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* about us
* acquisition criteria
* portfolio
* team
* news
* contact
*
* Investor Login
BUILDING GREAT BUSINESSES IN PARTNERSHIP WITH MANAGEMENT
PATIENT CAPITAL RELENTLESSLY FOCUSED ON LONG-TERM SUCCESS
OPERATIONAL MINDSET BORN FROM EXPERIENCE
learn more contact us
* about us
* acquisition criteria
* portfolio
* team
* news
* contact
*
* Investor Login
WHO WE ARE
Over 20 years investing patient capital
Our story began in 1994 when Keystone’s founders acquired a niche business
services company and ran it as day-to-day executive management. They grew the
business dramatically through organic growth and multiple accretive acquisitions
and eventually merged it into a large publicly traded company. These
entrepreneurial roots created what Keystone is today – we invest in market
leading companies in close partnership with management. We take each investment
personally. We do not have a short-term outlook, preferring to exercise the
patience and dedication needed to build highly successful companies. We have
operating experience, so we can roll up our sleeves alongside our management
partners, respecting and learning from their deep expertise while providing our
full support and guidance.
Keystone’s investments all share one thing in common – a mutual commitment by
management and Keystone to build a sustainable, market-leading business
thoughtfully and patiently. Our story is just beginning. We are hungry to
continue aggressively investing in first-class companies, partnering with great
teams, and enjoying the journey along the way.
KEYSTONE'S APPROACH
INVEST
GROW
SUPPORT
Keystone is single-mindedly focused on working hand-in-hand with business
leaders to create long-term value. Investing patient, long term capital affords
us tremendous flexibility. It provides us with a risk-return profile in sync
with management and allows us to make decisions based on long-term goals while
forging true partnerships with our management teams through good times and bad.
Our partnership approach extends to the third-party service providers with whom
we work. We have steadfast, long-standing banking relationships providing us
strength, security, and reliable financial support, even in uncertain economic
times. For investment bankers, brokers, and other intermediaries, we pride
ourselves on only committing to what we can deliver. Our size, entrepreneurial
approach, and focus results in quick decisions and certainty to close for
sellers which we have consistently demonstrated over the last 25+ years.
Providing a strong value proposition for everyone we do business with is
paramount. It is how we create value in ways beyond the numbers.
THE KEYSTONE DIFFERENCE
TIMELY AND PROFESSIONAL EXECUTION
LONG-TERM INVESTMENT HORIZON
OPERATING PARTNERSHIP
TIMELY AND PROFESSIONAL EXECUTION
LONG-TERM INVESTMENT HORIZON
OPERATING PARTNERSHIP
TIMELY AND PROFESSIONAL EXECUTION
Previous
We believe existing management possesses inherent knowledge that is difficult –
if not impossible – to replicate. We rely on our management partners to run the
day-to-day operations. However, as a business evolves, it can often benefit from
an experienced partner well-versed in tackling the complexities and challenges
of effectively managing a growing business. Keystone’s ‘roll-up our sleeves’
mentality means that when needed, the firm is capable of providing support to
management across operations, finance, strategic planning and acquisition
execution. Keystone’s professionals bring a wealth of experience in operating
and building businesses.
Because our reputation is paramount, Keystone only commits to doing what we know
we can deliver. Our professionals have a proven, 30+ year track-record of
investing in sectors across the economy, as well as a sterling reputation and
deep referral network across the financial markets. Keystone’s nimble size,
entrepreneurial culture, and lack of internal approval committees allow us to be
a quick and dependable buyer, often closing transactions in 30 days or less.
As the management team of a middle-market business, you don’t have an artificial
time horizon on your business, so why should your financial partner? Keystone’s
commitment of patient capital ensures we and the management team are fully
aligned in making the right decisions for the long-term health and success of
the business.
Next
* 1
* 2
* 3
WHAT YOU CAN EXPECT
* Business owners
* Intermediaries
* Management teams
* Financing partners
*
We are your partners with 100% alignment of interests and a long-term, patient
orientation to develop and grow a market-leading business. We value what you
have created and do not tell you how to run your business. We want to help you
build on the foundation you have established while honoring the reputation and
values that have made your company successful thus far. Our approach to the
transaction process is not long and drawn out. You should anticipate an
efficient and reliable closing at the business valuation to which we commit.
Keystone’s reputation is our most significant asset, and we pride ourselves on
delivering on what we say. As entrepreneurs ourselves, we understand the trials
and tribulations of running your own business and can relate to your clients who
are often family-run and entrepreneur-led business owners. Our
management-centered approach and experience patiently working alongside business
leaders frequently differentiate us as an owner’s partner of choice.
Intermediaries should expect to dialogue with a firm whose certainty of closing,
at the value to which we commit, is second to none. Our due diligence centers
around the key business characteristics critical to long-term success, which
when combined with our long-standing financing and service provider
relationships, supports an efficient transaction process.
Expect to partner with a firm that believes strong leadership is the single most
important factor in determining our collective success. Direct ownership in the
business is the ultimate motivator, and we incentivize key management team
members with equity as an important ingredient for success. We believe existing
management possesses inherent knowledge that is difficult – if not impossible –
to replicate. We respect your expertise and never in our history have we
invested in a company without strongly supporting the management team. We have
the utmost confidence in the management teams in whom we invest, and ultimately,
strategic direction is your decision.
Financing partners should expect an equity investor whose commitment of patient
capital means we stick with our companies through good times and bad. We take
each investment personally and work tirelessly to support our investments with
operational support, strategic direction, and additional equity capital when
merited.
WHAT YOU CAN EXPECT
Business owners
We are your partners with 100% alignment of interests and a long-term, patient
orientation to develop and grow a market-leading business. We value what you
have created and do not tell you how to run your business. We want to help you
build on the foundation you have established while honoring the reputation and
values that have made your company successful thus far. Our approach to the
transaction process is not long and drawn out. You should anticipate an
efficient and reliable closing at the business valuation to which we commit.
Intermediaries
Keystone’s reputation is our most significant asset, and we pride ourselves on
delivering on what we say. As entrepreneurs ourselves, we understand the trials
and tribulations of running your own business and can relate to your clients who
are often family-run and entrepreneur-led business owners. Our
management-centered approach and experience patiently working alongside business
leaders frequently differentiate us as an owner’s partner of choice.
Intermediaries should expect to dialogue with a firm whose certainty of closing,
at the value to which we commit, is second to none. Our due diligence centers
around the key business characteristics critical to long-term success, which
when combined with our long-standing financing and service provider
relationships, supports an efficient transaction process.
Management teams
Expect to partner with a firm that believes strong leadership is the single most
important factor in determining our collective success. Direct ownership in the
business is the ultimate motivator, and we incentivize key management team
members with equity as an important ingredient for success. We believe existing
management possesses inherent knowledge that is difficult – if not impossible –
to replicate. We respect your expertise and never in our history have we
invested in a company without strongly supporting the management team. We have
the utmost confidence in the management teams in whom we invest, and ultimately,
strategic direction is your decision.
Financing partners
Financing partners should expect an equity investor whose commitment of patient
capital means we stick with our companies through good times and bad. We take
each investment personally and work tirelessly to support our investments with
operational support, strategic direction, and additional equity capital when
merited.
Keystone’s crafting of the deal to acquire a controlling interest in Israel
Berger & Associates Inc. was a masterful act of balance. All participants were
able to balance risk, reward, incentive, sacrifice, time horizon and
accommodation. It was accomplished by a rigorous intellectual analysis, careful
listening and patience. Although the lender’s liquidity was the underpinning of
the deal, the equity provided by Keystone themselves, rather than just cash from
outsiders, was a key attribute to us at IBA. It convinced us that Keystone’s
intention to be active participants in nurturing the growth of the company was
sincere. The folks at Keystone are fun to work with, and their experience and
strategic thinking is invaluable.
Israel Berger
Founder and President, Israel Berger & Associates
ACQUISITION CRITERIA
* Platform investments – EBITDA of $3M - $15M
* Add-on investments – company specific; reference individual company profile
pages
Company Size
* Growth potential (especially through acquisition)
* Customer and supplier diversity
* Low cyclicality/seasonality
* High integrity and quality reputation
Key
Characteristics
* Strong existing team preferred
* Core leadership continuity post-transaction
* Collaborative approach to business-building
* Motivated by equity ownership
Management
* Engineering and technical services
* Professional and technology-enabled services
* Business and commercial services
* Industrial technology and engineered products
* Food and beverage
* Healthcare
Areas of
Interest
* Majority control investments preferred
* Entrepreneur/owner recapitalization
* Corporate divestitures
* Structured minority investments
Transaction Types
* Platform investments – EBITDA of $2M - $15M
* Add-on investments – company specific; reference individual company profile
pages
Company Size
* Growth potential (internal or through acquisition)
* Leading market position
* No or low cyclicality
* Quality reputation – “Proud to own”
* High return on assets
Key
Characteristics
* Strong existing team preferred
* Core leadership continuity post-transaction
* Collaborative approach to business-building
* Motivated by stock ownership
Management
* Professional services & consulting
* Business services
* Industrial technology & manufacturing
* Food & beverage
* Consumer products
Areas of
Interest
* Majority control investments preferred
* Entrepreneur/owner recapitalization
* Corporate divestitures
* Special situations
Transaction Types
PORTFOLIO COMPANIES
All
All Business & professional services Industrial technology & manufacturing
Consumer & food Current
Current and former Current Former
FORMER
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ARBOUR GROUP
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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ATLAS DIE
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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FORMER
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AVALON PRECISION METALSMITHS
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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FORMER
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CAPSA HEALTHCARE
INDUSTRIAL TECHNOLOGY & MANUFACTURING
learn more
CURRENT
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CHERRY HILL PROGRAMS
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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CLEARWATER SOLUTIONS
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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CONTROLLED PRODUCTS
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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CURRENT
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CONSOR
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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COSTUME GALLERY
CONSUMER & FOOD
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FORMER
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EAGLETON ENGINEERING
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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ENVIRONMENTS FOR HEALTH (E4H)
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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FOUNDATION DENTAL PARTNERS
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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GREELEY
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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INSPIRE11
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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INTEGRA
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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JOBS GROUP
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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JUDSON TECHNOLOGIES
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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CURRENT
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KENDELL
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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KEYSTONE BAKERIES
CONSUMER & FOOD
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FORMER
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KEYSTONE NATURAL HOLDINGS
CONSUMER & FOOD
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FORMER
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KFT FIRE TRAINERS
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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LANE POWER & ENERGY SOLUTIONS, INC.
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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CURRENT
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MERGE
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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MOVILITAS CONSULTING
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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NOVATIO
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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P10 HOLDINGS
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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PEAK-RYZEX
BUSINESS & PROFESSIONAL SERVICES
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CURRENT
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PINCHIN & PM
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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POLYMICRO TECHNOLOGIES
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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FORMER
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RECORD MASTERS
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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ROCORE
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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CURRENT
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SCOTT GROUP STUDIO
INDUSTRIAL TECHNOLOGY & MANUFACTURING
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CURRENT
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TRIBUTE BAKING COMPANY
CONSUMER & FOOD
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CURRENT
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VAN DEUSEN ASSOCIATES
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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VIDARIS
BUSINESS & PROFESSIONAL SERVICES
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FORMER
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VISTA INTERNATIONAL PACKAGING
CONSUMER & FOOD
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CLOSE
Exit Date
January 2020
Headquarters
Oakbrook Terrace, IL
Investment Date: January 2018
Business Overview
Arbour Group is a leading provider of regulatory compliance services for the
global life sciences industry. Arbour specializes in the areas of software
validation, packaged compliance solutions, and software testing/auditing to
ensure client compliance with applicable global regulatory bodies. Arbour
partners with name-brand clients in the pharmaceutical, biotechnology, and
medical device fields both domestically and internationally.
Exit
Exited to PhamaLex Group, a portfolio company of AUCTUS Capital Partners AG, in
2020
Keystone Contact: Jason S. Van Zant
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Exit Date
August 2017
Headquarters
Elkhart, IN
Investment Date: January 2003
Business Overview
Atlas Die is a manufacturer of steel rule and rotary dies for the packaging and
folding carton industries.
Exit
Atlas Die was acquired by Auxo Investment Partners in 2017
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Exit Date
August 2019
Headquarters
Cleveland, OH
Investment Date: October 2008
Business Overview
Avalon is a manufacturer of investment castings and precision machined
investment cast components. Through a series of acquisitions, Avalon has become
one of the largest commercial and industrial investment casting manufacturers in
the country.
Exit
Exited to Sigma Electric Manufacturing Corporation in 2019
Keystone Contact: Dennis J. Howe
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Exit Date
September 2017
Headquarters
Portland, OR
Investment Date: December 2000
Business Overview
Capsa Healthcare is the market leader in point-of-care IT, medication management
systems and pharmacy automation. With an installed based over three hundred
thousand units worldwide, Capsa Healthcare serves an array of healthcare
environments including hospitals, extended care facilities, retail and
mail-order pharmacies.
Exit
Capsa Healthcare was acquired by Levine Leichtman Capital Partners in 2017
PREVIOUS NEXT
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President/Ceo
Steve Craig
Headquarters
Marlton, NJ
Investment Date: December 2015
Business Overview
Cherry Hill Programs is the market leader in providing mall-based holiday
photography services and products. Cherry Hill Programs manages on-premises
Santa and Easter Bunny photography programs for over 330 mall locations
throughout North America.
Cherry Hill Programs Website
Acquisition Areas of Interest
* Related photography services
* Holiday services and products
* Mall facility services
* Tourism photography
* School & sports photography
Acquisitions During Ownership
* Cherry Hill Programs (2015): Original platform investment
* Noerr Programs (2016): Acquisition of holiday photography services provider
* Worldwide Photography (2018): Acquisition of holiday photography services
provider
* Photogenic (2019): Acquisition of leading provider of tourism photography
services
PREVIOUS NEXT
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President/Ceo
Steve Cawood
Headquarters
Auburn, AL
Investment Date: March 2021
Business Overview
ClearWater Solutions (“CWS”) is an outsourced operations and maintenance (“O&M”)
service provider to municipal and private water and wastewater facilities
across multiple states in the greater Southeastern U.S. CWS leverages its O&M
expertise to take over plant operations for its clients, bringing superior
service and knowledge to operate facilities more efficiently, cost effectively
and in better compliance than what municipalities achieve with in-house efforts.
