients, medical professionals, and payers. Celleration Inc. was formerly known as Advanced Medical Applications, Inc. The company was founded in 1999 and is based in Eden Prairie, Minnesota. As of May 29, 2015, Celleration, Inc. operates as a subsidiary of Alliqua BioMedical, Inc.

BioSET

Venture Round in 2007
BioSET, Inc., founded in 2001 and based in Rockville, Maryland, specializes in the research and development of synthetic bioactive peptides for medical applications. The company focuses on creating proprietary therapeutic peptides and implantable devices designed to enhance bone and soft tissue repair, particularly in orthobiologics. Its flagship product, Amplex, is an implantable device that combines a peptide with a synthetic ceramic scaffold, serving as a surgical bone graft implant for various spinal and orthopedic surgeries, including lumbar degenerative disc disease and foot and ankle fusion procedures. Additionally, BioSET develops products for sports medicine and offers peptide signaling molecules along with diverse scaffold biomaterials to support musculoskeletal applications, including trauma and fracture repair. As of February 2015, BioSET operates as a subsidiary of Ferring Pharmaceuticals Inc.

Atlantis Components

Series D in 2007
Atlantis has designed a software system known as the Virtual Abutment Design (VAD) system. VAD allows their technicians to design abutments with a certainty and precision previously unknown to implant dentistry. The following is an overview of the Atlantis VAD and titanium machining process. The same process is followed by their technicians for single and multiple unit cases.

AirXpanders

Series A in 2007
AirXpanders develop technology enabling tissue expansion after reconstructive surgery with an emphasis on breast reconstruction. It addresses current unmet needs for patients who require tissue expansion after reconstructive surgery with the first emphasis on breast reconstruction. Present methods of tissue expansion utilize saline-filled implants that are typically injected on a weekly basis after surgery in order to reach the volume of skin and tissue required for the placement of a permanent breast implant.

AirXpanders

Venture Round in 2006
AirXpanders develop technology enabling tissue expansion after reconstructive surgery with an emphasis on breast reconstruction. It addresses current unmet needs for patients who require tissue expansion after reconstructive surgery with the first emphasis on breast reconstruction. Present methods of tissue expansion utilize saline-filled implants that are typically injected on a weekly basis after surgery in order to reach the volume of skin and tissue required for the placement of a permanent breast implant.