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PennSpring Partner Andrew Rice Honored as a Forty Under 40 Professional

The Central Penn Business Journal Has Identified Andrew as a Current and Future Community Leader

LANCASTER, PA, August 25, 2021The PennSpring Group, a direct investment firm and sell-side advisor focused on lower middle market opportunities, announced today that the Central Penn Business Journal has selected PennSpring Partner Andrew Rice as a 2021 Forty Under 40 recipient. Forty Under 40 recognizes professionals 40 years of age and younger who have been successful in the Central Pennsylvania area. Honorees, chosen by the Central Penn Business Journal editors, were selected based on professional accomplishments, community service and commitment to inspiring change.

Andrew and his fellow recipients will be profiled in the October 15 issue of Central Penn Business Journal, and featured on

"The 2021 Forty Under 40 honorees are Central Pennsylvania's future leaders. Their professional accomplishments, community service and commitment to inspiring change are extraordinary," said Suzanne Fischer-Huettner, senior group publisher of the Central Penn Business Journal. "These honorees help to make Central Pennsylvania a wonderful place to live and to work. The Central Penn Business Journal is pleased to celebrate their accomplishments."

“Andrew is truly deserving of this award, and I am proud to call him Partner in PennSpring,” stated PennSpring Managing Partner Lou Castelli. “When I founded PennSpring in 2018, I sought to surround myself not just with people of remarkable talent, but also of exceptional character. Andrew epitomizes this ideal – he has significantly advanced our business in his tenure to date, while helping local business owners achieve their financial goals. PennSpring and our region are stronger for Andrew’s efforts.”

About Central Penn Business Journal Celebrating 37 years of journalistic excellence, Central Penn Business Journal is a multimedia news source that publishes a regular print and online edition and breaks news daily on its website, In addition, Central Penn Business Journal publishes special focus sections and products throughout the year including Reader Rankings, Fastest Growing Companies and Best Places to Work in PA. Central Penn Business Journal also honors leading Pennsylvanians through nine annual awards events including Health Care Heroes, Women of Influence and Forty Under 40 and facilitates thoughtful discussion with market leaders through its webinar series. Its Digital Marketing Solutions helps customers with social media, search engine marketing and optimization, retargeting, email marketing and more. Central Penn Business Journal is part of BridgeTower Media, one of the country’s leading business-to-business media companies with more than 40 print and digital publications in more than 25 U.S. markets. Learn more at

About The PennSpring Group

Founded in 2018 by proven entrepreneurs and self-capitalized from the proceeds of multiple outlier exits, PennSpring has evolved from Lancaster family office to among the most active private equity firms in the country – with 10 acquisitions and 4 exits completed to date. From there, the natural progression for our unique combination of transaction expertise, financial acumen and sales and marketing heft has been to expand our focus to the other side of the table – where our success as operators, intermediaries and sellers gave rise to this platform. Welcome to the PennSpring Group, now the region’s preeminent source for both direct investment and sell-side services. Learn more at

Contact PennSpring: Justin Davis, Partner



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