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October 3, 2017

Blue Heron Capital investing $3.5M in Brunswick company

About Blue Heron Capital

Blue Heron Capital is an operationally focused growth equity firm based in Richmond, Va.

It supports portfolio companies with a team of proven industry experts, including C-level executives and successful entrepreneurs with decades of experience building and managing vibrant businesses.

The firm invests in buyout and growth equity opportunities in the health care and tech-enabled business services industries.

Blue Heron Capital, a growth equity fund based in Richmond, Va., that provides growth and expansion capital, led a $3.5 million investment round in STARC Systems, a company based at TechPlace in Brunswick Landing.

STARC Systems manufactures and distributes modular wall systems providing a clean, airtight and sound-deadening construction barrier system to protect healthy work environments from the effects of construction. The company was founded in 2012 by Tim Hebert of Lewiston-based Hebert Construction .

STARC's containment system is a leading containment solution for health care facilities during renovation projects, according to Blue Heron Capital's news release.

"Hospital systems spend $2.5 billion per month on renovation projects," said Andrew Tichenor, co-founder of Blue Heron Capital. "It is imperative for these systems to remain operational during the construction process. This creates real problems with regard to infection control and dust mitigation. STARC has created a unique containment system that exceeds all infection control requirements, is quiet, clean, fast and reusable.

Tichenor said Blue Heron's investment will allow STARC Systems "to rapidly expand across the United States and into several adjacent markets."

Hebert, chairman of STARC, said his team is excited to have Blue Heron Capital as a partner "as we look to our next phase of growth."

"Their operational expertise will bring significant value to our company," he said. "STARC has had tremendous success so far and with this investment we will continue our path to becoming the leader in construction-containment solutions throughout North America."

Hebert said the company was founded to meet what his third-generation family-owned construction business saw as a substantial in health care construction.

"Construction companies invest too much time and resources on temporary measures," he said. "In some cases, we would spend more time on the temporary walls than on the construction project itself. We created a solution that not only protects the work environment but also saves significant labor, time, money, and reduces waste."

Its containment structures have been used in projects at Central Maine Medical Center, St. Mary's Health Systems and Maine Medical Center, according to the company's website.

STARC is also the beneficiary of Maine's Seed Capital Tax Credit Program, an innovative program administered by the Finance Authority of Maine that is designed to encourage equity investments in Maine businesses, directly and through private venture capital funds.

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