Heartwood Partners has promoted Demetrios Dounis, James Sidwa and Edwin Tan to managing partners of the firm.
Heartwood has announced these promotions as a next step in the firm’s plan to transition leadership of the firm while continuing to position it for long-term success. All three of the new managing partners will continue to serve as members of Heartwood’s Management Committee alongside Rob Tucker and Mark Allsteadt. Over the past several years, both Mr. Tucker and Mr. Allsteadt have been working with Messrs. Dounis, Sidwa and Tan as part of the firm’s formal leadership transition plan.
“Demetrios, James and Ed have demonstrated strong investment results and leadership as partners of the firm and as members of our investment committee,” said Mr. Tucker. “Mark and I are excited for the next generation of Heartwood leadership and believe our investors will be in good hands for the longer term.”
“These promotions affirm our commitment to the middle market with the investment team and value creation resources we have in place,” said Mr. Allsteadt. “We remain focused on the same part of the market and same successful core strategy as we have for 20 years.”
Mr. Dounis joined Heartwood in 2020 and he has been active establishing Heartwood as a investor in the environmental services sector. Prior to joining Heartwood, he was an investment partner at The Compass Group, a Connecticut-based private equity firm. Prior to Compass, Mr. Dounis was an analyst at UBS in New York City, and he began his career as a senior accountant at Deloitte. Mr. Dounis has his undergraduate degree from Rutgers University and his MBA from the University of Chicago.
Mr. Sidwa joined Heartwood in 2009 and he has led multiple investments across the agriculture and building products sectors. Prior to joining Heartwood, he was with PricewaterhouseCoopers in its transaction services group. Earlier, he was the controller and treasurer of FE Clean Energy, a Connecticut-based specialty private equity firm. Mr. Sidwa began his career with PricewaterhouseCoopers as a tax specialist and later with Arthur Anderson as an auditor of public and private companies. Mr. Sidwa has his undergraduate degree in accounting and finance from the University of Connecticut.
Mr. Tan joined Heartwood in 2011 and he has led multiple investments across the chemicals and specialty materials sectors. Prior to joining Heartwood, he was an investment professional at Prospect Capital, a New York City-based investment firm. He began his private equity career at RFE Investment Partners. Earlier, he was an analyst at First Union in its mergers and acquisitions group (formerly known as Bowles Hollow Connor). Mr. Tan has his undergraduate degree from the University of Pennsylvania and his MBA from the University of Chicago.
Currently, Messrs. Tucker and Allsteadt remain active as part of the firm’s managing partner leadership team and investment committee, and prior to raising the firm’s fifth fund, they will change their titles from managing partner and will adjust their roles to clearly identify that Messrs. Dounis, Sidwa and Tan as the future leaders of Heartwood. After this change, Messrs. Tucker and Allsteadt will remain active in the firm and on its investment committee.
Heartwood invests in United States-based companies that have revenues from $30 million to $400 million and EBITDA between $5 million to $30 million. Sectors of interest include food, agriculture, chemicals, automotive, heavy trucking, packaging, and environmental services.
Heartwood is currently investing through its fourth fund, Heartwood Partners Fund IV LP, which closed in September 2023 with $525 million of capital. The Norwalk, Connecticut-based firm was founded as Capital Partners in 1982 and changed its name to Heartwood Partners in September 2020.
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