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FINANCE | Investment Firms & Funds
stonehengecapital.com

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Investments

108

Portfolio Exits

35

Funds

15

About Stonehenge Capital

Stonehenge Capital specializes in specialty finance, with investments in a variety of small businesses, real estate developments, historic rehabilitation projects, renewable energy installations and film and entertainment productions.

Stonehenge Capital Headquarter Location

3350 Riverwood Pkwy Suite 1900

Atlanta, Georgia, 30339,

United States

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Latest Stonehenge Capital News

Large Multi-Unit Sola Salons Franchisee Partners for 75+ Unit Development

Mar 30, 2022

News provided by Share this article Share this article PHILADELPHIA, March 30, 2022  /PRNewswire/ -- Three20 Capital Group, Geneva Glen Capital & Stonehenge Partners (Three20, GGC & Stonehenge) are pleased to announce a major investment in Eleven Eleven Holdings, developer and owner of Sola Salon Studios franchise locations. Sola Salons is the leading provider of salon suites in the US. The group is pleased to announce new multi-unit development agreements in Pennsylvania, Southern New Jersey and Tennessee. Eleven Eleven will continue to invest in their 37 currently open Sola locations while committing capital to grow to over 75 units in the next five years creating opportunities for over 1,500 additional Sola Pros. The company also intends to grow through acquisitions of established Sola locations in other markets. The Eleven Eleven Holdings leadership team of David Raduziner, Steve Breuner and Bo Breuner, have been franchisee veterans in the Sola Salon system since 2008 developing the successful 37 units. Raduziner will serve as CEO with Steve Breuner as CMO. "We love the management of Eleven Eleven and Raduziner & the Breuners are exceptionally suited to continue to lead the company," said Adam Schecter, Partner with GGC. "We are thrilled to have the investment and backing of Three20, GGC & Stonehenge to more than double the size of the company and lend valuable strategic support as we continue our explosive growth," said Raduziner. "Sola Salons created the category," said Breuner. "Sola is not only a trailblazer, but best in class organization that we've been proud to be a part of. "We're looking forward to reaching over 75 units over the next five years". Three20 Capital Group is led by longtime multi-unit franchisees and franchisors Todd Recknagel and Kristi Mailloux. Recknagel & Mailloux are currently Operating Partners in the largest Massage Envy multi-unit franchisee in the country which they helped grow from 7 locations to over 90 clinics today. Recknagel says, "Over the years, my wife Kristi and I have participated in a number of very successful investments in franchising and we love the Sola franchise model." Mailloux said, "We have been blessed to see tremendous growth and hope to bring franchise best practices to Eleven Eleven. "   Recknagel added, "Having a franchise dream team like Raduziner and the Breuners will unleash unlimited growth as well." Recknagel will serve as Board Chair. "We believe that our team will be leaders within the brand bringing depth in experience, service, and culture building. " Stonehenge Partner, Pete Davies, added "We are really looking forward to helping improve the lives of over 2,500 Sola Pros by the time we build our organization. " Fifth Third Securities, Inc., served as financial advisor to Eleven Eleven. "We are excited to see one of our strongest franchisees joining forces with capital partners like Three20 Capital, Geneva Glen Capital and Stonehenge Capital, who will give them the stability and strength to continue their expansion. These groups bring significant franchise experience, and we look forward to this new relationship," said Christina Russell, CEO of Sola Salons. About Sola Salons                                                                           In 2004, Sola Salons was established with the opening of its first location in Denver, Colorado. Now with more than 600 locations open in the U.S., Canada and Brazil, Sola is proud to offer 18,000+ 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 of their lives and 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 Three20 Capital Group                                                                                                    Three20 Capital Group is a private equity firm making acquisitions and investments in privately held middle market companies. They have a depth of experience in franchising, distribution, energy efficiency and multi-unit businesses. A sampling of Brands they have partnered with include Mr. Handyman, Massage Envy, Take 5 Oil change, Molly Maid, Office Pride, 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. The principals of GGC have extensive private equity experience and a funding structure that provides the ability to be flexible, creative and, if appropriate, long-term investors. 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. Media Contacts:

Stonehenge Capital Investments

108 Investments

Stonehenge Capital has made 108 investments. Their latest investment was in Wellinks as part of their Series C on November 11, 2021.

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Stonehenge Capital Investments Activity

investments chart

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

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$99M

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10

3/2/2020

Private Equity - II

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10

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

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Amount

$25M

$1.52M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

7

1

1

10

10

Stonehenge Capital Portfolio Exits

35 Portfolio Exits

Stonehenge Capital has 35 portfolio exits. Their latest portfolio exit was SmartGuard Energy on April 15, 2021.

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

4/15/2021

Acquired

1

12/6/2018

Acquired

1

10/25/2018

Acquired

3

1/30/2018

Merger

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10

12/4/2017

Acquired

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10

Date

4/15/2021

12/6/2018

10/25/2018

1/30/2018

12/4/2017

Exit

Acquired

Acquired

Acquired

Merger

Acquired

Companies

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Valuation

Acquirer

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Sources

1

1

3

10

10

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

$99M

$0.68M

Acq - Fin

1

4/4/2008

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$99M

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0

1/7/2008

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$99M

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0

5/22/1991

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$99M

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10

Date

12/13/2018

4/4/2008

1/7/2008

5/22/1991

Investment Stage

Debt

Companies

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Valuation

$99M

$99M

$99M

$99M

Total Funding

$0.68M

Note

Acq - Fin

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Sources

1

0

0

10

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

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$99M

10

5/1/2002

Stonehenge Capital Fund Colorado

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$99M

10

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

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Status

Open

Closed

Closed

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Amount

$28M

$200M

$24M

$99M

$99M

Sources

1

1

1

10

10

Stonehenge Capital Team

11 Team Members

Stonehenge Capital has 11 team members, including current President, Thomas Adamek.

Name

Work History

Title

Status

Thomas Adamek

President

Current

Stephen A. Bennett

Managing Director

Current

Barry Gowdy

Managing Director

Current

Charles E. Haberkorn

Managing Director

Current

Michael P Kirby

Managing Director

Current

Name

Thomas Adamek

Stephen A. Bennett

Barry Gowdy

Charles E. Haberkorn

Michael P Kirby

Work History

Title

President

Managing Director

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

Current

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