Denver, CO (January 15, 2015) - Headwaters MB announced that it advised Dolinka Group, LLC, a financial and facilities planning service provider to public education agencies, on its recapitalization to Renovus Capital Partners, a private equity fund focused on providing capital and strategic assistance to small and mid-sized education companies.

“With California’s economy rebounding and new housing construction growing rapidly, my firm has a wide range of growth opportunities,” added Benjamin Dolinka, Dolinka’s founder and CEO. “I would also like to expand our operations outside of California since there is an opportunity to provide these services to school districts in a number of other states. Renovus brings the capital and education industry expertise that will help me realize these opportunities and accelerate the growth of the business.”

“Dolinka was searching for a value-added partner who is passionate about advancing education”, said Bob Balaban, Managing Director at Headwaters MB. “Renovus Capital is the perfect fit. Renovus is dedicated to education and will provide the necessary capital and guidance to help Dolinka expand into its geographic reach. In addition, Dolinka’s entire management team, with Benjamin Dolinka as CEO, will remain with the company to lead the execution of Dolinka’s vision.”

“I do deals all the time in this part of the market, and it’s rare that I get to work with investment bankers like Headwaters that both diligently respond to information requests and keep the deal on track in a constructive and helpful manner”, noted Brad Whitman, a Renovus founder.

Headwaters MB acted as exclusive financial advisor to Dolinka Group in the transaction. Terms of the transaction were not disclosed.


About Headwaters MB
Headwaters MB is an independent, middle market investment banking firm providing strategic merger and acquisition advice, capital raising and special situations advisory. Named "Investment Bank of the Year" by major organizations for its third consecutive year, Headwaters MB is headquartered in Denver, CO with seven regional offices across the United States and partnerships with 18 firms covering 30 countries. For more information, visit

About Dolinka Group, LLC
Dolinka Group, LLC has helped more than 250 school districts, community college districts, and county offices of education plan and finance school facilities. Dolinka Group’s philosophy is to provide consulting services exclusively to public educational agencies: school districts, county offices of education, and community college districts. We believe that it is important to understand our clients’ specific needs, which cannot be done as thoroughly by consultants that serve competing public agencies. Dolinka Group prides itself on focused expertise while maintaining the ability to offer a broad spectrum of customized services. This ensures we can provide our clients with the most thorough and accurate solutions available. For more information, visit

About Renovus Capital Partners
Founded in January 2010, Renovus Capital Partners is a $185 million, education-focused private equity fund based in Wynnewood, PA, a suburb of Philadelphia. Renovus invests in small and mid-sized businesses within the education and training sectors, including both educational institutions and companies that provide these institutions with technology, content and services. The Fund is particularly interested in growth-oriented businesses, and the Renovus team actively partners with management to build its portfolio companies through acquisitions, new strategic initiatives and operational improvements. The Renovus team has a combined 50+ years of experience investing in the education and training sectors and the founding partners have been working together since 2005. Renovus is a licensed SBIC. For additional information on Renovus Capital Partners, see


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