PennSpring Capital
People-forward private equity firm focused on lower middle-market companies in business services, SaaS, education, and manufacturing with entrepreneur-first approach.
Investment Requirements
Company Overview
PennSpring Capital
What They Buy
- Target: Lower middle-market companies with proven business models
- Size: $10M - $50M revenue, $750K - $5M EBITDA
- Focus: Business services, SaaS, education services, manufacturing
- Structure: Entrepreneur-first partnership approach
- Philosophy: Not a deal machine, hands-on operational support
- Geography: East region US, particularly South Central Pennsylvania
Recent Major Investments
- Mobiniti: Text marketing SaaS platform
- Norton Jackson: M&A advisory firm acquisition
- Multiple business services and education sector investments
Track Record
- Founded: 2018 in Lancaster, Pennsylvania
- Leadership: Louis Castelli (Managing Partner)
- Scale: 23 total investments, 4 successful exits
- Philosophy: Self-capitalized from multiple outlier exits
- Approach: Entrepreneurs with firsthand scaling experience
- Activity: Among most active PE firms in the country since 2018
Portfolio Companies
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Last updated: October 6, 2025
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