Lightspring Capital Partners: Buy Box & Recent Acquisitions

At a glance

EBITDA range	$2M to $8M S3
Revenue range	$10M to $75M S3
Deal types	Platform S3
Geography	United States, Midwest US S3
Sectors	Industrial & Manufacturing, Consumer & Food, Distribution, Construction Services, Roofing

What Lightspring Capital Partners buys

Lightspring Capital Partners is a lower middle market investor with offices in Chicago and Minneapolis. It looks for US companies, with a focus on the greater Midwest, that have $10 million to $75 million of revenue and $2 million to $8 million of EBITDA, and it wants to be the first institutional money a founder- or family-owned business takes on. Its criteria call for majority ownership held alongside management, used for buyouts, recapitalizations, partial cash-outs for shareholders, and growth or acquisition funding.

Its target areas are manufacturing and supply chain, business services and consumer products. Its portfolio page shows that it usually funds each company with a mix of equity and subordinated debt, and a few positions have been debt only. It doesn't always lead: six of its companies are also listed by other investors in this directory, and Centerfield Capital Partners lists Dental Alliance Group as one of its own control investments, so in some deals Lightspring invests alongside a lead investor. Current holdings range from cellulose insulation and powder coating to kettle chips, travel scratch-off cards and a Chicago commercial roofer. Its two newest companies, Reach International Outfitters in October 2025 and Outdoor Prolink in July 2026, were funded from its second fund. A company near the $2 million EBITDA floor can approach the firm directly.

Recent deals

Announced in the 24 months before November 8, 2026.

Date	Company	Type	Sector	Source
July 2026	Outdoor ProlinkEquity and subordinated debt from Fund II in a reseller of discounted pro-deal outdoor gear to verified industry professionals; stake not stated	Investment	Distribution	Source
October 2025	Reach International OutfittersEquity and subordinated debt from Fund II in a maker of scratch-off travel and adventure experience cards; stake not stated	Investment	Consumer & Food	Source
May 2025	Anchor Bay Powder CoatEquity and subordinated debt from Funds I and II in a powder coating service provider for defense, automotive and heavy equipment customers; stake not stated	Investment	Industrial & Manufacturing	Source

Portfolio by sector

From the firm's portfolio page S4.

Behavioral Health

Soberlink Active (debt only)

Business Services

Active Roofing
Outdoor Prolink

Consumer Distribution

Maxxsonics

Consumer Products

Undisclosed consumer products company
BedJet
Reach International Outfitters

Dental Laboratories

Dental Alliance Group

Distribution

Joneca

Food & Beverage

Devansoy
Great Lakes Potato Chips

Industrials

BSM

Manufacturing

Weather Blanket (Modern Insulation and Champion Insulation)

Surface Coatings

Anchor Bay Powder Coat

Value-Added Distribution

LookOurWay

Past investments: ICAT Logistics, AstreaX

Greymont’s take

How Lightspring Capital Partners fits a seller

Lightspring suits a founder or family owner, ideally in the Midwest, whose company has never taken outside investors and earns $2 million to $8 million of EBITDA, especially in manufacturing, business services or consumer products. The firm says it backs owners going through a change in ownership and keeps the management team in place, and its criteria describe majority stakes held alongside that team. Its partners report more than 60 past transactions.

Because Lightspring usually funds a deal with both equity and subordinated debt, an owner should ask how much of the price is paid in cash at closing, how much debt the company will carry afterward, and what stake management can keep. Several of its holdings are also listed by other investors, so ask who else will own part of the company and sit on the board. The firm posts no deal news, so ask to speak with founders it has backed.

Questions owners ask

What size company does Lightspring Capital invest in?

Its criteria call for US companies with $10 million to $75 million of revenue and $2 million to $8 million of EBITDA, with a focus on businesses in the greater Midwest.

Does Lightspring buy a majority stake or lend money?

Both, usually in the same deal. Its criteria describe majority equity investments made with management, and its portfolio page shows most companies funded with equity plus subordinated debt. A few positions, such as Soberlink in June 2025, are debt only.

What has Lightspring invested in recently?

Its portfolio page lists Outdoor Prolink, a reseller of discounted outdoor gear to industry professionals, in July 2026 and Reach International Outfitters, a maker of scratch-off travel cards, in October 2025, both from Fund II. Anchor Bay Powder Coat followed in May 2025.

Which industries does Lightspring focus on?

Manufacturing and supply chain, business services and consumer products. Current holdings include Weather Blanket insulation, Great Lakes Potato Chips, BedJet, LookOurWay and the commercial roofer Active Roofing.

Sources

S1Lightspring Capital home page Accessed November 8, 2026
S2Lightspring Capital: About Accessed November 8, 2026
S3Lightspring Capital: Investment Strategy Accessed November 8, 2026
S4Lightspring Capital: Portfolio (active and realized, with investment dates, fund and capital type) Accessed November 8, 2026
S5Lightspring Capital: Contact Us (Chicago and Minneapolis offices) Accessed November 8, 2026
S6Lightspring Capital: Susan Gohman, Co-Founder and Partner Accessed November 8, 2026
S7Centerfield Capital Partners: Portfolio (lists Dental Alliance Group, investment year 2024) Accessed November 8, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Lightspring Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction