Investment Strategy

Growing Businesses in the Lower Middle Market

Our Approach

Lightspring invests in U.S. based businesses in the lower middle market, focusing on first institutional capital investments in companies with revenue between $10 and $75 million and EBITDA between $2 and $8 million.

Lightspring’s principals have over 50 years of directly relevant investment experience in the lower middle market. We understand the opportunities and challenges of this segment and bring a proven discipline to our diligence, a commitment to driving value through growth, and a focus on operational excellence and governance that sets us apart with our investors and our portfolio companies.

Industries of Interest

Niche Manufacturing

Value-Added Distribution

Business Services

Consumer Products

Transportation & Logistics

Preferred Criteria

Company Size

Businesses with $10 million to $75 million of revenue and $2 million to $8 million in EBITDA


U.S. based businesses, with a focus on the Greater Midwest


Majority equity investments in partnership with management

Transaction Types

Buyouts, Recapitalizations, Shareholder Liquidity Events, Growth & Acquisitions