Private Equity Firm Financial Services

Spring Capital Partners

Lutherville Timonium, Maryland, United States

Mezzanine capital investor established in 1999 that provides subordinated debt with equity features (and related mezzanine equity) to growing small and mid-sized businesses.

Focus Areas
Mezzanine / subordinated debt, Minority equity (mezzanine equity)
Website
springcap.com

Tracked deals

17

17 tracked deals across 2019-2025.

Recent pace

0

0 tracked deals announced in the last 12 months.

Deal mix

Addon

5 addon · 5 buyout · 5 recapitalization

Spring Capital Partners Acquisition Volume by Year

Last 7 years

Acquisition volume by year Annual acquisition counts for the last 7 years for Spring Capital Partners. 1 2019 1 2020 4 2021 1 2022 7 2023 2 2024 1 2025

Supporting Data

Recent Transactions

Showing the 12 most recent of 17 tracked deals for Spring Capital Partners.

  • Buyer
    BWT Logistics, Argosy Private Equity, Bluejay Capital Partners, LLC, Southfield Capital, Spring Capital Partners
    Target
    RAZR Logistics
    Seller
    Johnson Storage & Moving
    Type
    Addon

    BWT Logistics, a portfolio company of Argosy Private Equity and Bluejay Capital Partners, has acquired RAZR Logistics from parent Johnson Storage & Moving. The acquisition expands BWT's dedicated logistics, on-demand warehousing capabilities and warehouse network, adding RAZR's more than 500 corporate customers; terms were not disclosed.

  • Buyer
    Ex Nihilo Capital, Tabula Rasa, LO3 Capital, Spring Capital Partners
    Target
    Sky Zone Trampoline Parks, Rock N Jump Trampoline Park
    Location
    United States
    Type
    Addon

    Private equity firm Ex Nihilo Capital and multi-unit operator Tabula Rasa acquired ten trampoline park locations (nine Sky Zone parks and one Rock N Jump) across multiple U.S. states. The deal was supported with subordinated debt from LO3 Capital and participation from Spring Capital, making Tabula Rasa the largest Sky Zone franchisee with 17 parks and signaling continued add-on growth for the operator.

  • Buyer
    Stonebridge Partners, Parkway Capital, Brookside Capital Partners, Spring Capital Partners, Marshall Walters
    Target
    Architectural Polymers, LLC

    Stonebridge Partners completed a recapitalization of Architectural Polymers, a Palmerton, Pennsylvania-based manufacturer of urethane and plastic formliners, partnering with founder Marshall Walters who remains CEO and largest shareholder. Debt and subordinated debt/equity financing was provided by Bank of Montreal, Brookside Capital Partners, Parkway Capital, and Spring Capital Partners to support the transaction and accelerate the company’s expansion in the concrete formliner market.

  • Buyer
    BWT Logistics, Bluejay Capital Partners, LLC, Argosy Private Equity, Southfield Mezzanine, Spring Capital Partners, KeyBank
    Target
    International Express Trucking
    Industry
    Transportation
    Type
    Addon

    BWT Logistics, a Bluejay Capital portfolio company, has acquired International Express Trucking (IET), a regional 3PL in North Carolina. The add-on expands BWT’s contract logistics and warehousing footprint in the state; IET’s president Howard Shope will join BWT as Senior Vice President of Operations and retain a meaningful ownership stake. Bluejay Capital financed the transaction with participation from Argosy Private Equity, Southfield Mezzanine, Spring Capital Partners and KeyBank; terms were not disclosed.

  • Buyer
    Stewart Capital, Hadley Capital, Spring Capital Partners IV, L.P., Merion Investment Partners
    Target
    4AllPromos LLC
    Industry
    E-Commerce
    Type
    Buyout

    Stewart Capital and Hadley Capital acquired 4AllPromos LLC, a direct marketer of promotional products headquartered in Connecticut. The transaction was financed with subordinated debt and minority equity from Spring Capital Partners IV, L.P., with Merion Investment Partners partnering in the financing.

