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Former RKL CPA Andrew Rice Adds Transaction Leadership to Burgeoning Sell-Side Practice

LANCASTER, PA, April 6, 2021PennSpring Capital, a people-forward investment firm focused on lower middle market opportunities in South Central Pennsylvania, announced today the addition of Andrew Rice as Partner. Andrew brings to PennSpring over 13 years of transaction-related experience, particularly in buy-side and sell-side financial due diligence for both private equity firms and strategic buyers. Andrew will contribute to PennSpring’s direct investment initiatives, and lend proven leadership to the firm’s rapidly expanding sell-side advisory practice.

Andrew most recently served as Manager in the Transaction Advisory Services practice at RKL LLP. At RKL, his primarily focus was on lower middle market clients in a variety of industries, including manufacturing and distribution, professional services and SaaS businesses. In addition to his expertise in financial due diligence, Andrew provided advisory services on various M&A matters, such as the negotiation of purchase agreements, deal structuring and synergy analysis. Prior to RKL, Andrew worked in the Audit practice of Ernst & Young in Philadelphia, where he served both public registrants and privately held entities. Andrew earned a Bachelor of Science degree in Accounting from The Pennsylvania State University. He is a Pennsylvania Certified Public Accountant (CPA).

You can contact Andrew at

“This is an exciting time for both PennSpring and area business owners,” stated PennSpring Managing Partner Lou Castelli. “We recently completed successful exits from two Lancaster County-based business, and acquired regional luminary EHC Associates. We continue to evolve as an organization, and with Andrew’s addition we have further bolstered our demonstrated M&A expertise – he will be a phenomenal asset for our rapidly expanding sell-side advisory practice. PennSpring has worked with Andrew on numerous projects, and we have experienced firsthand his financial acumen, analysis ability and rigorous attention to detail. We are proud to welcome Andrew as Partner in PennSpring Capital.”

Followed Andrew Rice, “In sitting across the table from Lou and PennSpring I have been continually impressed by their transaction execution capabilities; in both buy-side and sell-side roles they have built a deserved reputation as the group in the region to bring a deal over the goal line. I am honored to join the team, as well as to now directly assist local business owners in achieving their financial dreams.”

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 executive leaders 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 ten investments since 2018, and has completed four successful exits during that period. Learn more at

Contact PennSpring: Justin Davis, Partner



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