
Investments
109Portfolio Exits
38Funds
15About Stonehenge Capital
Stonehenge Capital is a leader in specialty finance. It provides small businesses, real estate developments, historic rehabilitation projects, renewable energy installations, and film and entertainment productions with flexible capital through a variety of debt and equity financings. It was founded in 1999 and is based in Atlanta, Georgia.

Want to inform investors similar to Stonehenge Capital about your company?
Submit your Analyst Briefing to get in front of investors, customers, and partners on CB Insights’ platform.
Latest Stonehenge Capital News
Dec 6, 2022
News provided by Share this article Second Largest Operator of Franchised Sola Salon Studio Locations Prepares for Continued Growth BOULDER, Colo., Dec. 6, 2022 /PRNewswire/ -- Salon Freedom Holdings, LLC (Salon Freedom), the fastest growing and second largest operator of franchised Sola Salon Studio locations, is pleased to announce the addition of Erin Bracke to its executive team as Chief Operating Officer effective Monday, December 5th. Erin will lead sales, marketing and operations across the company, from recruiting and on-boarding new Sola Pros to delivering a world class experience to customers every day. She'll contribute to the company's business strategy, while leading the design and deployment of all sales and operational systems, processes and programs. "We couldn't be more pleased with the addition of Erin to our team," said David Raduziner, Co-Founder and CEO of Salon Freedom. "Erin is an intelligent, energetic and passionate leader, who will continue to build our strong culture for our 1,000+ Sola professionals. She brings a unique combination of sales and operations experience to the company and will be a great resource not only to us but to the entire Sola system." Erin will be relocating to the Nashville area where Salon Freedom has invested approximately $10 million, with an additional $3+ million planned investment over the next 12 to 24 months. The company plans further development in excess of $10 million in Pennsylvania and New Jersey during that period. Erin previously served as VP of Field Sales at Vacasa, a tech driven vacation rental management company. "We believe the combination of Erin's tech company and multi-unit rental experience will help drive Salon Freedom toward 100 Sola units and beyond," said Todd Recknagel, Salon Freedom's Board Chair. He added, "Her energy and enthusiasm is contagious." Prior to Vacasa, Erin had a long career in successively more senior operations management roles at Lifetime Fitness, a premium family health and fitness brand. "Erin is a perfect fit for Salon Freedom's culture of care and support. We can't wait to get her fully engaged with our team and customers," said Steve Breuner, Co-Founder and CMO. "We have no doubt she'll bring a fresh perspective on marketing, sales and operations that will drive our business success as we continue our dramatic growth." Bo Breuner, Philadelphia Development Director, who is running the fastest growing market in the country for Salon Freedom noted, "We eagerly anticipate the contributions Erin will make to our system bringing new ideas and sophistication to our operations – there's much to learn from her." About Sola Salon Studios In 2004, Sola Salons was established with the opening of its first location in Denver, Colorado. Now with more than 645 locations open in the U.S., Canada and Brazil, Sola is proud to offer almost 20,000 independent beauty professionals the freedom and benefits of salon ownership without the risk and overhead of opening a traditional salon. Its innovative salon model empowers hairdressers, estheticians, nail techs and other like-minded professionals to take control and independently manage their careers. Sola provides beauty professionals with beautiful, fully equipped salon studios alongside the support and tools they need to launch their salon business in no time. For more information, please visit www.solasalons.com . About Salon Freedom Holdings Salon Freedom was formed in 2008 to develop franchised Sola Salon locations. The company announced a major investment in March, 2022 by Three20 Capital Group, Geneva Glen Capital, and Stonehenge Partners. Salon Freedom currently operates 42 locations in Pennsylvania, New Jersey and Tennessee with an additional 8 locations planned or under construction for completion by Q2 2023. About Three20 Capital Group Three20 Capital Group is a private equity firm led by franchise veterans Todd Recknagel and Kristi Mailloux. Three20 has a depth of experience in franchising, distribution, energy efficiency and multi-unit businesses. A sampling of Brands they have partnered with include Massage Envy, Office Pride, Take 5 Oil change, Mr. Handyman, Molly Maid, Quatrro Business Services and AM Conservation Group. www.Three20group.com About Geneva Glen Capital Geneva Glen Capital is a Chicago-based private equity firm that invests in proven private companies with leading market positions, significant growth potential, and stable cash flows. GGC makes control investments and targets companies headquartered in the U.S. or Canada with EBITDA between $2 million and $20 million. The firm works closely with management teams to establish and execute on a clearly defined value creation and growth plan. www.genevaglencapital.com About Stonehenge Capital Stonehenge is an Ohio-based private equity firm serving the lower middle market. Founded in 1999, Stonehenge has a long history of partnering with leading entrepreneurs and managers who are focused on building winning teams, accelerating growth, and creating shareholder value. Stonehenge provides flexible capital that meets the needs of all stakeholders, including majority equity, minority equity, debt, and combinations thereof. Stonehenge has raised more than $1 billion of committed capital and is currently investing out of its fifth institutional fund. www.Stonehengepartners.com Contact David Raduziner, CEO at [email protected] or Todd Recknagel, Board Chair at [email protected] SOURCE Salon Freedom Holdings, LLC ×
Stonehenge Capital Investments
109 Investments
Stonehenge Capital has made 109 investments. Their latest investment was in Wellinks as part of their Series C on November 11, 2021.

