Structure; History and Ownership Heartwood Partners, LLC (referred to in this Brochure as “Heartwood Partners” or “the Firm”) is a private equity investor, manager and adviser with its principal place of business in Norwalk, Connecticut. Heartwood Partners is principally owned and managed by Robert S. Tucker and Mark D. Allsteadt (the “Managing Partners”). In September 2020, Heartwood Partners rebranded from its former name, “Capital Partners”, the name used since the Firm’s founding in 1982. Heartwood Partners and its affiliates have formed Heartwood Partners II, L.P. (“Fund II”), Heartwood Partners III, L.P. (“Fund III”), and Heartwood Partners IV, LP (“Fund IV”) and together with Fund II, Fund III, Fund IV and any additional pooled investment vehicles sponsored by Heartwood Partners or its affiliates, the “Funds”) , which make control equity and equity-related investments in small and mid-sized, U.S.-based private companies (referred to later as “portfolio companies” or a “portfolio investment”). The General Partner of Fund II is Heartwood Partners II GP, LLC, a Delaware limited liability company (the “Fund II General Partner”). The General Partner of Fund III is Heartwood Partners III GP, LLC, a Delaware limited liability company (“Fund III General Partner” ). The general partner of Fund IV is Heartwood Partners IV GP, LLC, a Delaware limited liability company (the “Fund IV General Partner” and together with the Fund II General Partner and the Fund III General Partner the “General Partners”). Collectively, the Firm, the General Partner and the Relying Advisors are referred to in this Brochure

as “we” or “us.” Type of Advisory Services We provide discretionary investment management services to the Funds and to various acquisition vehicles through which the Funds and co-investors pool their capital to invest in portfolio companies (“co- investment vehicles” and collectively with the Funds, our “clients”). We generally provide investment advice with respect to equity and equity-related investments in private companies, although we may advise our clients regarding investments in debt if appropriate under the circumstances. Our clients do not generally offer their interests to the public. Such interests are only offered in private placements to qualified investors. The terms of such offerings and the investments themselves are described in each client’s offering documents. Impersonalized Investment Advice We do not tailor our investment strategy to the needs of individual investors. Our clients and the Funds’ investors may include taxable and tax-exempt entities and persons, or entities organized in various jurisdictions. Conflicts of interest may therefore arise in connection with decisions that may be more beneficial for one type of client or investor than another. In selecting investments appropriate for our clients, we consider the investment objectives of the applicable client as a whole, not the investment objectives of such client’s individual investors. Assets Under Management As of December 31, 2023, we managed approximately $1,432,300,000 of client assets on a discretionary basis. We do not manage any client assets on a non-discretionary basis.