CWS also provides public works outsourced services, CCTV, tank maintenance and
construction services for clients in addition to its core outsourced water and
wastewater facility O&M services.
ClearWater Solutions Website
Acquisitions During Ownership
* Midwest Water Operations (2021)
* Engineering Solutions International (2022)
* Blackman Laboratory (2022)
Acquisition Areas of Interest
* Water/wastewater O&M service providers in complementary geographies
* Providers of ancillary municipal services
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Exit Date
2016
Headquarters
Dalton, GA
Investment Date: April 2005
Business Overview
Controlled Products is a leading manufacturer of synthetic turf for
recreational, leisure, landscape and athletic end-use applications.
Exit
Controlled Products was acquired by Clearview Capital in 2016
PREVIOUS NEXT
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President/Ceo
Chris Rayasam
Headquarters
Chicago, IL
Investment Date: January 2016
Business Overview
Consor is a North American transportation and water engineering and inspection
firm providing services including planning and design, structural assessment,
and construction services. The firm was created in 2018 when four
entrepreneur-led businesses came together with the vision of building an
engineering firm with the scale to win high-profile projects on the national
stage while staying true to their entrepreneurial roots and maintaining their
commitment to providing exceptional service to their clients and local
communities. Today, Consor has more than 1,400 employees across the United
States and Canada.
Consor Website
Acquisition Areas of Interest
* Transportation engineering and inspection firms in the Western, Mountain,
Southeastern, and Mid-Atlantic states
* Water-wastewater and water resources engineering specialists
* Rail/transit engineering and inspection specialists
* Traffic engineering and ITS specialists
* Aviation engineering and inspection specialists
* Environmental engineering specialists
Acquisitions During Ownership
* Target Engineering Group (2016): Original investment, construction
engineering and inspection in Florida
* AIA Engineers (2017): Transportation design, planning, and construction
inspection in Texas
* Infrastructure Engineers (2018): Bridge inspection leader with a national
footprint
* Johnson-Adams (2018): Construction engineering and inspection in Florida
* Structural Grace (2019): Bridge design and construction inspection in Arizona
* TKW Consulting Engineers (2019): Water/wastewater engineering in Florida
* U.S. Underwater Services (2020): Commercial diving specializing in municipal
water tank inspections in Texas
* Apex Design (2020): Traffic, ITS, planning, and construction inspection in
Colorado
* Murraysmith (2020): Transportation and water engineering and construction
inspection in the Pacific Northwest
* Civic (2021): Transportation engineering and construction inspection in
Tennessee
* CPM Associates (2022): Construction management and program management in
California
* Project Engineering Consultants (2022): Transportation and water engineering
and inspection in Utah, Arizona, and Nevada
*
Keystone Contact: Scott L. Gwilliam
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Exit Date
May 2018
Headquarters
Delanco, NJ
Investment Date: December 2010
Business Overview
Costume Gallery is leading provider of dance costumes and dancewear. Costume
Gallery strategically focuses on dancewear for recitals – the pinnacle showcase
of students’ talents and education for the school year. The company designs,
markets and manufactures recital costumes for 8,000+ dance studios around the
country.
Exit
Costume Gallery was acquired by an undisclosed buyer in 2018.
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Exit Date
2014
Headquarters
Houston, TX
Investment Date: December 2011
Business Overview
Eagleton Engineering was an engineering services company who focused on the
midstream/pipeline segment of the oil and gas industry.
Exit
Eagleton was acquired by Jacobs Engineering Group (NYSE:JEC) in 2014
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President/Ceo
Jim Johnson
Headquarters
Williston, VT
Investment Date: June 2015
Business Overview
Environments for Health, LLC (e4h) is an architectural design and facilities
planning firm focused on the healthcare and life sciences markets. E4H has
completed over 2,000 projects including community hospitals, for-profit
hospitals, ambulatory surgery centers, rehabilitation facilities, medical office
buildings, skilled nursing facilities, senior living communities, and hospices.
e4h Website
Acquisition Areas of Interest
* Regional providers of architectural services focused primarily on the
healthcare market
* Providers of architectural services in adjacent life sciences markets – e.g.
laboratory, biotech
* Providers of ancillary healthcare facility services – e.g. facility
planning/operational consulting
Acquisitions During Ownership
* Morris Switzer (2015): Original platform investment
* Ascension Group (2016): Merger with a leading Texas healthcare architecture
firm
* DaSilva Architects (2016): Merger with a leading New York healthcare
architecture firm
* RSG Architects (2018): Merger with a leading Mid-Atlantic healthcare
architecture firm
Keystone Contact: Jason S. Van Zant
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President/Ceo
Adam Ditto
Headquarters
Alpharetta, GA
Investment Date: January 2020
Business Overview
Foundation Dental Partners is a dental support organization which was founded
with the goal of providing doctor-owners with a unique, dentist-friendly
partnership alternative. Foundation provides a range of administrative and
support services to multiple dental practices with a primary focus on the
Southeastern U.S.
Foundation Dental Partners
Acquisition Areas of Interest
* Single and multi-location private-pay dental practices
Keystone Contact: Kevin S. Overby
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Exit Date
November 2019
Headquarters
Danvers, MA
Investment Date: August 2016
Business Overview
Greeley is a leading healthcare consulting firm that partners with hospital
administrative and clinical teams to solve problems and improve processes
related to accreditation and regulatory compliance, medical staff optimization
and physician alignment, and credentialing and privileging. Greeley’s offering
includes consulting services, interim staffing, business process outsourcing,
education services, and external peer review. Greeley’s mission is to work with
hospitals and hospital systems to optimize internal processes and workflows,
simplify documentation, improve physician and patient satisfaction, and maximize
profitability. The company serves hospitals and hospital systems of all sizes
across all 50 states.
Exit
Exited to The Chartis Group in 2019
Keystone Contact: Bill Sommerschield
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President/Ceo
Alban Mehmeti & Hans Nelson
Headquarters
Chicago, IL
Investment Date: December 2020
Business Overview
Inspire11 is a digital transformation and innovation consultancy helping Fortune
500 clients better leverage modern technology infrastructure, data science and
analytics, and experience design to transform business processes. In 2020,
Inspire11 was recognized in the Inc. 5000 list as the 10th fastest growing
business, and the fastest growing services business, in the United States over
the past three years.
Inspire11 Website
Acquisition Areas of Interest
* Digital Transformation Consultancies
* Channel Partner Consultancies (AWS/Snowflake, Google Cloud, DataRobot, Slack,
etc.)
* Specialized Technology Developers
* Data Science Experts
Keystone Contact: Bill Sommerschield
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President/Ceo
Dominic Mazzolini
Headquarters
Mentor, OH
Investment Date: December 2021
Business Overview
Integra Testing Services is a leading national provider of testing, adjusting
and balancing (TAB) services to the commercial HVAC market. In addition, Integra
also provides other niche inspection and testing services including
commissioning, water balancing, and building façade pressure testing.
Integra Website
Acquisition Areas of Interest
* Testing, adjusting and balancing firms
* Medical gas and clean room certification/testing firms
* Specialized inspection and testing firms servicing the built environment
* General testing/inspection/certification/compliance (TICC) firms
Acquisitions During Ownership
* Neudorfer Engineers (2021): Leading TAB provider in the Pacific Northwest
* Fulton & Associates (2021): Leading TAB provider in Ohio
* International Test & Balance (2022): Leading TAB provider in Chicago and
Michigan
* Seneca Balance (2022): Leading TAB provider in Baltimore and Washington D.C.
Keystone Contact: Jason S. Van Zant
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Exit Date
March 2021
Headquarters
Houston, TX
Investment Date: June 2019
Business Overview
JOBS Group is a specialized commercial facilities services provider focused on
high-rise façade maintenance (including window cleaning and waterproofing),
metal surface maintenance, elevator cab interior refurbishment, and other
related property maintenance services.
JOBS Group Website
Exit
JOBS Group was merged into Valcourt Building Services, an affiliate of
Littlejohn & Co., in 2021. Keystone retained an equity interest in the combined
organization.
Keystone Contact: Jason S. Van Zant
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Exit Date
2008
Headquarters
Montgomeryville, PA
Investment Date: March 2000
Business Overview
Judson Technologies was a manufacturer of detectors and sensors.
Exit
Judson was acquired by Teledyne Technologies (NYSE: TDY) in 2008
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President/Ceo
John Katter
Headquarters
Mendota Heights, MN
Investment Date: June 2019
Business Overview
KENDELL is a value-added specialty distributor of door openings, door hardware
and related access control products for institutional and commercial
applications in the built environment.
KENDELL Website
Acquisition Areas of Interest
* Value-added commercial/institutional door and door hardware distributors
* Electronic security/access control integrators
* Locksmiths and specialty door service organizations
Acquisitions During Ownership
* Washington Architectural Hardware (2019): Leader in commercial door and door
hardware distribution in the Pacific Northwest
* Newport Distribution (2020): Full-service commercial door and door hardware
provider in Chicago
* Watson Security (2020): Aftermarket electronic access control and mechanical
security service provider
* Hardware Distributors (2021): Leader in commercial door and door hardware
distribution in North Carolina
* Craftmaster Hardware (2022): Leader in aftermarket door hardware distribution
in New England
Keystone Contact: Jason S. Van Zant
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Exit Date
2010
Headquarters
Manchester, NH
Investment Date: December 2000
Business Overview
Keystone Bakeries was a supplier of cupcakes, donuts, and cookies to the
in-store bakery channel.
Exit
Keystone Bakeries was acquired by Maplehurst Bakeries, a subsidiary of George
Weston Limited (TSX: WN), in 2010
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Exit Date
September 2022
Headquarters
Philadelphia, PA
Investment Date: June 2016
Business Overview
Keystone Natural is a manufacturer of healthy, plant-based protein products
including tofu, meatless veggie burgers, and other soy-based and vegetarian
items. The Company sells into the retail and foodservice channels under the
Nature Soy, VeggieLand, Franklin Farms, and Superior Tofu brands.
Exit
Keystone Natural was acquired by House Foods Holding USA in 2022
Keystone Contact: Chaoran Jin
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Exit Date
July 2020
Headquarters
Montvale, NJ
Investment Date: March 2014
Business Overview
KFT is the world leader in the design, installation and service of live fire
training simulators and related technologies. The Company provides critical fire
training technologies to fire academies, municipalities, governments, and
industrial customers on a global basis. KFT’s industry leading products are
installed in locations throughout the world.
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President/Ceo
Michael J. Tritt
Headquarters
Houston, TX
Investment Date: September 2019
Business Overview
Lane Power & Energy Solutions, Inc. is a leading provider of underground
hydrocarbon storage solution for petrochemical facilities, midstream operators,
and governmental agencies.
Lane Power & Energy Solutions, Inc.
Acquisition Areas of Interest
* Engineering, Procurement, and Construction (EPC) services focused on energy
infrastructure development
* Testing & inspection service providers focused on hydrocarbon storage assets
Keystone Contact: David A. Greer
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President/Ceo
Patrick Venetucci
Headquarters
Chicago, IL
Investment Date: December 2018
Business Overview
Integrated marketing and technology development agency with deep expertise in
the healthcare sector.
Merge Website
Acquisition Areas of Interest
* Custom Technology Development
* MarTech Platforms (Adobe, Salesforce, Veeva)
* Life Sciences Marketing & Commercialization
* Performance Marketing
* Data & Analytics
Acquisitions During Ownership
* Beam (2019): Acquisition of an experience design and digital development
agency
* Sandbox (2020): Healthcare focused integrated digital agency
* Blue Moon (2021): Performance marketing agency
* Perkuto (2021): Marketing operations consultancy (Marketo & Workato)
Keystone Contact: Bill Sommerschield
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Exit Date
December 2021
Headquarters
Columbia, MD
Investment Date: May 2013
Business Overview
Movilitas Consulting provides end-to-end supply chain, track and trace and
mobility solutions. Movilitas Consulting solutions enhance customers’ control
of their extended supply chain, help ensure compliance with global regulations,
and optimize field-based business processes helping to accelerate the pace of
business performance.
Movilitas Consulting Website
Exit
Movilitas joined Engineering USA, an affiliate of Bain Capital, LP in 2021.
Keystone Contact: Scott L. Gwilliam
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President/Ceo
Gokul Solai
Headquarters
Orlando, FL
Investment Date: August 2022
Business Overview
Novatio is a fast-growing hyperautomation consultancy with deep expertise in
process consulting & mapping, software implementation & customization, and
ongoing support and managed services. The Company partners with leading
enterprise, healthcare, and SLED (state, local, and education) clients. Novatio
maintains close strategic partnerships with leading robotic process automation
(RPA) and intelligent automation software platforms, primarily UiPath and
Automation Anywhere.
Novatio Website
Acquisition Areas of Interest
* Strategic process efficiency consulting firms
* Niche emerging automation technology consulting firms or managed services
providers
* Microsoft Power Automate consultancies
Keystone Contact: Bill Sommerschield
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President/Ceo
Clark Webb & Robert Alpert
Headquarters
Dallas, TX
Investment Date: March 2020
Business Overview
P10 (NYSE:PX) is a specialized multi-asset class private markets solutions
provider, offering a comprehensive suite of niche private equity, venture
capital, private credit, and impact investing strategies.
P10 Holdings
Acquisition Areas of Interest
* Specialized alternative asset management firms
Acquisitions During Ownership
* Five Points Capital (2020): Leading alternative asset management firm focused
on providing debt and equity capital to U.S.-based, lower-middle market
companies
* TrueBridge Capital Partners (2020): Leading alternative asset management firm
focused on high-performing, access constrained venture capital opportunities
* Enhanced Capital Group (2020): Premier impact investing platform focused on
credit and equity investments across a diverse impact-oriented product
offering
* Bonaccord Capital Partners (2021): Investment management firm focused on
acquiring non-control equity interests in mid-sized private markets sponsors
* Hark Capital (2021): Provider of credit solutions to mid-life private equity,
growth equity, venture, and other funds
Keystone Contact: Scott L. Gwilliam
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Exit Date
April 2021
Headquarters
Columbia, MD
Investment Date: October 2011
Business Overview
Peak-Ryzex provides end-to-end enterprise mobility, managed services, printing
and mobile data capture solutions for performance-driven organizations focused
on the optimization of supply chain and field-based business processes.
