Our Team

Richard Carr co-founded Heron Power Capital, co-heads the firm alongside Walter Grollitsch, and is a member of the firm’s Investment Committee. Richard has more than 20 years of experience in the power infrastructure and industrial manufacturing sectors, with a focus on supply chain strategy, operational transformation, and private equity-backed growth. He has held senior leadership roles in both corporate and portfolio company environments, where he consistently delivered results through modernization initiatives and hands-on execution.

Over the course of his career, Richard has led numerous transformation efforts focused on improving manufacturing operations and scaling supply chain performance. These initiatives have included implementing ERP systems, consolidating procurement operations, and introducing lean production methods across North American and European facilities. His work has resulted in measurable improvements in product quality, cost control, and delivery performance, particularly in panelboard, switchgear, and power transformer production environments.

Richard has also played a key role in building high-integrity supplier relationships and reshaping procurement functions to drive strategic advantage. His teams have executed complex sourcing programs across Asia, Europe, and the U.S., often under challenging market conditions. He has a strong track record of aligning cross-functional teams, building accountability, and leading with clarity.

Richard holds a Bachelor of Science in Industrial Distribution from the University of Houston. He met his wife in high school, and together they are raising three wonderful children. Outside of work, Richard enjoys spending time outdoors, especially on the water or in the mountains.

Walter Grollitsch co-founded Heron Power Capital, co-heads the firm alongside Richard Carr,and is a member of the firm’s Investment Committee.   Walter has been investing and working in private equity space for more than 14 years.  He has worked at Amberjack Capital Partners and several private equity portfolio companies.  Over the years, Walter participated in numerous transactions at Amberjack Capital Partners and the portfolio companies. For instance, he has added value by collaborating with a team to sell a Houston-based waste management portfolio company that Amberjack Capital Partners had acquired several years earlier. In another transaction, Walter also helped structure a secondary fund, which involved selling portfolio companies from primary private equity fund investors to secondary buyers. Additionally, he collaborated with a team to merge an Amberjack portfolio company with a publicly traded company.

Another way that Walter has added value throughout his career is by increasing intangible assets of the portfolio companies by adding intellectual property.   For instance, he has worked with management teams and engineering teams to add intellectual property, such as patents and trademarks, to protect key product lines and the brand of the company.  This intellectual property relating to electrical, mechanical, and AI technologies has increased the portfolio company’s competitive advantage, brand value and profit.  

Walter holds a Bachelor of Science in Mechanical Engineering from the Penn State University and a Juris Doctorate from South Texas College of Law.  He is married, and has three children.Walter is actively involved in his community and remains connected to his alma mater, Penn State University. He has served on Boy Scout committees, participated in sports programs, and contributed to his local church. Walter has also been a member of the Board of Advisors for Penn State Law.