Alpen Group — Operator-Led Healthcare Investment Firm

01 The Firm

We underwrite from rooms we've sat in — not from theory.

Alpen Group is an operator-led private investment firm built for healthcare and the tech-enabled services that surround it. Our partners met at Heritage Group — the Nashville-based healthcare growth equity firm backed by the country's leading health systems and payors — then co-founded and scaled Sol Mental Health from inception into a multi-state, in-network behavioral health platform backed by $60M of institutional capital.

That dual experience shapes everything about how we invest: which businesses we believe in, how we diligence them, and what we do in the boardroom after the wire clears. Healthcare is our home field — our conviction, networks, and playbooks are rooted there and extend to business services and tech-enabled models around it. Every partner has scaled a healthcare business before evaluating one.

Our name comes from alpenglow — the last light of day, reserved for the highest peaks. We named the firm for the work itself: the long climb alongside founders to a company's highest point, where the light finds it.

Operators First

We have built clinical infrastructure and growth playbooks as CEOs, not consultants.

Alignment by Design

Our own capital is in every deal — our outcome is the company's outcome.

Active Board Partnership

Minority does not mean passive.

02 How We Invest

What we look for

We invest across the arc of a company's life — from early growth capital to recapitalizations to control buyouts — wherever capital plus operating partnership changes the trajectory.

Investment Criteria

Growth equity, recapitalizations, and control buyouts — minority or control positions
Transactions typically $5M – $30M; selectively earlier in markets we know cold
Founder-led companies in healthcare and tech-enabled services
Durable demand with defensible payor, provider, or platform relationships
Clear path to scale through organic growth, M&A, or de novo expansion
U.S.-based; preference for the Southeast, Midwest, Central U.S., and Sun Belt

Where We Focus

Multi-Site Care Delivery Behavioral health, pediatrics, and outpatient platforms
Practice Management & MSOs Dental, radiology, anesthesia, and specialty groups
Value-Based Care Risk-bearing models and care coordination
Digital Health & Health IT Software serving providers, payors, and patients
Healthcare Workforce Staffing, credentialing, and flexible workforce platforms
Tech-Enabled Business Services Healthcare-anchored, not healthcare-exclusive

04 Leadership

Two partners, one shared playbook.

Evan Lengerich

Co-Founder & Partner · Denver, CO

Evan is a healthcare investor-operator who has built from both sides of the table. He co-founded and scaled Sol Mental Health as co-CEO from inception — raising $60M in institutional capital, executing M&A and de novo growth, and building clinical infrastructure across seven states. His growth equity experience spans Series A investments through recapitalizations, across healthcare services and healthcare IT.

Before Sol, Evan was a private equity investor at Heritage Group, the healthcare-focused growth equity firm supported by the country's leading health systems and payors, where he supported portfolio companies including Lumere (acquired by GHX), Spero Health, Reputation.com, Workpath (acquired by Ro), and Abode Healthcare.

Evan holds an MS in Accountancy and a BS in Finance from Wake Forest University and lives in Denver, Colorado.

evan@alpengroupholdings.com · LinkedIn

Andrew Kuykendall

Co-Founder & Partner · St. Louis, MO

Andrew is a multi-company healthcare entrepreneur and investor. He co-founded and scaled Sol Mental Health alongside Evan as co-CEO from inception, helping grow the platform into a multi-state, in-network behavioral health provider backed by $60M of institutional capital.

Andrew began his career as a healthcare growth equity investor at Heritage Group, where he supported portfolio companies including US Anesthesia Partners, Radiology Partners, and Relode. He now focuses on supporting Alpen Group's portfolio companies, working alongside founders on the operating and strategic decisions that compound equity value.

Andrew attended Vanderbilt University and lives in St. Louis, MO, with his wife and daughter.

andrew@alpengroupholdings.com · LinkedIn

For Founders & Intermediaries

Capital is commoditized. Operating partnership is not.

We bring commercial acceleration across health systems and payors, regulatory and reimbursement fluency, executive recruiting relationships, and hands-on M&A support — the levers that widen equity outcomes for founders. If you are building a healthcare or tech-enabled services company — or advising an owner considering a transition — we would welcome the conversation.

We built healthcare companies before we financed them.