The private equity group focuses on acquiring majority control interests in industrial manufacturing companies,[2] while Spell Capital Mezzanine provides subordinated debt and non-control equity ownership to businesses in a variety of industries.

[9] Since inception, Spell Capital Partners has posted an annual IRR investment performance of 26.9% and a cash-on-cash multiple of 3.28 times.

Bill Spell, a former investment banker, founded the company in 1988,[10] drawing upon his prior experience as vice president and Director of Corporate Finance at a Midwest-based investment-banking firm.

From 1993 to 2006, the principals of Spell Capital held a controlling interest in a publicly traded company, PW Eagle,[12] which was the second largest plastic pipe manufacturer in the United States.

During 2020, Spell's mezzanine group was named "SBIC Firm of the Year" by the United States Small Business Administration (SBA).