Fernando Acosta-Rua, an almost 20-year leadership veteran and current board member of Pet Paradise and a Jacksonville Aviation Authority director, has joined Heritage Capital Group Inc. as a principal and shareholder.
“It was the right fit,” Acosta-Rua said March 23.
As a firm partner, Acosta-Rua, 57, said he brings industry experience in multi-unit types of businesses and in health and veterinary care to the firm, as well as a history with middle-market transactions.
Jacksonville-based Heritage Capital Group, founded in 1977, specializes in mergers and acquisitions, business valuations and financial advisory services for middle-market companies. It has offices in Jacksonville and in Savannah, Georgia.
A longtime Jacksonville resident, Acosta-Rua has built a career in private equity, corporate leadership and strategic growth.
Private equity firms raise investor money to buy businesses to later sell at a profit or to hold.
Acosta-Rua said he has worked alongside many of Heritage Capital’s principals over the past 20 years.
“My background as both a business operator and a private equity investor gives me a unique perspective that will help business owners maximize their company’s value and successfully navigate complex transactions,” he said in a news release.
“I look forward to building upon Heritage’s strong legacy and playing a role in its next chapter of growth.”
His experience
Heritage Capital says in the news release that Acosta-Rua spent eight years with leadership roles at two Connecticut-based private equity firms where he gained firsthand experience in structuring and executing transactions.
He then spent nearly two decades at Pet Paradise, most recently serving as president and CEO, where he led the company’s transformation from a regional into a national operation in pet services, expanding to more than 60 locations across multiple states. The company, founded in 2002, offers boarding, day camp, grooming, services and veterinary care.
The Crane Group, an investment firm based in Columbus, Ohio, acquired a controlling interest in Pet Paradise in 2016. In April 2024, it appointed Alex Miller to replace Acosta-Rua as president and CEO.
Acosta-Rua said at the time that in his 17 years with Pet Paradise, “I am proud of our many accomplishments. During my tenure, we grew from three locations and 35 employees to more than 60 facilities across 11 states and 2,000 employees,” he said.
“We consistently delivered industry-leading customer service, we supported our communities through philanthropy and we provided a great place to work for our people.”
He remains a Pet Paradise board member and investor.
Acosta-Rua honed his experience in private equity in Connecticut.
His LinkedIn profile shows he served as vice president of FondElec Group from 1999-2005 and then joined L&L Capital Partners until April 2007, when he joined Pet Paradise and became COO and CFO.
Gov. Ron DeSantis appointed Acosta-Rua to the JAA board in 2021. His first four-year term ends Sept. 30, 2025 and he can be reappointed for a second full term.
Among other community roles, Acosta-Rua is a trustee and past board chair at The Bolles School.
He is the current board chair of Alivia Care Inc., the parent company of Community Hospice.
He was a founding board member of Jacksonville University’s Public Policy Institute, where he served for 11 years.
“His leadership in these roles underscores his dedication to strengthening Jacksonville’s business and civic landscape,” says the Heritage Capital release.
Acosta-Rua holds an MBA from Northwestern University’s Kellogg School of Management, where he graduated in 2000, and a 1990 Bachelor of Science in Journalism and Communications degree from the University of Florida.
He is a 1985 graduate of The Bolles School in Jacksonville.
“Fernando has lived every side of a middle-market transaction, providing unmatched perspective and experience that will greatly benefit our clients. Beyond M&A, he shares our dedication to investing in Jacksonville, making him a great fit for our team,” said Heritage Capital CEO Bill Sorenson in the release.
“Having worked with our firm both as a client and a community steward, he brings a deep understanding of our culture and a strong commitment to our long-term success. His longstanding relationships with Howard Serkin, Don Wiggins, and other senior principals make his integration seamless.”
Wiggins is Heritage board chairman and Serkin is chairman of Heritage’s advisory board.
“Fernando’s arrival marks an important milestone for Heritage as we continue to expand our expertise and capabilities,” Serkin said in the release.
“His proven track record in scaling businesses, executing acquisitions, and driving strategic growth aligns with our mission to deliver exceptional value to business owners,” Serkin said.
He said Acosta-Rua will strengthen the firm’s ability “to provide tailored solutions for clients navigating critical transitions with his extensive experience in private equity, corporate finance, and operational leadership.”
“With private market investments on the rise, business owners need experienced guidance. Fernando embodies that expertise, and we are proud to have him as part of our team.”
His parents
Acosta-Rua is the son of Drs. Gaston and Maria Acosta-Rua.
Dr. Gaston Acosta-Rua was a neurosurgeon who moved his family to Jacksonville in 1972. He fled Cuba in 1961 where he was in medical school.
He came to the U.S., and then finished medical school in Spain, where he met his wife, also a student.
They both served residencies in the U.S.
He died in 2003 at the age of 65.
Dr. Maria Acosta-Rua retired as a child and adolescent psychiatrist. Fernando Acosta-Rua said she was the first child psychiatrist in Jacksonville.
The Community Hospice & Palliative Care network includes the Dr. Gaston J. Acosta-Rua Center for Caring at 5450 Ramona Blvd. in Jacksonville.
Fernando Acosta-Rua was born in Iowa City, Iowa, moving to Jacksonville as a child.
“His ties to the community and dedication to its continued prosperity make him an invaluable addition to Heritage’s leadership team,” the release said.