Peak-Ryzex’s in-depth industry-specific experience, state-of-the-art solutions
and managed services, and exemplary customer support provide transformational
business solutions and results that deliver greater ROI and outstanding value.
Exit
Peak-Ryzex was acquired by Sole Source Capital, LLC in 2021.
Keystone Contact: Scott L. Gwilliam
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President/Ceo
Jeff Grossi
Headquarters
Mississauga, ON
Business Overview
Pinchin and PM are environmental consulting firms which offer a broad array of
site assessment-related environmental, engineering, building science, and health
& safety services across the real estate lifecycle. Pinchin operates nationally
across Canada out of 34 offices. PM is a regional leader serving clients out of
twelve offices in Michigan and the Southeastern US.
Pinchin Website
PM Environmental Website
Acquisition Areas of Interest
* US or Canada-based providers of environmental consulting and engineering
services focused on the buildings and land markets
* Specialty environmental, industrial hygiene, and health & safety services
providers
Acquisitions During Ownership
* PM Environmental (2021): Leading environmental risk consulting services
provider in Michigan and the Southeastern US
* Pinchin (2022): Leading national provider of environmental, engineering,
building science, and health & safety services in Canada
Keystone Contact: David A. Greer
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Exit Date
2007
Headquarters
Phoenix, AZ
Investment Date: June 1999
Business Overview
Polymicro Technologies was a manufacturer of optical fibers for industrial
applications.
Exit
Polymicro was acquired by Molex, Inc. (NASDAQ:MOLX) in 2007
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Exit Date
1997
Headquarters
Northbrook, IL
Investment Date: February 1995
Business Overview
Record Masters was a leading national provider of healthcare record storage and
retrieval services.
Exit
Record Masters was merged into Iron Mountain, Inc. (NYSE:IRM) in 1997
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Exit Date
October 2017
Headquarters
Indianapolis, IN
Investment Date: October 2008
Business Overview
Rocore Inc. is a manufacturer of industrial heat exchangers and provider of heat
exchanger repair services. The company’s products consist primarily of highly
engineered radiators, heat exchangers and cooling products made of copper,
aluminum and brass. Rocore serves a diverse customer base in the following end
markets: on/off highway, rail, after market and power generation.
Exit
Rocore Inc. was acquired by Triton in 2017
Keystone Contact: David A. Greer
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President/Ceo
Tim Hill
Headquarters
Grand Rapids, MI
Investment Date: December 2013
Business Overview
Scott Group is a designer and manufacturer of high end, custom carpets and rugs.
They are a leading supplier to the business aviation, high-end residential and
commercial (including luxury retail), and yacht markets both in the U.S. and
abroad.
Scott Group Website
Acquisition Areas of Interest
* Suppliers of luxury high end interior soft goods products – e.g. leather,
fabrics
* Suppliers to the architecture and design / showroom industry
Acquisitions During Ownership
* Scott Group Custom Carpets (2013): Original Platform Investment
* Hokanson Carpets (2014): Acquisition of a leading designer and producer of
customized rugs and carpets for the high-end residential market
* PWV Studios (2017): Acquisition of a boutique manufacturer of handmade
carpets for the aviation and interior design markets
Keystone Contact: Jason S. Van Zant
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President/Ceo
Kevin McDonough
Headquarters
Bohemia, NY
Investment Date: October 2021
Business Overview
Tribute is a manufacturer of authentic New York style kettle-boiled,
hearth-baked bagels sold into the in-store bakery, club store, foodservice, and
convenience store channels.
Tribute Baking Company
Acquisition Areas of Interest
* Branded or private label baked goods businesses
Acquisitions During Ownership
* Always Bagels (2021): Wholesale bagel producer with facilities in New York
and Pennsylvania
* Original Bagel (2021): Wholesale bagel producer out of New Jersey
* Hometown Foods (2021): Wholesale bagel and specialty cake producer out of
Miami
Keystone Contact: Chaoran Jin
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President/Ceo
Mike Smith & Rob Cuzzi
Headquarters
East Hanover, NJ
Investment Date: December 2021
Business Overview
VDA is a leading vertical transportation (elevator, escalator, and lift)
consulting firm that provides services to the new construction, modernization,
maintenance, and inspection markets for building owners, investors/developers,
and end users. VDA has branch offices conveniently located in major markets
across the U.S. and employs over 160 professionals.
VDA Website
Acquisition Areas of Interest
* Elevator inspection and witness testing service providers
* Specialty/boutique providers of building sciences consulting services
Acquisitions During Ownership
* Sierra Consulting Group (2022): Provider of elevator inspection and
consulting services in the New York metropolitan market
* Barbre Consulting (2022)
Keystone Contact: Jason S. Van Zant
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Exit Date
2015
Headquarters
New York, NY
Investment Date: October 2006
Business Overview
Vidaris was a building sciences consulting firm encompassing curtain
wall/façade, sustainable design and failure analysis disciplines.
Exit
Vidaris was acquired by Cortec Group in 2015
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Exit Date
2014
Headquarters
Kenosha, WI
Investment Date: June 2004
Business Overview
Converter and distributor of meat packaging products
Exit
Vista was acquired by ViskoTeepak in 2014
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I have represented two businesses that were acquired by Keystone, and I can say
without question they are one of the most straightforward, thoughtful, efficient
and effective buyers I have had the chance to deal with. They have and will
continue to represent a very compelling and unique outcome for my clients.
Stephen Madden
Managing Director, Business Capital Exchange
THE KEYSTONE TEAM
MEGAN C. ANDERSON
EXECUTIVE ASSISTANT & OFFICE MANAGER
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Megan A.
MATTHEW BLANKS
ASSOCIATE
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Matthew B.
BRIAN C. CHUNG
MANAGING DIRECTOR & CHIEF FINANCIAL OFFICER
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KENT P. DAUTEN
CHAIRMAN
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Kent D.
ERIK GERNANT
VICE PRESIDENT
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Erik G.
DAVID A. GREER
MANAGING DIRECTOR
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David G.
SCOTT L. GWILLIAM
MANAGING PARTNER
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Scott G.
PATRICK HELLE
ANALYST
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Patrick H.
MAGGIE HORAK
ANALYST
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Maggie H.
DENNIS J. HOWE
MANAGING DIRECTOR
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Dennis H.
CHAORAN JIN
MANAGING DIRECTOR
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Chaoran J.
LAURA B. JOHNSON
VICE PRESIDENT OF FINANCE
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Laura J.
KEVIN KANE
DIRECTOR OF TAX
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SEAN LYONS
ASSOCIATE
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JENNIFER MAES
ACCOUNTING MANAGER
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KAREN J. MASON
ADMINISTRATIVE ASSISTANT
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KEVIN S. OVERBY
VICE PRESIDENT
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BRIAN PRENDERGAST
ASSOCIATE
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Brian P.
BILL SOMMERSCHIELD
MANAGING DIRECTOR
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JASON S. VAN ZANT
MANAGING DIRECTOR
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ANDREW C. WEHR
PRINCIPAL OF FINANCE
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SENIOR ASSOCIATE
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Megan C. Anderson Executive Assistant & Office Manager
Email Megan
Megan C. Anderson joined Keystone Capital in 2009. Prior to Keystone, Megan was
an Executive Assistant with UBS Private Wealth Management in Florida and
Chicago. Megan’s previous experience includes working for Morgan Stanley and
Discover Financial Services.
Education
Indiana University, BA
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Matthew Blanks Associate
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Matt Blanks joined Keystone Capital in 2021. Prior to joining Keystone, Matt was
an investment banking analyst at Lazard, where he worked on a variety of mergers
and acquisitions for public and private companies.
Education
University of Illinois at Urbana-Champaign; BA Finance, 2020
Go to Matthew's LinkedIn profile
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Brian C. Chung Managing Director & Chief Financial Officer
Email Brian
Brian C. Chung joined Keystone Capital in 2007 and serves as Chief Financial
Officer of the firm with primary responsibility for portfolio company finance,
accounting and acquisition financial due diligence. Prior to Keystone Brian was
Chief Financial Officer of Ultra Care, Inc. where he also served on the Board of
Directors.
His previous experience includes over 10 years in public accounting, with Stoy
Hayward in London, and Crowe Chizek in Chicago as a manager in the audit and
mergers & acquisitions departments. He also worked in the due diligence group of
Sanwa Business Credit’s commercial finance department.
Education
UK Chartered Accountant (FCA)
Northwestern University; MBA, 2001
University of Salford; BS, 1986
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Kent P. Dauten Chairman
Email Kent
Kent P. Dauten co-founded Keystone Capital in 1994 and serves as a Chairman of
the firm. As part of Keystone, Kent served as the C.E.O. and President of the
firm’s first portfolio company, Record Masters, building it into the nation’s
leading healthcare records management company. After the merger of this business
into Iron Mountain, he served as the President of their Healthcare Division.
Kent’s previous experience includes fifteen years with First Chicago Venture
Capital and its spin-off Madison Dearborn Partners, Inc., a multi-billion dollar
private equity firm which he also co-founded.
With these firms he completed investments in 28 companies in various industries,
including food processing, healthcare services and industrial manufacturing.
Education
Harvard University; MBA, 1979
Dartmouth College; BA, 1977
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Erik Gernant Vice President
Email Erik
Erik Gernant joined Keystone Capital in 2015. During his time at Keystone, Erik
took on a temporary full-time role with Consor Engineers, a Keystone portfolio
company in the infrastructure engineering sector. At Consor, Erik was
responsible for leading the acquisition efforts, coordinating integration
workstreams, and supporting the executive team in a variety of ways. Now back
at Keystone full-time, Erik is closely involved in growing the firm’s presence
in the engineering, construction, and professional services sectors.
Previously, Erik worked as an investment banking analyst and associate in the
technology group at JMP Securities where he focused on merger and acquisition
advisory and public equity offerings.
Education
University of Notre Dame, BA
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David A. Greer Managing Director
Email David
David A. Greer joined Keystone Capital in 2005 and serves as a Managing Director
of the firm. Prior to Keystone, he was General Manager of the RFID business unit
for Motorola, Inc. and Executive Vice President of Participate Systems, Inc.
His previous experience includes advising Fortune 100 clients as a member of The
Boston Consulting Group and the mergers & acquisitions department of Goldman
Sachs. Additionally, David served for five years as a surface warfare officer in
the U.S. Navy.
Education
Northwestern University; MBA, 1995
U.S. Naval Academy; BS, 1988
Go to David's LinkedIn profile
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Scott L. Gwilliam Managing Partner
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Scott L. Gwilliam co-founded Keystone Capital in 1994 and serves as a Managing
Partner of the firm with primary responsibility for our investment activities.
Scott served as the Chief Financial Officer of the firm’s first portfolio
company, Record Masters, from its founding in 1995 through its sale to Iron
Mountain in 1997.
Prior to Keystone, Scott was a member of the investment banking and corporate
finance department at Kidder, Peabody & Company where he was actively involved
in initial public offerings, mergers and acquisitions, and corporate
reorganizations. He also worked for Madison Dearborn Partners, Inc., a leading
Chicago private equity firm, as well as with several entrepreneurial businesses
in various roles.
Education
Northwestern University; MBA, 1995
University of Virginia; BS, 1991
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Patrick Helle Analyst
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Patrick joined Keystone Capital in 2022.
Education
University of Illinois at Urbana-Champaign; BS Finance, 2022
Go to Patrick's LinkedIn profile
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Maggie Horak Analyst
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Maggie joined Keystone Capital in 2022.
Education
University of Illinois at Urbana-Champaign; BS Accountancy, 2022
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Dennis J. Howe Managing Director
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Dennis J. Howe joined Keystone Capital in 2013 and serves as a Managing Director
of the firm with a primary focus on supporting portfolio companies with
operational and strategic direction. Prior to Keystone, he was with Danaher as
Vice President of Business Management and Project Planning for Videojet and Vice
President and General Manager of Thomson Linear Components.
His previous experience includes working for The Boston Consulting Group on
strategy assignments for industrial, financial and consumer goods clients and at
BASF Corporation working as an Operations Manager and as a Product Development
engineer.
Education
Northwestern University; MBA, 2000
Villanova University; BS Chemical Engineering, 1992
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Chaoran Jin Managing Director
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Chaoran Jin joined Keystone Capital in 2009 and serves as a Managing Director of
the firm. Prior to Keystone, she worked for Owens Corning as the Site Leader and
General Manager of two large manufacturing operations in Chicago.
Chaoran’s previous experience includes working for McKinsey & Company advising a
broad range of clients in consumer, retail and technology sectors, the mergers &
acquisitions division of Citigroup in Hong Kong, and product development at
Motorola’s mobile division.
Education
University of Chicago; MBA, 2003
University of Illinois; MS Electrical Engineering, 1999
Tsinghua University (Beijing, China); BS Biology, 1996
Go to Chaoran's LinkedIn profile
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Laura B. Johnson Vice President of Finance
Email Laura
Laura B. Johnson joined Keystone Capital in 2022 and serves as a Vice President
of Finance of the firm with primary responsibility for portfolio company
finance, accounting, and acquisition financial due diligence. Prior to Keystone
Laura was the Director of Finance, Operations Group at Sheridan Capital
Partners, a health care focused private equity firm based in Chicago.
Her previous experience includes over 8 years in KPMG’s Deal Advisory practice
providing financial due diligence for private equity clients.
Education
University of Illinois at Urbana-Champaign; BS Accountancy
University of Illinois at Urbana-Champaign; MSA
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Kevin Kane Director of Tax
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Kevin Kane joined Keystone in 2021 and serves as the Director of Tax with
primary responsibility focusing on all tax matters relating to Keystone and its
portfolio companies. Prior to joining the firm, Kevin was Director of Tax for
Peak-Ryzex, Inc., a former Keystone portfolio company.
His previous experience includes serving as the Director of Tax for numerous
portfolio companies of Platinum Equity, as well as NCS Healthcare. He also
worked for over 5 years in Ernst & Young’s tax department.
Education
The Ohio State University; BSBA Accounting, 1992
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Sean Lyons Associate
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Sean Lyons joined Keystone Capital in 2020. Previously, Sean worked as an
investment banking analyst at Moelis & Company.
Education
University of Illinois at Urbana-Champaign; BA Accountancy & Finance, 2018
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Jennifer Maes Accounting Manager
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Jennifer Maes joined Keystone Capital in April 2019 as Accounting Manager. Prior
to joining Keystone, she worked at GTCR, where she focused on investor relations
activities as well as portfolio analysis. Prior to GTCR, she worked at
PricewaterhouseCoopers as a Senior Tax Associate.
Education
Depaul University; MS Accountancy
Benedictine University; BBA Accounting
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Karen J. Mason Administrative Assistant
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Karen J. Mason joined Keystone Capital in 2016. Previously, Karen worked as an
Executive Assistant with Indeck Power Equipment Company in Wheeling, Illinois
and Chicago Equity Partners in Chicago, Illinois.
Education
Loyola University Chicago
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Kevin S. Overby Vice President
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Kevin Overby joined Keystone Capital in 2016. Previously, Kevin worked as an
investment banking analyst in the technology & business services group at Robert
W. Baird & Co. While at Baird, Kevin focused on mergers and acquisitions, equity
offerings and other financial advisory services for public and private
companies. Prior to Baird, Kevin was an Investment Analyst at Aether Investment
Partners in Denver.
Education
University of North Carolina at Chapel Hill, BA
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Brian Prendergast Associate
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Brian Prendergast joined Keystone Capital in 2019. Previously, Brian worked as
an investment banking analyst in the technology group at William Blair & Co.
Education
University of Illinois at Urbana-Champaign; BA Finance & Accountancy, 2017
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Bill Sommerschield Managing Director
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Bill Sommerschield joined Keystone Capital in 2014 and serves as a Managing
Director of the firm with a primary focus on Keystone’s investment activities.
Prior to joining Keystone, Bill was a Vice President at Lake Capital, a
Chicago-based private equity firm, where he focused on the firm’s investment
activities and served on the Board of Directors of Engine Group, ORC
International, HMI, and Addison Group. Bill also worked in the investment
banking divisions of Morgan Stanley and Credit Suisse where he was actively
involved in mergers and acquisitions as well as debt and equity financings in
the business services, industrial, and education industries. Prior to Morgan
Stanley, Bill was a Co-Founder of Wonder LLC, an experiential children’s retail
company, where he led concept development, strategic and financial planning, and
capital raising activities.
Education
Miami University, BA
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Jason S. Van Zant Managing Director
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Jason S. Van Zant joined Keystone Capital in 2008. Prior to Keystone, Jason was
an associate with Lincoln International, a middle-market investment banking firm
headquartered in Chicago. While with Lincoln, Jason focused on middle-market
mergers and acquisitions in the consumer products, food and industrial sectors.
Education
University of Iowa, BBA
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Andrew C. Wehr Principal of Finance
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Andrew C. Wehr joined Keystone Capital in 2014 and serves as a Principal of
Finance of the firm with primary responsibility for portfolio company finance
and accounting support and acquisition financial due diligence. Prior to
Keystone Andrew was International Accounting Manager of Groupon, Inc.
His previous experience includes serving as Chief Financial Officer for Midwest
Mechanical Group Inc, as well as working for Ernst & Young for over 5 years in
its advisory and assurance practice.
Education
Indiana University, BS
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Michael Weston Senior Associate
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Michael Weston joined Keystone Capital in 2019. Prior to joining Keystone,
Michael was an investment banking analyst in the specialty distribution group at
Houlihan Lokey, where he worked on a variety of mergers and acquisitions.
Education
Northwestern University; BA Neuroscience, 2018
Go to Michael's LinkedIn profile
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KEYSTONE NEWS
All
All Keystone News Portfolio companies Acquisitions
SEPTEMBER 2022
KEYSTONE CAPITAL SUCCESSFULLY EXITS ITS INVESTMENT IN KEYSTONE NATURAL HOLDINGS
Portfolio Companies
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AUGUST 2022
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH NOVATIO SOLUTIONS
Portfolio Companies
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JUNE 2022
KEYSTONE CAPITAL LAUNCHES NEW BAKERY PLATFORM
Portfolio Companies
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APRIL 2022
VDA ACQUIRES SIERRA CONSULTING GROUP
Acquisitions
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FEBRUARY 2022
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH PINCHIN AND PM ENVIRONMENTAL
Portfolio Companies
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FEBRUARY 2022
KEYSTONE ANNOUNCES FORMATION OF INTEGRA TESTING SERVICES
Portfolio Companies
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JANUARY 2022
KEYSTONE CAPITAL SUCCESSFULLY EXITS ITS INVESTMENT IN MOVILITAS
Portfolio Companies
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JANUARY 2022
CLEARWATER SOLUTIONS ANNOUNCES ACQUISITION OF MIDWEST WATER OPERATIONS
Acquisitions
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DECEMBER 2021
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH VDA
Portfolio Companies
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OCTOBER 2021
KEYSTONE CAPITAL ANNOUNCES ACQUISITION OF PERKUTO BY PORTFOLIO COMPANY MERGE
Acquisitions
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AUGUST 2021
KEYSTONE ANNOUNCES ACQUISITION OF BLUE MOON DIGITAL BY PORTFOLIO COMPANY MERGE
Acquisitions
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JUNE 2021
KEYSTONE CAPITAL MANAGEMENT, LP CLOSES DEBUT INSTITUTIONAL FUND
Keystone News
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APRIL 2021
KEYSTONE CAPITAL SUCCESSFULLY EXITS ITS INVESTMENT IN PEAK-RYZEX
Portfolio Companies
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APRIL 2021
JOBS GROUP MERGES WITH VALCOURT BUILDING SERVICES
Acquisitions
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JANUARY 2021
KENDELL ANNOUNCES ACQUISITION OF WATSON SECURITY
Acquisitions
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JANUARY 2021
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH INSPIRE11
Portfolio Companies
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JANUARY 2021
JOBS GROUP ANNOUNCES TWO ACQUISITIONS
Acquisitions
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JUNE 2020
KEYSTONE CAPITAL PARTNERS WITH JOBS BUILDING SERVICES; WELCOMES CEO ERIC CRABB
Portfolio Companies
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MARCH 2020
MERGE ANNOUNCES ACQUISITION OF SANDBOX GROUP
Acquisitions
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FEBRUARY 2020
KEYSTONE CAPITAL EXITS ARBOUR GROUP
Portfolio Companies
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JANUARY 2020
KEYSTONE CAPITAL ANNOUNCES SALE OF GREELEY
Portfolio Companies
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JANUARY 2020
KEYSTONE CAPITAL ANNOUNCES FORMATION OF FOUNDATION DENTAL PARTNERS
Portfolio Companies
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OCTOBER 2019
CHERRY HILL PROGRAMS PARTNERS WITH SANTA CLAUS TO LAUNCH WHEREISSANTA.COM
Portfolio Companies
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OCTOBER 2019
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH LANE POWER & ENERGY SOLUTIONS, INC.
Portfolio Companies
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AUGUST 2019
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH HOMETOWN FOODS USA
Keystone News
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AUGUST 2019
KEYSTONE CAPITAL ANNOUNCES SALE OF AVALON
Keystone News
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AUGUST 2019
KEYSTONE CAPITAL 2019 PROFESSIONAL AND STAFFING UPDATES
Keystone News
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JUNE 2019
CHERRY HILL PROGRAMS ANNOUNCES ACQUISITION OF PHOTOGENIC
Acquisitions
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JUNE 2019
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH KENDELL
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MAY 2019
KEYSTONE NATURAL HOLDINGS ACQUIRES WESTSOY
Acquisitions
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MAY 2019
CONSOR ANNOUNCES ACQUISITION OF STRUCTURAL GRACE
Acquisitions
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MAY 2019
MERGE ANNOUNCES ACQUISITION OF BEAM
Acquisitions
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DECEMBER 2018
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH MERGE
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MARCH 2018
E4H ARCHITECTURE ANNOUNCES ACQUISITION OF RSG ARCHITECTS
Acquisitions
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JANUARY 2018
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH ARBOUR GROUP LLC
Acquisitions
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DECEMBER 2017
KEYSTONE NATURAL HOLDINGS ACQUIRES J.P. VEGGIES AND SUPERIOR TOFU
Acquisitions
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OCTOBER 2017
KEYSTONE CAPITAL ANNOUNCES THE SALE OF ROCORE INC.
Keystone News
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SEPTEMBER 2017
KEYSTONE CAPITAL ANNOUNCES THE SALE OF CAPSA HEALTHCARE
Keystone News
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AUGUST 2017
KEYSTONE CAPITAL ANNOUNCES THE SALE OF ATLAS DIE LLC
Keystone News
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JANUARY 2017
KEYSTONE CAPITAL IS PLEASED TO ANNOUNCE THE FOLLOWING INTERNAL PROMOTIONS!
Keystone News
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AUGUST 2016
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH THE GREELEY COMPANY
Keystone News
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JUNE 2016
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH NATURE SOY
Keystone News
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JUNE 2016
FORMATION OF ENVIRONMENTS FOR HEALTH ARCHITECTURE
Portfolio Companies
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JANUARY 2016
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH TARGET ENGINEERING GROUP
Keystone News
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DECEMBER 2015
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH CHERRY HILL PHOTO
Keystone News
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DECEMBER 2015
PEAK-RYZEX ANNOUNCES ACQUISITION OF M-NETICS
Acquisitions
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AUGUST 2015
CAPSA SOLUTIONS ANNOUNCES THE ACQUISITION OF RUBBERMAID HEALTHCARE
Acquisitions
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JULY 2015
PEAK-RYZEX ANNOUNCES ACQUISITION OF MANAGE MOBILITY
Acquisitions
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JULY 2015
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH MORRISSWITZER
Keystone News
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JUNE 2015
ROCORE ANNOUNCES ACQUISITION OF CTI INDUSTRIES
Acquisitions
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MAY 2015
KEYSTONE CAPITAL ANNOUNCES SALE OF VIDARIS
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OCTOBER 2014
KEYSTONE CAPITAL WELCOMES TWO NEW HIRES
Keystone News
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SEPTEMBER 2014
SCOTT GROUP COMPLETES ACQUISITION OF HOKANSON CARPETS
Acquisitions
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JULY 2014
KEYSTONE PORTFOLIO COMPANY CAPSA SOLUTIONS ANNOUNCES ACQUISITION OF KIRBY LESTER
Acquisitions
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APRIL 2014
AVALON PRECISION CASTING COMPLETES ACQUISITION OF PRECISION METALSMITHS
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MARCH 2014
KEYSTONE CAPITAL ANNOUNCES ACQUISITION OF KIDDE FIRE TRAINERS
Acquisitions
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FEBRUARY 2014
KEYSTONE CAPITAL ANNOUNCES SALE OF EAGLETON ENGINEERING
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JANUARY 2014
KEYSTONE CAPITAL ANNOUNCES PARTNERSHIP WITH SCOTT GROUP CUSTOM CARPETS
Keystone News
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SEPTEMBER 2013
KEYSTONE CAPITAL WELCOMES TWO NEW HIRES
Keystone News
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JULY 2013
KEYSTONE CAPITAL ANNOUNCES TWO ADD-ON ACQUISITIONS
Acquisitions
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APRIL 2013
KEYSTONE CAPITAL ANNOUNCES NEW OFFICE LOCATION
Keystone News
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JANUARY 2013
VIDARIS ANNOUNCES ACQUISITION OF LUCIUS PITKIN, INC.
Acquisitions
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SEPTEMBER 2012
CRAFT CAST COMPLETES MERGER WITH AVALON PRECISION CASTING COMPANY
Portfolio Companies
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AUGUST 2012
PEAK TECHNOLOGIES COMPLETES ACQUISITION OF CATALYST
Acquisitions
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DECEMBER 2011
PEAK TECHNOLOGIES COMPLETES ACQUISITION OF RYZEX
Acquisitions
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DECEMBER 2011
KEYSTONE CAPITAL, INC. ANNOUNCES TWO PLATFORM ACQUISITIONS COMPLETED
Keystone News
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SEPTEMBER 2011
KEYSTONE CAPITAL UPDATE: CAPSA SOLUTIONS, LLC ANNOUNCEMENT
Portfolio Companies
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APRIL 2011
KEYSTONE CAPITAL ANNOUNCES ISRAEL BERGER & ASSOCIATES TRANSACTION
Portfolio Companies
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APRIL 2011
ERIC HOLTER JOINS KEYSTONE CAPITAL
Keystone News
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DECEMBER 2010
KEYSTONE CAPITAL, INC. ANNOUNCES RECAPITALIZATION OF COSTUME GALLERY
Portfolio Companies
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SEPTEMBER 2010
KEYSTONE CAPITAL, INC. REALIZES ITS TEN YEAR INVESTMENT IN KEYSTONE BAKERY
HOLDINGS, LLC
Keystone News
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NOVEMBER 2009
CAPSA SOLUTIONS, LLC ACQUIRES ARTROMICK INTERNATIONAL, INC.
Acquisitions
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SEPTEMBER 2009
KEYSTONE BAKERY HOLDINGS, LLC ACQUIRES HEARTLAND BAKING, LLC
Acquisitions
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APRIL 2009
CHAORAN JIN JOINS KEYSTONE CAPITAL
Keystone News
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JANUARY 2009
JASON VAN ZANT JOINS KEYSTONE CAPITAL
Keystone News
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OCTOBER 2008
KEYSTONE CAPITAL, INC. ACQUIRES ROCORE HOLDINGS
Acquisitions
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OCTOBER 2008
KEYSTONE CAPITAL, INC. ACQUIRES CRAFT CAST COMPANY
Acquisitions
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FEBRUARY 2008
JUDSON TECHNOLOGIES, LLC IS ACQUIRED BY TELEDYNE SCIENTIFIC & IMAGING, LLC
Keystone News
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Keystone Capital Successfully Exits Its Investment in Keystone Natural Holdings
September 2022
Keystone Capital ("Keystone") is pleased to announce that its portfolio company
Keystone Natural Holdings ("KNH") has been acquired by House Foods Holding USA,
the North American subsidiary of House Foods Group Inc.
