Stephen Lestyan

Stephen R. Lestyan is a Vice President at Sheridan Capital Partners, a Chicago-based private equity firm focused exclusively on healthcare. His firm biography states that he was previously an Associate at Sheridan before business school, then rejoined the firm after completing his MBA.

Before Sheridan, Lestyan began his career in healthcare M&A investment banking at Harris Williams. Sheridan’s 2023 year-in-review announcement noted that Lestyan was one of four investment-team professionals added that year after completing his MBA at the University of Chicago Booth School of Business.

Lestyan earned a BSBA in Finance and Insurance & Risk Management from the University of South Carolina, where he was a Financial Scholar, and an MBA from the University of Chicago Booth School of Business. His firm bio also says he has served on the board of the Private Equity Association of Chicago and as President of the Illinois Medical District Guest House Associate Board.

• Sheridan describes itself as “Exclusively Healthcare” and says it invests only within the healthcare industry.
• The firm is thesis-driven: it says sector research and expertise help it “proactively identify compelling trends and attractive companies,” move quickly to close transactions, and accelerate value creation after close.
• Sheridan targets control positions, partial recapitalizations, and buyouts in healthcare businesses and healthcare software/technology companies.
• Target sectors include healthcare outsourced services, healthcare providers, medical products, and software/technology serving providers, payors, pharma, and patient-facing use cases.
• For services/products, Sheridan lists target platform EBITDA of $5M-$25M and target equity investments of $30M-$150M; for software/technology, it lists target platform EBITDA of $0-$10M, revenue of $5M-$30M, and equity investments of $15M-$150M.
• The firm prefers U.S. or Canadian companies that are founder-owned or entrepreneurially led, have consistent growth and profitability, operate in fragmented markets, and show recurring or re-occurring demand.
• Sheridan’s value-creation model emphasizes people, process, and systems, with a dedicated Value Creation Team, functional resources, resident leadership, and strategic/executive advisors.