PennSpring Capital

People-forward private equity firm focused on lower middle-market companies in business services, SaaS, education, and manufacturing with entrepreneur-first approach.

• Lancaster, USA • Est. 2018
Visit Website → Contact Email

Investment Requirements

Revenue (ARR)
Flexible
Valuation
$10M - $50M
Deal Structure
Flexible
Target Industries
B2B Software Tech Services
Geographic Focus
North America

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

Mobiniti
Text marketing platform for SaaS businesses
Norton Jackson
Leading M&A advisory firm (acquired)

Similar Acquirers

ClearCourse

UK private equity-backed software and embedded payments specialist that acquires industry-specific software businesses across retail, hospitality, membership, and business services sectors.

London, UK
Founded 2018
Industries B2B Software, E-commerce & Payments
Deal structure All cash

The Access Group

Leading provider of business management software to mid-market organizations, offering ERP, HR, payroll, CRM, and industry-specific solutions.

Loughborough, UK
Founded 1991
Industries B2B Software
Deal structure All cash

Balio

Team of ex-SaaS founders, operators, and investors who acquire and scale B2B software companies while preserving founder legacy.

London, UK
Founded 2022
Industries B2B Software
Close time 8-10 weeks
Deal structure Flexible

Last updated: October 6, 2025

Information verified from public sources. Report corrections