FI  The Heritage Group

     Office Locations:

6320 Intech Way
Indianapolis, IN 46278
Phone: 317-872-6010



  • Middle Market



  • Energy & Clean Tech
  • Food & Agriculture
  • Manufacturing & Industrial
  • Real Estate & Construction



    The Heritage Group (THG) is a privately held company controlled by the Fehsenfeld family. The firm's CEO Fred Fehsenfeld passed away in 2018 at the age of 94. Fred Fehsenfeld grew the family's original company, Crystal Flash Petroleum, from 100 employees, operating gas stations and home heating oil sales in Indiana and Michigan. The firm was founded in 1930 and has over 5,000 employees globally in its portfolio companies, with about half of those working in Indiana. The company has various holdings in environmental services and remediation, specialty chemicals and fuel products, and construction and materials. THG has a stake in 31 companies, including Calumet Specialty Products, Heritage Environmental Services, Monument Chemical, Milestone Contractors and Asphalt Materials Inc. The firm makes investments in acquisitions, partnerships, internal expansion, and startups. THG's HG Ventures (see profile) specializes in early stage ventures.

    Investment Firm Key

       VC = Venture Capital
       PE = Private Equity
       A = Angel
       I = Incubator
       MB = Merchant Bank
       VD = Venture Debt
       FI = Family Investment Office
       FOF = Fund of Funds
       ED = Economic Development Office   
       TT = Technology Transfer Office
       CVC = Corporate Venture Capital
       SEC = Secondary Purchaser
       HF = Hedge Fund/Mutual Fund
    Venture Capital
    Seed Stage
    (includes "pre-seed," or
    concept stage)
    No Revenue
    Early StageMinimal
    Growth Stage
    (also called Mid-stage)
    Expansion Stage
    (also called Late-stage)
    $7M and greater
    Private Equity
    Lower Middle Market$10M-$249M
    Middle Market$250M-$499M
    Upper Middle Market$500M-$1B
    Large Cap>$1B

    Investment Team:

    Name   Title
    Get the complete investment team + individual email addresses for investment team partners. Get personal images, LinkedIn links, investment specialties, office locations and more with a National Database subscription.
    Amy Schumacher CEO
    Betsy McCaw Executive VP


    Portfolio companies include:


    Recent News: