PennSpring Capital has hired Thomas Showers to lead the firm’s transaction development efforts in Pennsylvania.
Mr. Showers, who has nearly four decades of deal origination experience, joins PennSpring from BB&T where he was responsible for business development in the bank’s south-central Pennsylvania region. Earlier in his career, he held similar business development positions at National Penn Bank and Bank of Lebanon County.
“Tom thoroughly impressed us in his role with BB&T on one of our previous deals, and we are very fortunate that he has chosen to apply his business development acumen and invaluable relationships to the buy-side with PennSpring,” said Lou Castelli, managing partner of PennSpring. “Tom’s roots in the regional community run deep indeed, and with his hire we have planted the PennSpring flag firmly in our backyard. We look forward to further investing in the local economy, and in partnership with the entrepreneurs that make our state a small business example for the world.”
PennSpring invests in lower middle-market companies that have EBITDA of $750,000 to $5 million. Sectors of interest include manufacturing and business, healthcare, and education services.
“Through our every interaction I became more impressed with PennSpring – this is not your typical financial buyer,” said Mr. Showers. “They are first entrepreneurs and operators and treat business owners with the same respect and consideration they wanted afforded them when they sat opposite an acquirer. As a member of PennSpring I believe I can bring valuable solutions to the communities and partners I have served throughout my career.”
Over the past twelve months, PennSpring has been very active and has closed nine investments. Most recently, in May 2019, PennSpring acquired Swing Kingdom, a Leola, PA-based manufacturer of vinyl playground equipment (www.swingkingdom.com); and Atlas Molding, a rotational molding company also located in Leola (www.atlasmolding.com).
PennSpring is led by Lou Castelli and Justin Davis and is based in Lancaster, PA (www.pennspring.com).
© 2019 Private Equity Professional | August 1, 2019