LANCASTER, PA / ACCESS Newswire / February 11, 2026 / PennSpring Capital, a people-forward investment firm focused on lower middle market opportunities, today announced its recognition as a Top 50 PE Firm in the Middle Market and an Axial Top 20 Private Equity Fund.

"From day one, our mission has been to partner with founders to unlock liquidity while preserving the culture, legacy and momentum that made their companies successful," stated Lou Castelli, Managing Partner of PennSpring Capital. "This recognition reflects the trust entrepreneurs place in us, the commitment of our operating teams and our belief that business transformation begins with people. We're honored to stand alongside firms that share a hands-on, builder's mindset in the lower middle market."

About The Top 50 PE Firms in The Middle Market™

Established in 2016, the Top PE Firms in the Middle Market is the industry's original awards program dedicated to small and mid-sized private equity firms. The program recognizes investors with demonstrated leadership, operational expertise and a consistent track record of helping businesses scale. Inclusion on the Top 50 list signals to entrepreneurs, investment banks and limited partners that a firm is a trusted growth partner.

"PennSpring Capital clearly demonstrates the attributes of a top middle market private equity firm, and brings to each relationship decades of its own entrepreneurial experience," said Kerry Grady, Founder of The Top 50 PE Firms in The Middle Market. "We are proud to have PennSpring on the 2026 list, its fourth such selection."

About Axial Top 20 Private Equity Funds

Axial is a private deal network serving professionals who own, advise and invest in North American lower middle market companies. The Axial Top 20 Private Equity Funds list highlights leading investors based on deal volume, investment criteria and platform engagement. The ranking reflects the most active and reputable buyers driving transactions across the Axial marketplace.

About PennSpring Capital

PennSpring Capital partners with founder-led businesses to unlock liquidity while preserving culture, legacy and momentum. Based in Lancaster, Pennsylvania, PennSpring is a people-forward investment firm focused on lower middle market opportunities, investing in dynamic companies and helping them evolve to institutional scale. PennSpring's principals are entrepreneurs with firsthand experience building and growing businesses. Since its founding in 2018, PennSpring has made 25 investments (including 17 majority positions) and completed seven successful exits. Learn more at www.pennspring.com.

Contact PennSpring:
Justin Davis, Partner
justin@pennspring.com

SOURCE: PennSpring Capital