Keystone Capital established the KNH platform through the acquisition of
Nature’s Soy® in 2016, a regional plant-based food manufacturer focused on the
ethnic channel. Through three strategic add-on acquisitions and meaningful
organic investment, KNH significantly expanded its product offering and channel
reach. In 2019, KNH invested in a new manufacturing facility in Folcroft,
Pennsylvania to capitalize on organic growth opportunities. The sale of KNH
represents another successful outcome for Keystone Capital within its Food &
Consumer investment efforts.
“We are proud of the work we have done at Keystone Natural Holdings,” said
Chaoran Jin, Managing Director of Keystone Capital. “During our partnership, we
invested significantly to expand KNH’s brand presence, manufacturing capacity,
product development capabilities, as well as the leadership team in order to
provide a broad range of healthy, innovative plant-based food products for
grocery, club, and food service customers. We are extremely appreciative of the
hard work, dedication, and commitment from the KNH management team in building a
market leading business. We wish them the best for their new chapter with House
Foods.”
Kenny Sung, Chief Executive Officer of KNH, who will continue to lead KNH,
added, “Keystone Capital has been a great partner to work with, helping us
successfully expand into additional strategic segments, which has positioned us
to better serve our retail and food service customers in the ethnic and
mainstream channel. With Keystone Capital’s help, we have integrated three
add-on acquisitions, which has broadened our core market and accelerated our
growth. We look forward to working with House Foods to continue our growth
trajectory.”
Through this acquisition, House Foods will expand its portfolio of value-added
tofu and plant-based food products and accelerate its US market expansion plans.
The combined company will have eight manufacturing facilities across North
America.
Investment banking services were provided to KNH by Whipstitch Capital and legal
services were provided to KNH and Keystone by DLA Piper.
Contact Information
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
Brian Chung
(312) 219-7975
bchung@keystonecapital.com
Michael Weston
(312) 219-7982
mweston@keystonecapital.com
http://keystonecapital.com/keystone-capital-successfully-exits-its-investment-in-keystone-natural-holdings/
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Keystone Capital Announces Partnership with Novatio Solutions
August 2022
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce an
investment partnership with Novatio Solutions (“Novatio” or “the Company”).
Novatio is a fast-growing hyperautomation consultancy with deep expertise in
automation strategy, software implementation, and ongoing support of automation
programs. Novatio primarily works in partnership with UiPath and Automation
Anywhere, the leading robotic process automation (“RPA”) and intelligent
automation software platforms.
Founded in 2015, Novatio has quickly grown into an automation consulting leader,
providing its roster of enterprise, healthcare, and SLED (state, local, and
education) clients with full-lifecycle automation solutions consisting of
process discovery & mining, software implementation & customization, bot
development, and ongoing managed support & execution services. Novatio’s
differentiated delivery and talent development model is supported by a
best-in-class automation technology training program. The Company’s rapidly
expanding team includes more than 100 resources across the U.S. and India. For
more information on Novatio, visit www.novatiosolutions.com.
“We are delighted to partner with a patient and experienced investor in Keystone
Capital to help build on the success Novatio has enjoyed to date,” remarked
Gokul Solai, CEO of Novatio. “Intelligent automation is still in its infancy and
this partnership is an important step to ensure we will continue to be at the
forefront of the industry. We look forward to continuing to develop new and
exciting solutions to expand the impact that process consulting and automation
can have within our client partners’ organizations.”
Novatio represents a furtherance of Keystone’s investment success in the
tech-enabled services sector. “Novatio is exceptionally well-positioned to
capitalize on the significant opportunity in the intelligent automation
industry,” commented Bill Sommerschield, Managing Director at Keystone Capital.
“We are thrilled to partner with Gokul and his team to collaboratively build a
preeminent service provider in this dynamic and fast-growing marketplace.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC Bank USA and legal counsel was provided by DLA Piper. Novatio
was advised by Equiteq in connection with this transaction.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
Michael Weston
(312) 219-7982
mweston@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-novatio-solutions/
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Keystone Capital Launches New Bakery Platform
June 2022
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce it has
launched Tribute Baking Company (“Tribute” or the “Company”), a market leading
producer of authentic New York style kettle-boiled, hearth-baked bagels and
specialty cake products sold into the in-store bakery, club store, foodservice,
and convenience store channels. Tribute was formed through the combination of
three family-owned wholesale bakeries: Always Bagels (“Always”), Original Bagel
(“Original”), and Hometown Foods (“Hometown”).
For the last 25+ years, Always, Original, and Hometown have led the wholesale
bagel market in quality. Together, Tribute employs more than 300 people and
operates out of a collective 190K square feet across four SQF Level II
facilities in New York, New Jersey, Pennsylvania, and Miami. The Company sells
its product in a par-baked and fully baked frozen format to some of the most
notable retailers and foodservice distributors on the East Coast, nationally,
and internationally. The combined footprint of Tribute provides the advantage to
its customers of four dedicated facilities, creating a resilient supply chain in
the bagel category.
Anthony Pariti, Co-Founder of Always, noted, “We are thrilled to begin our
partnership with Keystone. We see tremendous opportunity to build on the strong
foundation developed over the last several decades. Keystone’s differentiated
approach of patiently investing alongside management with a focus on long-term
value creation is a great fit for our employees and our customers.”
“Partnering with Keystone and Always opens exciting opportunities for our
collective businesses,” added Dave Harris and Bruce Levenbrook, President and
CEO of Original, respectively. “Our combined decades of experience and legacy of
quality are unparalleled in today’s marketplace. Additionally, Keystone’s deep
understanding of the wholesale bakery business will provide us with an
experienced strategic partner as we work together to achieve our goals for
organic growth and complementary acquisitions.”
The formation of Tribute also represents a continuation of Keystone’s
partnership with Hometown Foods, a multigenerational wholesale bakery based out
of Miami. Hometown’s scaled manufacturing footprint brings substantial
additional bagel manufacturing capacity and a portfolio of specialty cake
products to the broader platform.
Keystone’s bakery experience stretches back to the early 2000s through Keystone
Bakeries Holdings (“KBH”), starting with a partnership with Freed’s Bakery, a
market leader in fully finished cupcakes sold to the in-store bakery channel.
Over the next decade, Keystone executed two transformative add-on acquisitions
in the donut and cookie segment, driving significant growth prior to exiting the
business to Weston Foods (TSX: WN) in 2010. Kevin McDonough, formerly the
President of KBH, will lead Tribute going forward.
“Keystone is excited to partner with these terrific family businesses to
continue building on their legacy of quality and authenticity,” commented
Chaoran Jin, Managing Director at Keystone Capital. “We see the same amount of
opportunity in the wholesale bakery space that we saw 20 years ago and are eager
to execute on our organic growth initiatives and targeted acquisitions.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC Bank USA and Capital One NA, and legal counsel was provided to
Keystone by Honigman LLP. Original Bagel was advised by Billow Butler & Company
in connection with this transaction.
Contact Information
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
Brian Chung
(312) 219-7975
bchung@keystonecapital.com
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
Michael Weston
(312) 219-7982
mweston@keystonecapital.com
http://keystonecapital.com/keystone-capital-launches-new-bakery-platform/
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VDA Acquires Sierra Consulting Group
April 2022
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce that its
portfolio company VDA, Inc. (“VDA”), a market leader in providing technical
consulting and inspection services to the elevator and vertical transportation
industry, has acquired Sierra Consulting Group (“Sierra”).
Sierra represents the first add-on acquisition completed by VDA since initially
partnering with Keystone. “Sierra adds significant capability to VDA’s mandated
inspection and modernization consulting capabilities,” commented Jason Van Zant,
Managing Director of Keystone. “We look forward to having Joe Caracappa and his
leadership team join the exceptional leadership team at VDA.”
Completed in November 2021, VDA represents Keystone’s fifth platform investment
in the building sciences consulting and engineering services industry. VDA is
actively seeking add-on acquisition opportunities in the building sciences
consulting and inspection industry. Parties with knowledge of relevant potential
investment opportunities are encouraged to contact Keystone.
About VDA
Operating over a history spanning 40+ years, VDA is headquartered in East
Hanover, NJ and has grown to include 30+ offices across the country. VDA
specializes in all types of vertical transportation services, including
elevator/escalator/lift modernization, new construction, maintenance
evaluations, mandated inspections, and general consulting for a variety of end
markets. For more information on VDA, visit www.vdassoc.com.
About Sierra
Sierra Consulting Group is a full-service elevator and escalator consulting
company, providing inspection witnessing, advisory and project management
services to building owners and property management firms overseeing residential
and commercial buildings throughout metropolitan New York. Founded in 2004 by
industry veteran Joseph Caracappa, the Company provides technical expertise on
various job types ranging from witnessing inspections as an impartial third
party, to evaluating and managing comprehensive vertical transportation
modernization projects.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Sean Lyons
(312) 219-7967
slyons@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-pinchin-and-pm-environmental-2/
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Keystone Capital Announces Partnership with Pinchin and PM Environmental
February 2022
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce it has
partnered with two leading environmental consulting services providers, Pinchin
Ltd. (“Pinchin”) and PM Environmental, LLC (“PM”).
Pinchin and PM have been collectively operating for 70+ years, providing
environmental risk management, engineering, and health & safety consulting
services to corporate real estate owners, developers, end users, and government
agencies in the United States and Canada.
Headquartered in Mississauga, Ontario, Pinchin operates out of 34 offices
nationally across Canada. PM, headquartered in Lansing, Michigan, is a regional
market leader serving clients out of twelve offices in Michigan and the
Southeastern U.S. For more information, visit www.pinchin.com and www.pmenv.com.
"This is an exciting first step in our goal of building the predominant North
American services provider in the building and land market for all phases of the
real estate lifecycle,” noted Jeff Grossi, CEO of Pinchin. “We are fortunate to
have found likeminded partners in both PM and Keystone”.
Mike Kulka, Co-Founder and CEO of PM, added: “With this partnership, we see a
significant opportunity to better serve our clients through greater geographic
reach and a broader set of capabilities”.
All members of the Pinchin and PM executive teams will remain in leadership
positions of the combined company. Joining forces will provide both Pinchin and
PM’s clients with broader geographic coverage and enhanced capabilities across
the real estate lifecycle.
“We are thrilled to be partnering with the teams at Pinchin and PM,” commented
David Greer, Managing Director of Keystone Capital. “Keystone has significant
experience in the engineering and technical services space, and we believe there
is a considerable opportunity to continue building on the great legacies that
both of these firms have established.”
Keystone will be actively seeking acquisition opportunities in the environmental
consulting and engineering services industry. Parties with knowledge of relevant
potential investment opportunities are encouraged to contact Keystone.
Terms of the transactions are not being disclosed. Senior debt financing was
arranged by CIBC Bank USA and legal counsel was provided by Honigman LLP and
Goodmans LLP.
Contact Information
David Greer
(312) 219-7972
dgreer@keystonecapital.com
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
Matt Blanks
(312) 219-7987
mblanks@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-pinchin-and-pm-environmental/
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Keystone Announces Formation of Integra Testing Services
February 2022
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce the
formation of Integra Testing Services (“Integra”), a market leader in the
testing, adjusting, and balancing (“TAB”) of commercial HVAC systems as well as
related testing and commissioning services for the built environment.
Integra was formed through initial partnerships with Fulton & Associates
(Mentor, OH) and Neudorfer Engineers (Seattle, WA). Fulton, founded in 1996, is
a leader in the Ohio market and is led by Dominic Mazzolini. Neudorfer, founded
in 1970, is a leader in the Pacific Northwest market and is led by Bill
Neudorfer. For more information on Integra, visit www.integratesting.com.
Dominic Mazzolini will lead the Integra platform as Chief Executive Officer.
Additionally, Integra is pleased to announce that Travis Nichols has joined as
Chief Financial Officer. Mr. Nichols was previously the Chief Financial Officer
of Rocore Holdings, a former Keystone portfolio company exited in 2017.
Integra is also pleased to announce the subsequent acquisition of International
Test & Balance (“ITB”), a market leader in TAB services in Chicago and Michigan.
ITB is led by Chairman Gary Tarazi and CEO Christopher Yacu.
“I am tremendously excited about the coming together of Fulton and Neudorfer and
for the potential of the Integra platform,” commented Mr. Mazzolini. “The
Integra platform will allow other TAB & ‘built environment’ companies to join us
in providing our services to an even larger customer base,” commented Mr.
Neudorfer, President of Neudorfer Engineers.
The formation of Integra represents a continuation of Keystone’s established
expertise in the built environment testing and field services market. “Integra
is well-aligned with Keystone’s historical and current investment experience in
the commercial services industry, and we are thrilled by the opportunity to
partner with this management team,” commented Jason Van Zant, Managing Director
of Keystone Capital.
Integra is actively seeking acquisition opportunities in built environment
testing and inspection services as add-on acquisitions. Parties with knowledge
of relevant potential investment opportunities are encouraged to contact
Keystone.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC Bank USA and legal counsel was provided by Honigman, LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Matt Blanks
(312) 219-7987
mblanks@keystonecapital.com
http://keystonecapital.com/keystone-announces-formation-of-integra-testing-services/
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Keystone Capital Successfully Exits Its Investment in Movilitas
January 2022
Keystone Capital (“Keystone”) is pleased to announce that its portfolio company
Movilitas (“Movilitas”) has been acquired by Engineering USA, the North American
subsidiary of the Engineering Group. Terms of the transaction have not been
disclosed.
Movilitas is an industry leader in digital supply chain and digital
manufacturing consulting services and solutions. Keystone initially invested in
Movilitas in 2013. Throughout the ownership period, Keystone and Movilitas
partnered to significantly grow the business both organically and through
strategic acquisitions in the U.S. and Europe. Movilitas represents another
example of Keystone’s commitment in investing in the Business and Professional
Services sector.
“We are extremely appreciative for the hard work, dedication and commitment from
the Movilitas management team in building a market leading business and
delivering a great outcome for shareholders” commented Scott Gwilliam, Managing
Partner of Keystone. “We wish the Movilitas management team the best for their
new chapter.”
