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New Harbor Incorporated is a company.
Key people at New Harbor Incorporated.
New Harbor Capital operates as a private equity firm, providing growth capital and strategic partnership to lower middle-market companies. The firm’s core activity involves making control investments in businesses demonstrating strong growth potential, with a particular focus on the healthcare, education, and business services sectors. They aim to foster value creation through collaborative efforts with management teams, leveraging their expertise to scale portfolio companies.
The firm was co-founded in 2013 by Tom Formolo and Ed Lhee, drawing on their extensive backgrounds in the private equity industry. Tom Formolo brought over two decades of experience in the sector, while Ed Lhee previously served as a Partner at CHS Capital, where he focused on healthcare investments. Their shared insight centered on establishing a firm grounded in true collaboration to drive success within growth-oriented enterprises.
New Harbor Capital serves entrepreneurs and management teams seeking capital and operational guidance to accelerate their companies’ expansion. The firm’s vision is to be a valued partner, helping these businesses achieve their long-term objectives and realize significant growth. They are committed to building sustainable value across their portfolio through active engagement and support.
Key people at New Harbor Incorporated.
New Harbor Capital is a Chicago-based private equity firm founded in 2013, specializing in substantial investments in lower middle-market, growth-oriented companies within healthcare, education, and business services.[1][2][4] Its mission centers on forging lasting partnerships to transform businesses through targeted private equity strategies, with a preference for meaningful dollar investments in these sectors.[1][4] The firm has built a portfolio including healthcare providers like PT Solutions (physical therapy in the Southeast and Midwest), Community Psychiatry Management (behavioral health practice management), and KURE Pain Management (multi-disciplinary pain services), demonstrating its impact on scaling specialized service providers in the startup and growth ecosystem.[1] Recognized as a founder-friendly investor by Inc. in 2022, New Harbor supports entrepreneurial ventures by providing capital and operational expertise to drive expansion.[2]
New Harbor Capital was established in 2013 in Chicago, focusing from inception on lower middle-market opportunities in healthcare, business services, and education.[1][2][4] Key figures in its management include Jay Beatty (Managing Director), Chloe Gavin (General Counsel), and Jim Heard (Director of Operations), reflecting a leadership team experienced in private equity operations.[3] The firm's evolution has emphasized growth-oriented investments and founder partnerships, as evidenced by its 2022 Inc. recognition and a track record of portfolio builds in service-heavy sectors.[1][2] It operates as a registered investment adviser under SEC oversight, underscoring its structured approach to capital deployment.[5]
New Harbor Capital rides the wave of healthcare services consolidation and education technology growth, where lower middle-market firms leverage digital tools for operational efficiency amid rising demand for specialized care and remote learning.[1][2] Timing aligns with post-pandemic market forces favoring scalable service models in behavioral health, pain management, and therapy—sectors boosted by aging populations and telehealth adoption. The firm influences the ecosystem by injecting capital into founder-led companies, fostering innovation in underserved markets and bridging traditional services with tech-enabled delivery, much like broader PE trends in healthcare IT and edtech platforms.[1][4]
New Harbor Capital is poised to expand its portfolio amid sustained demand for healthcare and education investments, potentially targeting AI-driven personalization in therapy and behavioral health. Trends like value-based care and hybrid education models will shape its trajectory, amplifying influence through larger deals in a high-interest environment. As a founder-friendly player, its evolution could mirror leading PE firms by deepening tech integrations, tying back to its core strength in transformative partnerships for lower middle-market leaders.[1][2][4]
