PennSpring Capital Acquires Majority Stake in Refresh LED

PennSpring Capital Acquires Majority Interest in EHC Associates

January 26, 2022

Environmental Services

PennSpring Capital has acquired a majority interest in Lancaster, Pennsylvania–based EHC Associates, a 30-year environmental services firm offering environmental consulting, asbestos and lead abatement, mold remediation, demolition and related services. The investment is intended to position EHC for accelerated growth and institutional-scale expansion under PennSpring's stewardship.

Kelso Fund X Acquires Majority Stake in Refresh Mental Health from Lindsay Goldberg

December 10, 2020

Healthcare Services

Kelso Fund X, through affiliates of Kelso & Company, acquired a majority equity interest in Refresh Mental Health on December 9–10, 2020, in partnership with Refresh management. Lindsay Goldberg sold its stake; Refresh is a national outpatient mental health provider with 200+ locations across 28 states and the District of Columbia, ~2,000 clinicians and more than one million patient visits annually.

Brookside Capital Partners Invests in Principal LED, Inc.

December 12, 2022

Manufacturing

Brookside Capital Partners provided subordinated debt and a preferred-equity co-investment to support the growth strategy of Principal LED, Inc., a San Angelo, Texas-based manufacturer of LED modules and lighting components. Principal is an existing portfolio company of Valesco Industries, LLC; the capital package is intended to support the company's expansion and growth initiatives in the electrical sign and architectural illumination markets.

Principal Industries Acquires HanleyLED Brand

January 22, 2024

Manufacturing

Principal Industries, a San Angelo, Texas-based manufacturer of electrical components and LED solutions for the commercial sign industry, announced the acquisition of the HanleyLED brand. The deal expands Principal Industries' signage product portfolio and is accompanied by a distribution agreement with Grimco to make Principal's product lines (including the newly acquired HanleyLED) available across Grimco's 65+ North American branches.

Incap Corporation Acquires Pennatronics Inc.

July 5, 2023

Manufacturing

Incap Corporation has agreed to acquire 100% of Pennatronics Inc., a Pennsylvania-based electronics manufacturing services (EMS) provider, effective July 2023. The acquisition establishes Incap's first U.S. factory, expands its geographic footprint, and is expected to generate cross-selling opportunities and synergies across purchasing and customer offerings.

PennSpring Capital Acquires Zirtual

December 13, 2023

Professional Services

PennSpring Capital, a Lancaster, Pennsylvania-based lower middle market investment firm, has acquired Zirtual, a Columbus/Powell, Ohio-based provider of U.S.-based virtual assistant services, from accelerator Startups.com. The acquisition expands PennSpring's BPO capabilities and complements its existing holding Mobiniti, positioning the firm for additional add-on activity in the business process outsourcing space.