“During our hold period, we worked with Movilitas to expand and enhance the
management team, including bringing in CEO Ross Young, who Keystone had
previously partnered with at Peak-Ryzex. We are proud of the work we
accomplished along with the Movilitas management team to accelerate organic
growth and execute strategic acquisitions to expand market share, geographic
reach and service offerings to our enterprise clients,” said Chaoran Jin,
Managing Director of Keystone.
Ross Young, Chief Executive Officer of Movilitas added, “The team at Keystone
has been a great business partner for Movilitas. They found the perfect balance
of providing guidance paired with autonomy that enabled our management team to
successfully drive the agreed upon strategic and financial initiatives. With
Keystone’s counsel, we also found the right strategic partner in Engineering
Group as part of the Industries eXcellence Global division for the next chapter
of our growth.”
Investment banking services were provided to Movilitas and Keystone by Stifel,
Nicolaus & Company, Inc., and legal services were provided to Movilitas and
Keystone by Honigman LLP.
About Movilitas
Movilitas is a global consulting services and solutions company helping
enterprises transform their business to meet the demands of today's dynamic
economy. Movilitas is recognized as a long-standing trusted SAP partner and
strategic advisor for digital supply chain transformation. The company’s
industry expertise and accelerators for SAP solutions and applications, such as
Movilitas.Cloud, help businesses to future-proof operations, maintain compliance
and realize new growth opportunities.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
http://keystonecapital.com/keystone-capital-successfully-exits-its-investment-in-movilitas/
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ClearWater Solutions Announces Acquisition of Midwest Water Operations
January 2022
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce that its
portfolio company, ClearWater Solutions, LLC (“CWS”), has acquired Midwest Water
Operations, LLC (“MWO”), a Missouri-based provider of outsourced operations &
maintenance services for water and wastewater facilities. The combined business
serves municipalities and private utilities in 12 states with approximately 400
employees across the greater Southeastern United States.
“This partnership is an incredible opportunity for our organizations to enhance
our combined service offerings and draw on a larger footprint to better serve
these communities which we are so passionate about,” Steve Cawood, CEO of CWS
commented. “We believe this merger will accelerate our organic expansion and
provide additional career development and growth opportunities for our people,”
remarked Rick Ailiff, President of CWS.
“We are thrilled to be joining forces with the people at CWS. It has been a
pleasure getting to know one another throughout this process, and we see many
similarities in how these two organizations operate,” noted Ben Kuenzel,
President of MWO. “MWO has historically been focused on O&M for private water
and wastewater utilities. With CWS, not only can we serve private utilities
across a broader geographic footprint, but we also see tremendous opportunity to
serve municipal clients in our key states,” added Terry Merritt, Vice President
of MWO.
“We are incredibly excited about the joint vision CWS and MWO share – to become
a leading operations & maintenance company that serves as a true extension of
the communities in which we live” said Erik Gernant, Vice President of Keystone.
“This combination helps ensure both organizations have the resources and scale
to achieve their vision, ambitiously grow, provide opportunities for their
employees, and better serve their communities in new and exciting ways.”
Terms of the transaction are not being disclosed. Legal counsel was provided to
CWS and Keystone by Honigman LLP.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Erik Gernant
(312) 219-7969
egernant@keystonecapital.com
Sean Lyons
(312) 219-7967
slyons@keystonecapital.com
http://keystonecapital.com/clearwater-solutions-announces-acquisition-of-midwest-water-operations/
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Keystone Capital Announces Partnership with VDA
December 2021
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce it has
completed an investment partnership with VDA, Inc. (“VDA” or “the Company”), a
market leader in providing technical consulting and inspection services to the
elevator and vertical transportation ("VT") industry.
VDA’s client base includes leading real estate owners, developers and end users
across the United States. Operating over a history spanning 40+ years, VDA is
headquartered in East Hanover, NJ and has grown to include 30+ offices across
the country. VDA specializes in all types of vertical transportation services,
including elevator/escalator/lift modernization, new construction, maintenance
evaluations, mandated inspections, and general consulting for a variety of end
markets. For more information on VDA, visit www.vdassoc.com.
“Our partnership with Keystone could not have been completed at a better time,”
remarked Mike Smith, CEO of VDA. “We believe there is great opportunity for
further growth and consolidation in our market, and that with Keystone, VDA is
well positioned to play a leadership role in this consolidation.”
Rob Cuzzi, President of VDA, added: “We envision expanding VDA’s capabilities
beyond our core services into complimentary consulting services valued by our
clients. With the long-term and patient model that Keystone espouses, we will be
even better positioned to capitalize on these opportunities.”
VDA represents Keystone’s fifth platform investment in the building sciences
consulting and engineering services industry. “VDA is an ideal fit with
Keystone’s experience in the building sciences and inspection industries,”
commented Jason Van Zant, Managing Director of Keystone Capital. “We are proud
to be associated with VDA, a long-standing leader in the vertical transportation
consulting market, and look forward to further our shared goal of building on
VDA’s successful legacy.”
VDA will be actively seeking acquisition opportunities in the building sciences
consulting and inspection industry as add-on acquisitions. Parties with
knowledge of relevant potential investment opportunities are encouraged to
contact Keystone.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC Bank USA and legal counsel was provided by Honigman Miller
Schwartz and Cohn, LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Sean Lyons
(312) 219-7967
slyons@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-vda/
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Keystone Capital Announces Acquisition of Perkuto by Portfolio Company MERGE
October 2021
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce that its
portfolio company, MERGE, has acquired Perkuto, a leading provider of marketing
operations services and software solutions primarily within Marketo and Workato
software platforms. The addition of Perkuto expands MERGE’s marketing operations
and marketing technology platform capabilities while also deepening the combined
company’s partnership with Adobe. The combined company will have more than 725
employees across eight locations in North America.
Perkuto is a premier marketing operations agency that helps enterprise and
high-growth organizations such as Facebook, Adobe, Sony Biotechnology and
Siemens, expand marketing capacity, implement Marketo best practices, and
resolve integration challenges with Workato. Perkuto is an Adobe Platinum
Partner with Marketo Engage Specialization and a Workato Gold Partner. In
addition to the company’s service offerings, Perkuto has developed two
proprietary software products, Jeto and Digesto, which augment the core Marketo
software. The company is headquartered in Montreal and has employees throughout
Canada and the United States. For more information on Perkuto, please visit
Perkuto.com.
The acquisition bolsters MERGE’s offerings within marketing technology platforms
as well as adding additional expertise within the technology client vertical. In
turn, MERGE offers Perkuto and its client partners increased creative,
executional and technology development capabilities. Combined, the entities
offer a 360-degree view of multiple markets with deep expertise within the
healthcare, financial services, technology, and consumer verticals.
“Getting marketing technology platforms to work in concert is a challenge for
senior marketing and digital executives,” said Patrick Venetucci, Chief
Executive Officer of MERGE. “Uniting Perkuto’s Marketo expertise with MERGE’s
content management system expertise elevates our ability to merge storytelling
and technology such that it converts traffic to transactions for clients.”
All members of the MERGE and Perkuto executive teams will remain in leadership
positions with Patrick Venetucci serving as Chief Executive Officer of the
combined company, which will operate under the MERGE brand.
MERGE is an independent, integrated marketing and technology development agency
with deep domain expertise in the healthcare, financial services, and consumer
verticals. MERGE combines historically marketing-oriented capabilities (brand
strategy, performance marketing, omni-channel campaign execution, content
creation, programmatic media, and reporting & data visualization) with a strong
technology and development-focused offering (digital strategy, customer
experience & design, marketing stack software implementation, and custom
software development). The combined business will be headquartered in Chicago
with additional offices in Atlanta, Boston, Denver, Kansas City, New York, Los
Angeles, and Montreal. For more information please visit MERGEworld.com.
Terms of the transaction were not disclosed. Legal counsel was provided to MERGE
and Keystone by Honigman LLP. Perkuto was advised by MergerTech Group, LLC.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
Brian Prendergast
(312) 219-7968
bprendergast@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-acquisition-of-perkuto-by-portfolio-company-merge/
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Keystone Announces Acquisition of Blue Moon Digital by Portfolio Company MERGE
August 2021
Keystone Capital Management, L.P. (“Keystone”) is pleased to announce that its
portfolio company, MERGE, has acquired Blue Moon Digital, Inc. (“Blue Moon
Digital”), a leading performance marketing, data science, and digital agency
based in Denver. This acquisition significantly enhances MERGE’s performance
marketing and data science capabilities and deepens the firm’s retailer and
pharma vertical expertise. The combined company will have more than 650
employees across seven locations in the United States.
Blue Moon Digital is a leading performance marketing, data science, and digital
agency with a focus on driving traffic and transactions for their clients. They
bring a full suite of performance marketing offerings ranging from digital
strategy, paid media, email, SEO, analytics, data science and marketplaces. Blue
Moon Digital is also a two-time partner of the year for Domo with deep data
capabilities around media mix modeling, attribution, and demand forecasting.
They have an impressive client roster including: Astellas, Kate Spade, the North
Face, and TransUnion among others. For more information on Blue Moon Digital,
please visit Bluemoondigital.co.
The acquisition bolsters MERGE’s offerings within performance marketing and data
science as well as adding additional expertise within the consumer vertical,
particularly within apparel. In turn, MERGE offers Blue Moon Digital and its
client partners increased creative, executional and technology development
capabilities. Combined, the entities offer a 360-degree view of multiple markets
with deep expertise within the healthcare, financial services, and consumer
verticals.
“At a time when businesses are rapidly adopting an e-commerce mindset, Blue Moon
Digital’s strategic performance marketing expertise augments MERGE’s digital
capabilities and expands our consumer practice,” said Patrick Venetucci, Chief
Executive officer of MERGE. “Fusing Blue Moon Digital’s command of e-commerce
and data analytics with MERGE’s content and technology capabilities facilitates
our ability to drive traffic and transactions for clients in a powerful way and
differentiates MERGE as an agency partner.”
“Blue Moon Digital is a terrific complement to MERGE providing advanced
performance marketing and data science capabilities to an impressive roster of
world-class, industry-leading clients. We look forward to watching their success
as they collaborate to serve clients across their spectrum of storytelling and
technology capabilities.” commented Bill Sommerschield, Managing Director at
Keystone.
All members of the MERGE and Blue Moon Digital executive teams will remain in
leadership positions with Patrick Venetucci serving as Chief Executive Officer
of the combined company, which will operate under the MERGE brand.
MERGE is an independent, integrated marketing and technology development agency
with deep domain expertise in the healthcare, financial services, and consumer
verticals. MERGE combines historically marketing-oriented capabilities (brand
strategy, performance marketing, omni-channel campaign execution, content
creation, programmatic media, and reporting & data visualization) with a strong
technology and development-focused offering (digital strategy, customer
experience & design, marketing stack software implementation, and custom
software development). The combined business will be headquartered in Chicago
with additional offices in Atlanta, Boston, Denver, Kansas City, New York, and
Orange County. For more information, please visit MERGEworld.com.
Terms of the transaction were not disclosed. Legal counsel was provided to MERGE
and Keystone by Honigman LLP. Blue Moon Digital was advised by Garros Group, LLC
and Fortis Law Partners, LLC. Please see the link to our external press release.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
Brian Prendergast
(312) 219-7968
bprendergast@keystonecapital.com
http://keystonecapital.com/keystone-announces-acquisition-of-blue-moon-digital-by-portfolio-company-merge/
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Keystone Capital Management, LP Closes Debut Institutional Fund
June 2021
Keystone Capital Management, LP (“Keystone” or the “Firm”) is pleased to
announce that it has held a first and final close of its debut institutional
fund, Keystone Capital Fund II, LP (“Fund II”), with $420 million of capital
commitments. In line with its history of investing personal capital and its
commitment to alignment of interests across all stakeholders, the principals of
Keystone collectively represent the largest single investor in Fund II.
Founded in 1994 by Kent Dauten and Scott Gwilliam, Keystone has historically
operated as an entrepreneurial holding company, utilizing the personal capital
of its partners to acquire high quality, market-leading businesses. Over the
course of its history, Keystone has completed over 110 acquisitions across a
wide range of sectors including engineering & technical services, tech-enabled
services, commercial services & engineered products, and food & beverage
manufacturing. Keystone intends to continue the strategy it has employed over
the past twenty-seven years with the goal of creating long-term value by
creatively building great businesses.
“The decision to raise outside capital was a natural step in our evolution and
we have been truly humbled by the support we have received from our new
investors,” noted Kent Dauten, Chairman of Keystone. “We are thrilled to be
partnering with such a reputable group of like-minded investors who support our
long-term, patient capital strategy.”
“We are incredibly excited about the future of Keystone,” added Scott Gwilliam,
Managing Partner. “With Fund II, we look forward to continuing our approach of
providing operational and growth-oriented support to business owners and
management teams, while also serving as a thoughtful, diligent steward of
third-party capital.”
Keystone has completed its first two platform investments for Fund II through
its recent partnerships with Inspire11 and ClearWater Solutions. The Firm has
also been active with its existing portfolio, completing ten add-on acquisitions
in the fourth quarter of 2020 and recently announcing the sale of two platform
investments, Peak-Ryzex and JOBS Group.
Kirkland & Ellis LLP provided legal counsel on the fundraise for Fund II.
Contact Information
Kent Dauten
(312) 219-7970
kdauten@keystonecapital.com
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
http://keystonecapital.com/keystone-capital-management-lp-closes-debut-institutional-fund/
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Keystone Capital Successfully Exits Its Investment in Peak-Ryzex
April 2021
Keystone Capital, Inc. is pleased to announce that its portfolio company
Peak-Ryzex, Inc. (Peak) has been acquired by Sole Source Capital, LLC. Terms of
the transaction have not been disclosed.
Keystone originally invested in Peak in October 2011, a leading provider of
automatic identification, data capture (“AIDC”) and factory automation
solutions. Keystone and Peak subsequently completed six add-on acquisitions over
the past nine years significantly growing the size of the business and
establishing it as the industry leader. Peak represents another successful
investment for Keystone within its Commercial and Industrial (C&I) Services
efforts.