  • Buyer
    Willistown Capital, Spring Capital Partners, Merion Investment Partners, Penstock Equity
    Target
    High Output

    Willistown Capital has made a strategic growth investment in High Output to support the company's continued expansion of event production, AV installations, and soundstage services. Additional financing participants included Spring Capital Partners, Merion Investment Partners and Penstock Equity; founders John Cini and Jim Hirsch will remain in leadership roles.

  • Buyer
    Directional Capital, Spring Capital Partners IV, NewSpring Mezzanine, Salem Investment Partners
    Target
    Purple RTO Holdings (Purple Cactus / Purple Horseshoe)
    Industry
    Retail
    Type
    Buyout

    Directional Capital acquired Purple RTO Holdings, a franchisee operating Rent-A-Center locations across the Midwest and Southwest, with subordinated debt and minority equity provided by Spring Capital Partners IV alongside NewSpring Mezzanine and Salem Investment Partners. The transaction covers Purple’s ~63 retail Rent‑to‑Own locations (branded Purple Cactus and Purple Horseshoe) and expands Directional’s retail footprint.

  • Buyer
    Full Guard Capital, Tecum Capital, Spring Capital Partners
    Target
    Perimeter Insect Guard

    Full Guard Capital has partnered with Perimeter Insect Guard in a recapitalization transaction announced in August 2023, with subordinated debt and equity provided by Tecum Capital and Spring Capital Partners to support the deal. Perimeter, headquartered in Taylorsville, Mississippi, is the largest provider of insecticide treatment services for military uniforms and will continue to be led by management following the transaction.

  • Buyer
    Birch Swing Capital, Spring Capital Partners IV, L.P.
    Target
    Universal Med Apparel LLC (d/b/a Scrubs on Wheels)
    Type
    Buyout

    Birch Swing Capital has acquired Universal Med Apparel LLC, which does business as Scrubs on Wheels, a mobile-based provider of medical apparel serving long-term care and healthcare facilities. Spring Capital Partners IV invested subordinated debt and minority equity alongside Birch Swing and Scrubs on Wheels' management; Dennis Carrico will remain President and retain an ownership stake. Birch Swing intends to scale the business organically and via add-on acquisitions while investing in technology and service initiatives.

  • Buyer
    Bluejay Capital Partners, LLC, Argosy Private Equity, Southfield Mezzanine Capital II LP, Spring Capital Partners IV, L.P., Key Bank
    Target
    Best Warehousing & Transportation Inc.
    Type
    Buyout

    Bluejay Capital Partners has completed its acquisition of Best Warehousing & Transportation Inc., a third-party logistics provider based in Atlanta with 30 locations across 15 states. The transaction was financed with participation from Argosy Private Equity, Southfield Mezzanine, Spring Capital Partners and Key Bank; BWT's CEO Winston McDonald Jr. retains a sizable ownership stake.

  • Buyer
    Kidd & Company, Ignite Labs, Spring Capital, Southfield Mezzanine
    Target
    Pierce Washington
    Industry
    IT Services

    Pierce Washington, a San Francisco–area software systems integrator specializing in configure-price-quote (CPQ) and quote-to-cash digital commerce implementations, was recapitalized in January 2022. The investment was led by Kidd & Company in partnership with Ignite Labs, Spring Capital and Southfield Mezzanine to accelerate growth and expand Pierce Washington's "total commerce" quote-to-cash capabilities.

  • Buyer
    NewSpring Mezzanine, Spring Capital, Isleworth Capital Partners
    Target
    Boston Valley Terra Cotta

    NewSpring Mezzanine, alongside Spring Capital and Isleworth Capital Partners, made a growth investment in Boston Valley Terra Cotta to fund sales, marketing and capacity expansion. Boston Valley Terra Cotta, a U.S.-based manufacturer of architectural terra cotta and ceramic building products, will use the proceeds to scale production and commercial efforts to meet growing worldwide demand.

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