Stonehenge Capital Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
11/3/2021 | Series C | Wellinks | $25M | Yes | 7 | |
1/25/2021 | Debt - II | Tala Security | $1.52M | Yes | 1 | |
8/13/2020 | Private Equity | LilyAna Naturals | Yes | 1 | ||
7/9/2020 | Private Equity | |||||
3/2/2020 | Private Equity - II |
Date | 11/3/2021 | 1/25/2021 | 8/13/2020 | 7/9/2020 | 3/2/2020 |
---|---|---|---|---|---|
Round | Series C | Debt - II | Private Equity | Private Equity | Private Equity - II |
Company | Wellinks | Tala Security | LilyAna Naturals | ||
Amount | $25M | $1.52M | |||
New? | Yes | Yes | Yes | ||
Co-Investors | |||||
Sources | 7 | 1 | 1 |
Stonehenge Capital Portfolio Exits
38 Portfolio Exits
Stonehenge Capital has 38 portfolio exits. Their latest portfolio exit was PaySpan on November 09, 2022.
Date | Exit | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Acquirer | Sources |
---|---|---|---|---|---|
11/9/2022 | Acquired | 2 | |||
5/26/2022 | Acquired | 1 | |||
4/15/2021 | Acquired | 1 | |||
Date | 11/9/2022 | 5/26/2022 | 4/15/2021 | ||
---|---|---|---|---|---|
Exit | Acquired | Acquired | Acquired | ||
Companies | |||||
Valuation | |||||
Acquirer | |||||
Sources | 2 | 1 | 1 |
Stonehenge Capital Acquisitions
4 Acquisitions
Stonehenge Capital acquired 4 companies. Their latest acquisition was Algiere Construction Services on December 13, 2018.
Date | Investment Stage | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Total Funding | Note | Sources |
---|---|---|---|---|---|---|
12/13/2018 | Debt | $0.68M | Acq - Fin | 1 | ||
4/4/2008 | ||||||
1/7/2008 | ||||||
5/22/1991 |
Date | 12/13/2018 | 4/4/2008 | 1/7/2008 | 5/22/1991 |
---|---|---|---|---|
Investment Stage | Debt | |||
Companies | ||||
Valuation | ||||
Total Funding | $0.68M | |||
Note | Acq - Fin | |||
Sources | 1 |
Stonehenge Capital Fund History
15 Fund Histories
Stonehenge Capital has 15 funds, including Stonehenge Community Impact Fund.
Closing Date | Fund | Fund Type | Status | Amount | Sources |
---|---|---|---|---|---|
7/16/2020 | Stonehenge Community Impact Fund | Diversified Private Equity | Open | $28M | 1 |
5/1/2007 | Stonehenge Growth Capital Fund | Mezzanine (Third-Party) | Closed | $200M | 1 |
12/31/2005 | Stonehenge Capital Fund Texas | Multi-Stage Venture Capital | Closed | $24M | 1 |
11/9/2004 | Stonehenge Capital Fund Alabama | ||||
5/1/2002 | Stonehenge Capital Fund Colorado |
Closing Date | 7/16/2020 | 5/1/2007 | 12/31/2005 | 11/9/2004 | 5/1/2002 |
---|---|---|---|---|---|
Fund | Stonehenge Community Impact Fund | Stonehenge Growth Capital Fund | Stonehenge Capital Fund Texas | Stonehenge Capital Fund Alabama | Stonehenge Capital Fund Colorado |
Fund Type | Diversified Private Equity | Mezzanine (Third-Party) | Multi-Stage Venture Capital | ||
Status | Open | Closed | Closed | ||
Amount | $28M | $200M | $24M | ||
Sources | 1 | 1 | 1 |
Stonehenge Capital Team
12 Team Members
Stonehenge Capital has 12 team members, including , .
Name | Work History | Title | Status |
---|---|---|---|
Michael P. Kirby | FCCI | Founder | Current |
Name | Michael P. Kirby | ||||
---|---|---|---|---|---|
Work History | FCCI | ||||
Title | Founder | ||||
Status | Current |
Compare Stonehenge Capital to Competitors

Leyline Renewable Capital provides flexible capital solutions. It develops, builds, and finances renewable energy projects. The company was founded in 2019 and is based in Durham, North Carolina.
Bluestar Energy Capital (Bluestar) operates as a global renewable energy investment company. Through a combination of establishing its own regional development platforms as well as controlling investments in existing platforms, the company aims to be one of the largest investors of project development capital globally. It was founded in 2022 and is based in Chicago, Illinois.

Lacuna Sustainable Investments is a principal investment firm active in the development and monetization of renewable energy projects throughout North America.
Bessemer Investors operates with process and flow control, value-added distribution, industrial technology, packaging, industrial services, utility and infrastructure services, aerospace and defense. The company was founded in 2018 and is based in New York, New York.

The Riverside Company is a global private equity firm focused primarily on the smaller end of the middle market companies. It offers private equity capital, flexible capital, and private credit. The Riverside Company caters to business services, consumer brands, education, training, franchisors, healthcare, specialty manufacturing software, and IT. The company was founded in 1988 and is based in New York, New York.
Horizon Technology Finance (NASDAQ: HRZN) is a specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and sustainability industries. The company was founded in 2003 and is based in Farmington, Connecticut. In July 2023, Horizon Technology Finance was acquired by Monroe Capital. the terms of the transaction were not disclosed.