Founded in 1981, Peak delivers innovative automated data collection solutions to
Fortune 500 customers along with small and medium-sized businesses, providing
critical technology that allows businesses to become more efficient and
responsive. Peak is a technology systems integrator of barcoding, data
collection, and factory automation equipment, delivering innovative digital
supply chain and mobile workforce solutions across North America and Europe.
Peak is headquartered in Columbia, MD and has seven locations in the US and two
in the U.K.
“We are extremely appreciative for the hard work, dedication and commitment from
the Peak management team in building a market leading business and delivering a
successful outcome for shareholders” commented Chaoran Jin, Managing Director of
Keystone. “We wish the Peak management team the best for their new chapter with
Sole Source.”
Juliann Larimer, Chief Executive Officer of Peak-Ryzex added, “Over the last 9+
years Keystone has been a true partner to Peak in every sense of the word, from
sourcing acquisitions through helping to shore up our operations, enabling us to
drive record profits and growth. As important, together we have built a
“customer-first” culture that is ready to take the business to the next level,
and our successful exit is a reflection of that partnership in action.”
Investment banking services were provided to Peak and Keystone by Stifel,
Nicolaus & Company, Inc., and legal services were provided by Honigman LLP.
Contact Information
Scott Gwilliam, Managing Partner
(312) 219-7971
sgwilliam@keystonecapital.com
Chaoran Jin, Managing Director
(312) 219-7976
cjin@keystonecapital.com
Brian Chung, CFO
(312) 219-7975
bchung@keystonecapital.com
Brian Prendergast, Associate
(312) 219-7968
bprendergast@keystonecapital.com
http://keystonecapital.com/keystone-capital-successfully-exits-its-investment-in-peak-ryzex/
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JOBS Group Merges with Valcourt Building Services
April 2021
Keystone Capital is pleased to announce that its portfolio company JOBS Group
(JOBS) has been merged with Valcourt Building Services (Valcourt), which
recently received a growth equity investment from private investment firm
Littlejohn & Co. Terms of the transaction have not been disclosed.
Keystone formed JOBS in June 2019 after its initial investment in Jobs Building
Services, LLC, a leading commercial window cleaning and facility maintenance
provider in Houston, TX. Keystone subsequently completed three add-on
acquisitions to JOBS over the course of the next 18 months, approximately
doubling the size of the business. JOBS represents another successful investment
for Keystone within its Commercial and Industrial (C&I) Services efforts.
Based in Houston, TX, JOBS specializes in high-rise façade maintenance including
window cleaning and waterproofing, metal surface maintenance, elevator cab
interior refurbishment, and other related property maintenance services. The
JOBS portfolio of companies operates under the AMST, April Building Services,
EDS, JOBS Building Services, and Scottie’s Building Services trade names,
primarily in Texas and the Carolinas.
Established in 1986 and headquartered in McLean, VA, Valcourt provides a full
range of recurring and essential exterior building maintenance services that
require vertical access capabilities, including window cleaning, waterproofing
and safety services to Class-A commercial offices, high-rise residential
condominiums, hospitality businesses, healthcare facilities and other clients.
Valcourt received an investment from Littlejohn & Co. LLC in January 2021.
“We are extremely happy with the outcome of the JOBS investment,” commented
Jason Van Zant, Managing Director of Keystone. “We wish Eric Crabb and the JOBS
management team the best for their new chapter with the Littlejohn and Valcourt
teams.” Keystone has retained a minority equity interest in the combined
Valcourt / JOBS business.
Eric Crabb, Chief Executive Officer of JOBS Group added, “Keystone was a
terrific partner for JOBS and our partnership with Keystone was strong. We are
excited, however, to work with the experienced team at Valcourt and bring
together leading building services brands in the U.S.”
Investment banking services were provided to JOBS and Keystone by Truist
Securities, and legal services were provided to JOBS and Keystone by Honigman
LLP.
Contact Information
Jason Van Zant, Managing Director
(312) 219-7974
jvanzant@keystonecapital.com
Kevin Overby, Vice President
(312) 219-7966
koverby@keystonecapital.com
Andrew Wehr, Vice President
(312) 219-7980
awehr@keystonecapital.com
Brian Prendergast, Associate
(312) 219-7968
bprendergast@keystonecapital.com
http://keystonecapital.com/jobsgroup-merges-with-valcourt-building-services/
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KENDELL Announces Acquisition of Watson Security
January 2021
Keystone Capital (“Keystone”) is pleased to announce that its portfolio company,
KENDELL, has completed the acquisition of Watson Security Group, a leader in
electronic access control integration and mechanical security services based in
Seattle, WA. KENDELL is a leader in the commercial door and door hardware
distribution industry based in Minneapolis, MN.
The acquisition of Watson is a strategic extension of KENDELL’s core door
openings distribution market position into the aftermarket service industry and
reinforces KENDELL’s commitment to providing full-service, full-lifecycle
solutions to its client base. Additionally, the acquisition further solidifies
KENDELL’S leading market position in the Pacific Northwest, complementing its
existing door and door hardware distribution business in Tacoma, WA.
“Watson represents an intriguing strategic move for KENDELL,” commented Jason
Van Zant, Managing Director at Keystone Capital. “This acquisition will enable
KENDELL to provide more value-add and full lifecycle solutions to clients, as
well as further differentiate KENDELL from competition.”
Watson Security is KENDELL’s third add-on acquisition since partnering with
Keystone in April 2019. KENDELL is actively seeking additional acquisition
opportunities and parties with knowledge of potential investment opportunities
are encouraged to contact Keystone Capital. Areas of interest for additional
add-on acquisitions include: (i) commercial door and door hardware distribution,
(ii) electronic security and access control integration, and (iii) commercial
locksmiths and physical access / door service organizations.
Contact Information
Jason Van Zant
(312) 219-7973
jvanzant@keystonecapital.com
Michael Weston
(312) 219-7982
mweston@keystonecapital.com
http://keystonecapital.com/kendell-announces-acquisition-of-watson-security/
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Keystone Capital Announces Partnership with Inspire11
January 2021
Keystone Capital, Inc. (“Keystone”) is pleased to announce it has completed a
strategic investment in Inspire11 (“Inspire” or “the Company”), a leading
digital transformation and technology innovation consultancy with more than 200
employees across offices in Chicago, Minneapolis, and Atlanta as well as
offshore development centers in Macedonia and Kosovo.
Through a unique combination of strategy and development expertise, Inspire
helps clients better leverage modern technology infrastructure, data science,
and experience design to transform their business. The Company’s capabilities
span the full lifecycle of a client’s digital transformation journey and include
digital strategy consulting, infrastructure & data architecture implementation,
custom development, data science & monetization, and digital product ideation &
creation. Inspire delivers its solutions to Fortune 500 clients across market
sectors with specific expertise in healthcare, financial services, and food &
beverage. In 2020, Inspire11 was recognized in the Inc. 5000 list as the #10
fastest growing business, and #1 fastest growing services business, in the
United States over the past three years.
Alban Mehmeti, Co-Founder and CEO, noted, “We are thrilled to begin our
partnership with Keystone. Our shared entrepreneurial culture and Keystone’s
patient investment philosophy are a perfect fit for our people and clients.”
“Keystone’s deep understanding of our business and their financial support will
enable us to pursue exciting new growth initiatives and continue to capitalize
on the broad market shift towards adopting modern technology infrastructure and
data monetization”, added Hans Nelson, Co-Founder and President.
“Keystone is delighted to partner with Inspire11 to help them build on their
incredible success bringing a truly differentiated approach to technology
consulting to an enviable group of clients,” commented Bill Sommerschield,
Managing Director at Keystone Capital. “We see tremendous opportunity ahead for
Inspire to continue to scale and develop through internal growth and talent
development initiatives, as well as select complementary acquisitions.”
Co-Founders Alban Mehmeti, Hans Nelson, and Kevin Schaffer will continue to lead
the business forward. For more information on Inspire11, please visit
inspire11.com.
Terms of the transaction are not being disclosed. In connection with this
transaction, senior debt financing was provided by Wintrust Bank, legal counsel
was provided to Keystone by Honigman, and legal counsel was provided to
Inspire11 by Jones Day.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
Michael Weston
(312) 219-7982
mweston@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-inspire11/
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JOBS Group Announces Two Acquisitions
January 2021
Keystone Capital is pleased to announce that its portfolio company JOBS Group
has completed two add-on acquisitions, Scottie’s Building Services (“Scottie’s”)
and Exterior Diagnostic Services (“EDS”). Headquartered in Houston, JOBS is a
leading provider of commercial building maintenance and restoration services,
including window cleaning, metal and stone maintenance, elevator cab interior
refurbishing, and façade maintenance/waterproofing.
Established in 1986, Scottie’s and EDS are headquartered in Raleigh, NC.
Scottie’s is a leading provider of commercial window cleaning, pressure washing,
glass & metal restoration, and high dusting services. EDS is a leading provider
of waterproofing and façade restoration services for commercial and industrial
applications and will complement JOBS’ exterior restoration services group.
Scottie’s and EDS will significantly expand the geographic footprint, service
capabilities, and management depth of JOBS.
JOBS Group is actively seeking bolt-on acquisition opportunities within niche
areas of the commercial facilities services and maintenance industry. Targeted
services include window cleaning, pressure washing, façade maintenance,
waterproofing, metal and architectural surface maintenance, elevator
maintenance, and parking surface maintenance. Parties with knowledge of
acquisition opportunities that may fit the JOBS Group strategy are encouraged to
contact Keystone Capital.
“We’re excited about the prospects of a ‘one plus two equals four’ combination
in the case of JOBS, Scottie’s, and EDS,” commented Jason Van Zant, Managing
Director, Keystone Capital. “This transaction is a critical step on our path to
building a national commercial façade and surface maintenance platform and adds
significantly to the depth of our capabilities and team.”
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
Brian Prendergast
(312) 219-7968
bprendergast@keystonecapital.com
http://keystonecapital.com/jobs-group-announces-two-acquisitions/
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Keystone Capital Partners with JOBS Building Services; Welcomes CEO Eric Crabb
June 2020
Keystone Capital, Inc. (“Keystone”) is pleased to announce it has completed an
investment partnership with Jobs Building Services, LLC (d/b/a “JOBS” or “the
Company”), a Houston-based niche facilities services provider focused on
commercial properties.
Founded in 1970, JOBS operates under the “JOBS” and “AMST” trade names and
specializes in high-rise façade maintenance (including window cleaning and
waterproofing), metal surface maintenance, elevator cab interior refurbishment,
and other related property maintenance services. JOBS has built a market-leading
position in the Houston market for its services based on a reputation for
safety, reliability, and quality of work. The Company counts the area’s leading
property management firms, building owners, and corporations as its clientele.
For more information on JOBS, please visit www.jobs-amst.com.
Keystone and JOBS are pleased to announce two exciting new events since the
completion of our platform investment in June 2019. In December, JOBS completed
the acquisition of April Building Services, Inc. (“April”), a leading provider
of façade maintenance services in the Dallas-Ft. Worth market. Founded in 1988,
April is led by Donald Brown (President) and Tony Schiber (Vice President).
Secondly, Keystone and JOBS are pleased to welcome Eric Crabb as the Company’s
new Chief Executive Officer effective June 1, 2020. Mr. Crabb has a wealth of
facilities services experience, having most recently served as Executive
Managing Director with Cushman & Wakefield. Prior to his role at Cushman &
Wakefield, Mr. Crabb served as CEO of QSI Facilities which was acquired by
Cushman & Wakefield in January 2019. Mr. Crabb also has over 10 years of
facility services experience in managerial roles at ABM Industries.
Current CEO and Founder LaRue Coleman will be assuming the role of Chairman of
the Board, in which he will continue to have strategic involvement with key
customers as well as the Company’s acquisition strategy. “There is great
opportunity for consolidation in our industry,” noted Mr. Coleman. “As such, our
goal was to find a financial partner and management structure to enable our
company to lead this consolidation but also to protect what has made our company
successful. We believe we have found an ideal partner in Keystone and an ideal
CEO to lead us through this next phase in Eric Crabb. We’re also pleased to
welcome Don, Tony and the entire April team to our platform and excited about
the potential synergies that this partnership can create for our collective
client base.”
“I am thrilled to be joining JOBS and am looking forward to helping continue the
legacy that LaRue and his team have built over the last 50 years. JOBS has an
existing leadership team with a deep breadth of both industry and company
experience, having them remain a part of the next phase of transformation will
be incredibly instrumental. Additionally, having an equity partner like
Keystone, who understands the industry and has a proven track record of building
great companies, will be a significant advantage. I started my career in
Houston almost 20 years ago, so getting a chance to come back and work with the
all the outstanding CRE individuals in the market is a real bonus for me
personally, ” commented Mr. Crabb.
“Keystone is excited to partner with LaRue Coleman, Eric Crabb and the team at
JOBS,” commented Jason Van Zant, Managing Director of Keystone Capital. “JOBS
has a stellar reputation in their market which we are committed to protecting.
At the same time, we see great opportunity to grow the business substantially,
and the entire management team shares that goal.”
JOBS is actively seeking bolt-on acquisition opportunities within niche areas of
the commercial facilities services and maintenance industry. Parties with
knowledge of potential investment opportunities in these segments are strongly
encouraged to contact Jason Van Zant or Kevin Overby at Keystone Capital.
Terms of these transactions are not being disclosed. Senior debt financing has
been provided by CIBC Bank USA and legal counsel was provided by Honigman LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
Andrew Wehr
(312) 219-7980
awehr@keystonecapital.com
http://keystonecapital.com/keystone-capital-partners-with-jobs-building-services-welcomes-ceo-eric-crabb/
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Merge Announces Acquisition of Sandbox Group
March 2020
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio
company, MERGE, has completed the acquisition of the Sandbox Group (“Sandbox”),
a leading independent, full-service, strategic and digital agency based in
Chicago. The combination forms one of the largest independent agencies in North
America with more than 600 employees in seven locations across the United States
and Canada.
Keystone initially acquired MERGE, a premium creative technology agency, in
December 2018. The Company’s capabilities include business & digital strategy,
marketing execution, analytics, experience design, technology development, and
media services. MERGE delivers customer engagement solutions across market
sectors with specific expertise in healthcare and financial services. MERGE is
headquartered in Chicago with additional offices in Boston and Atlanta. For more
information on MERGE, please visit Mergeworld.com.
