PennSpring Capital Accelerates Activity in South Central Pennsylvania

LANCASTER, Pa., Jan. 26, 2021 /PRNewswire/ -- PennSpring Capital (www.pennspring.com), a people-forward investment firm focused on lower middle market opportunities in South Central Pennsylvania, announced today that it has successfully exited from its Leola, PA-based holdings Swing Kingdom and Atlas Molding to New Holland, PA-based Country Lane Gazebos. These concurrent transactions mark the fifth and sixth such successful exits for the private investment group, four of which have been in PennSpring's home region.

"PennSpring was an incredible steward of our organization," stated Swing Kingdom COO Nate Eisenberg. "Under their ownership we tripled EBITDA in just 19 months, and achieved an outlier outcome for all shareholders. Moreover, they accomplished this without altering our company culture; even at the point of sale they proved adept at uncovering the perfect buyer – not only strategically, but Country Lane Gazebos is also as a cultural fit for our Amish/English workforce."

Additionally, PennSpring announced today that it has acquired majority interest in Lancaster, PA-based EHC Associates, a leading environmental services company with a stellar 30-year history in the Mid-Atlantic commercial market. EHC has a deep catalog of solutions, including environmental consulting, demolition, asbestos abatement, air duct cleaning, lead paint abatement, mold removal and more.

As EHC Associates President John Hartman commented, "We are excited to partner with PennSpring toward reaching even greater heights in the years to come. They have been very thoughtful in their approach throughout this process, and their track record of value creation is unrivaled in our region. With PennSpring at our side, EHC is well-positioned for both immediate and sustained growth."

"Swing Kingdom, Atlas Molding and now EHC Associates are each emblematic of the outstanding quality of companies to be found in the local area," said PennSpring Managing Partner Lou Castelli. "We have true industry leaders at every turn, and companies with deep roots in – and profound impact on – our region's communities. We are proud to partner with these companies as the private equity group of choice for South Central Pennsylvania."

About PennSpring Capital
PennSpring Capital unlocks liquidity and empowers growth. Based in Lancaster, Pennsylvania, PennSpring is a people-forward investment firm focused on lower middle market opportunities, investing in dynamic firms and helping evolve them to institutional scale. PennSpring's Partners are entrepreneurs with firsthand experience in growing and positioning businesses. PennSpring engages at a deep level and applies its experience to elevate its partners' businesses. The firm has made eight investments since 2018, including six majority investments, and has completed two successful exits during that period. Learn more at www.pennspring.com.

SOURCE PennSpring Capital

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http://www.pennspring.com