Sandbox is a leading independent, full-service agency which helps companies
accelerate growth and drive business transformation. Sandbox has an impressive
client roster which includes: Abbott Diabetes, American Express, Boston
Scientific, Sprint, and LG among others. The agency operates from five locations
across the United States and Canada: Chicago, New York, Kansas City, Toronto,
and Orange County. For more information on Sandbox, please visit Sandbox.com.
For several years MERGE and Sandbox have been on parallel paths building
agencies that promote health, wealth, and happiness. Combined, the entities
offer a true 360-degree view of multiple markets with deep expertise within the
healthcare and financial services verticals. Joining forces will provide all
clients stronger advanced digital capabilities, specifically in areas such as
performance marketing and experience design.
“Many CMOs are seeking to simultaneously elevate their brand and drive business
growth, but efforts are often disjointed and diametrically opposed. The
partnership of MERGE and Sandbox balances brand building and demand building
marketing capabilities as a remedy to those challenges,” said Patrick Venetucci,
Chief Executive Officer of MERGE. “Uniting our complementary digital
capabilities, MERGE is now even better positioned to help catapult our clients
to the top of their categories.”
“Sandbox is a terrific complement to MERGE rounding out our healthcare vertical
with deep pharma expertise, providing advanced performance marketing
capabilities, and adding shopper marketing through their work with Sprint and
LG. We look forward to aligning the agencies more closely in the coming months
and watching their success as they collaborate to serve clients.” commented Bill
Sommerschield, Managing Director at Keystone.
All of the members of the MERGE and Sandbox executive teams will remain in
leadership positions with Patrick Venetucci serving as Chief Executive Officer
of the newly combined company, which will operate under the MERGE brand.
Terms of the transaction were not disclosed. Legal counsel was provided to MERGE
and Keystone by Honigman Miller Schwartz and Cohn, LLP. Sandbox was advised by
Lincoln International in connection with this transaction.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/merge-announces-acquisition-of-sandbox-group/
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Keystone Capital Exits Arbour Group
February 2020
The PharmaLex Group (“PharmaLex”), a leading specialist provider of development
consulting and scientific affairs, regulatory affairs and pharmacovigilance, has
completed the acquisition of Arbour Group, LLC (“Arbour” or “the Company”) from
Keystone Capital, Inc. (“Keystone”). Terms of the transaction were not
disclosed.
Arbour is a leading provider of regulatory compliance solutions for the global
life sciences industry. The Company is headquartered in Chicago, Illinois, and
has sales offices throughout North America along with global regulatory delivery
centers in Dubai, UAE and Manila, Philippines.
“Arbour Group is a well-recognized service provider with excellent reputation in
the regulatory compliance market”, explained Dr Thomas Dobmeyer, CEO PharmaLex.
“Their specialist expertise will enable us to drive business in the US whilst
allowing us to expand our quality management and compliance service line
worldwide. In addition it supports one of our key focus of developing connected
health solutions to help customers drive efficiency gains within their own
operations,” he added.
Senior management team members Alexander Patterson, Ahsan Raza, and Christopher
McNally will be continuing in their current operating roles and as shareholders
in Arbour post-closing. “The merger with PharmaLex provides Arbour the ability
to deliver broad-spectrum regulatory and pharmaceutical service offerings, which
our global customer base is demanding as their operating environments become
increasingly complex,” noted Alexander Patterson, Founder and CEO of Arbour
Group. “We are delighted to be partnered with an organization that shares the
values and market reputation, which we have maintained with our customers
throughout our 23-year history.”
“We are pleased with the outcome of the Arbour/PharmaLex transaction, as we
believe that these organizations will be a terrific fit in a rapidly evolving
industry. We wish both teams the best of luck with the combination,” noted Jason
Van Zant, Managing Director, Keystone Capital.
Legal counsel was provided to Keystone and Arbour by Honigman Miller Schwartz
and Cohn, LLP, and Fairmount Partners served as Keystone and Arbour’s financial
advisor. McDermott Will & Emery LLP served as PharmaLex’s legal counsel, and
Rödl Langford de Kock LLP provided tax and accounting advice.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
http://keystonecapital.com/keystone-capital-exits-arbour-group/
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Keystone Capital Announces Sale of Greeley
January 2020
Keystone Capital, Inc. ("Keystone"), a Chicago-based private investment firm, is
pleased to announce that its portfolio company The Greeley Company (“Greeley”)
has been acquired by The Chartis Group (“Chartis”). Chartis provides
comprehensive advisory services and analytics to the healthcare industry. Terms
of the transaction have not been disclosed.
Greeley is a leading provider of clinical effectiveness, regulatory compliance,
CMS remediation, and physician and medical staff services. Having served over
2,000 organizations nation-wide, Greeley's areas of expertise include clinical
practice optimization, medical staff alignment, regulatory compliance and
quality, accreditation, and credentialing and privileging. The Greeley sale
completed an active year for Keystone which saw the firm close four platform
investments, four add on acquisitions, and two divestitures.
Over the course of Keystone’s investment in Greeley the business completed a
strategic add on acquisition, expanded the leadership team, invested in
technology to streamline processes, and significantly increased both revenue and
earnings. “We enjoyed partnering closely with management during our tenure
together and we believe this is a great next step for Greeley and the team,”
commented David Greer, Managing Director at Keystone Capital.
Greeley and Keystone were represented by Lincoln International in the
transaction. Legal advice was provided by Honigman, LLP.
Contact Information
David Greer
(312) 219-7972
dgreer@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-sale-of-greeley/
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Keystone Capital Announces Formation of Foundation Dental Partners
January 2020
Keystone Capital, Inc. (“Keystone”) is pleased to announce the formation of
Foundation Dental Partners (“Foundation”), an Alpharetta, Georgia based dental
support organization which has been founded to provide doctor-owners with a
unique, dentist-friendly partnership alternative. Keystone is excited to build
Foundation alongside CEO Adam Ditto who brings 15+ years of dental management
experience.
As part of its formation, Foundation has partnered with two general dentistry
practices in metro Atlanta and South Carolina which will continue to operate
under their respective brand names while leveraging strategic, administrative,
and back office support from Foundation. Keystone and Foundation are investing
heavily in corporate infrastructure while pursuing additional practice
acquisitions in attractive markets across the Southeastern U.S.
“We are thrilled to begin our partnership with Keystone,” noted Adam Ditto, CEO
of Foundation. “This has been a unique experience building Foundation from day
one and Keystone’s patient, long-term approach to investing personal capital has
been the perfect fit for Foundation and truly resonates with our partner
practices.”
“We are excited to get Foundation off the ground with two attractive practices,”
commented Kevin Overby, Vice President at Keystone Capital. “We, Adam, and the
rest of the Foundation team see a tremendous opportunity to provide an
alternative to the traditional DSO model and believe we have created a business
that will be the ‘partner of choice’ for doctor-owners.”
Foundation is actively seeking acquisitions of single and multi-location,
private-pay general dentistry practices with an initial focus on the
Southeastern U.S. Parties with knowledge of potential opportunities are
encouraged to contact Keystone Capital.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by Wintrust Bank and legal counsel was provided to Keystone by Honigman
LLP.
Contact Information
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-formation-of-foundation-dental-partners/
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Cherry Hill Programs Partners with Santa Claus to Launch WhereIsSanta.com
October 2019
Marlton, New Jersey (October 30, 2019) – Santa Claus and Cherry Hill Programs
have partnered to launch a new website www.WhereIsSanta.com, an innovative
online resource to help guests pinpoint the perfect location for their visit
with Santa.
“WhereIsSanta.com is part of the company’s new marketing strategy and
significant investment in the growth of our business; an investment unlike any
of its kind in the 60-year history of our company,” shared Ed Warchol CEO at
Cherry Hill Programs.
WhereIsSanta.com now makes reserving a time with Santa Claus and pre-purchasing
a photo package online easier than ever with one-click access to Santa’s
FastPass, the company’s innovative online reservation platform.
“Cherry Hill Programs designed WhereIsSanta.com to provide guests with all the
tools necessary to navigate Santa’s busy schedule and make the most of this
holiday tradition,” said Matt Windt, Cherry Hill Programs’ chief marketing
officer. “Santa’s arrival in some areas comes as early as November 1st, while in
other areas he delays his arrival while he tends to the elves and his reindeer
at the North Pole. We’ve built WhereIsSanta.com to be the one-stop shop for our
guests to find a convenient location to visit Santa Claus.”
During each visit, a Cherry Hill Programs associate will capture professional
photos of the experience, which will then be available for purchase in print &
digital photo packages to make one-of-a-kind memories, to cherish for a
lifetime.
Warchol added, “Our new programs and the build-out of WhereIsSanta.com
illustrates our commitment to growing our business and helping customers find
Santa. Our team of 10,000 associates are excited to welcome guests at one of our
nearly 900 locations nationwide.”
Please note: Walk-in visits with Santa are always welcome. Reservations are
optional and available at select locations.
About Cherry Hill Programs
Cherry Hill Programs is the industry-leader in experiential photography. In
partnership with nearly 900 signature shopping and hotel destinations across
North America, Cherry Hill Programs delivers more than 10 million magical
experiences annually with authentic Santas and Easter Bunnies for the young and
young-at-heart. Cherry Hill Programs (CHP) delivers unforgettable memories,
captured with high-resolution digital images that guests cherish year after
year. Delivering a magical experience. Every time.
http://keystonecapital.com/cherry-hill-programs-partners-with-santa-claus-to-launch-whereissanta-com/
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Keystone Capital Announces Partnership with Lane Power & Energy Solutions, Inc.
October 2019
Keystone Capital, Inc. (“Keystone”) is pleased to announce it has completed the
acquisition of Lane Power & Energy Solutions, Inc. (“LPES” or “the Company”), a
leading provider of underground hydrocarbon storage solutions for petrochemical
facilities, midstream operators, and governmental agencies.
The LPES management team deploys 40 years’ experience and deep construction
expertise to provide turnkey Engineering, Procurement, and Construction (EPC)
services tailored to specific client needs. From preliminary studies and
initial siting to the construction and commissioning of power and energy
facilities, LPES solves complex operational challenges for efficient power
delivery and product storage. They work to provide the technical expertise,
equipment, and construction know-how to successfully deliver projects around the
world. Michael Tritt, President of LPES, along with Executive Vice President
Tim Reichwein, will continue to lead the talented team. For more information on
LPES, please visit www.lanepes.com .
Mike Tritt and Tim Reichwein noted, “We are thrilled to begin our partnership
with Keystone Capital. We see tremendous opportunity to build on the strong
foundation we have developed over many years. Keystone’s unique approach to
patiently investing their personal capital alongside management with a focus on
long-term value creation is the perfect fit for our employees and our clients.
In addition, Keystone’s deep understanding of construction and engineering
service businesses will provide us with an experienced strategic partner to help
achieve our goals for organic growth and complementary acquisitions.”
“Keystone is excited to partner with the experienced team at LPES to continue
building on their success serving clients with differentiated hydrocarbon
storage solutions” commented David Greer, Managing Director at Keystone Capital.
“We and management see a substantial opportunity to further enhance our
differentiated capabilities, expand our service offerings, and broaden our
geographic reach through internal growth initiatives as well as targeted
acquisitions.”
Terms of the transaction are not being disclosed; legal counsel was provided to
Keystone by Honigman Miller Schwartz and Cohn, LLP.
Contact Information
David Greer
(312) 219-7972
dgreer@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-lane-power-energy-solutions-inc/
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Keystone Capital Announces Partnership with Hometown Foods USA
August 2019
Keystone Capital, Inc. (“Keystone”) is pleased to announce it has completed an
investment partnership with Hometown Foods USA, a manufacturer of bagels and
cake products sold to in-store bakeries, club stores, and the foodservice
channel.
Operating over a history spanning ~25 years, Hometown Foods USA is currently run
by the 4th generation of the Schwartzberg family and is based in Miami, Florida.
Its product offering includes traditional Mrs. W’s Wonderlicious™ bundt cakes,
New York style bagels, indulgent crème cakes, crumb bundt cakes, and loaf cakes.
The Company supplies their high-quality products to some of the largest club
store and grocery chains in the country. For more information on Hometown Foods
USA, please visit www.hometownfoodsusa.com.
“Joining forces with Keystone will provide us with a greater level of resources
and capabilities to serve our client partners and bring Mrs. W’s Wonderlicious™
bundt cakes and our other high-quality bakery products to an even wider audience
– all while preserving our unique culture and unwavering commitment to baking
quality and innovation.” noted Troy Schwartzberg, President of Hometown Foods
USA.
Commenting on the deal, Chaoran Jin, Managing Director of Keystone, stated, “We
are excited to partner with the Schwartzberg family and continue the legacy
they’ve built at Hometown Foods. We see a great opportunity to further enhance
Hometown’s customer reach, product capabilities as well as channel expansion
through organic growth and strategic acquisitions.”
Keystone has reunited with Kevin McDonough who will operate as Executive
Chairman and Strategic Advisor to Hometown Foods USA. Kevin most recently
served as the President of Weston Foods Frozen and Biscuit Businesses and prior
to that he was the President of Keystone Bakeries Holdings, LLC (“KBH”).
Weston Foods acquired KBH, Keystone Capital’s bakery platform, in 2010. Kevin
noted “It’s exciting to again partner with Keystone to build a new platform in
Bakery and I’m looking forward to working with Troy and the entire Hometown
Foods team.”
Keystone and Hometown Foods USA will actively seek acquisition opportunities in
the bakery space. Parties with knowledge of potential investment opportunities
in these segments are encouraged to contact Keystone Capital.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC Bank USA and legal counsel was provided by Honigman Miller
Schwartz and Cohn, LLP.
Contact Information
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-hometown-foods-usa-2/
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Keystone Capital Announces Sale of Avalon
August 2019
Keystone Capital, Inc. ("Keystone"), a Chicago-based private investment firm, is
pleased to announce that its portfolio company Avalon Precision Casting
(“Avalon”) has been acquired by Sigma Electric Manufacturing Corporation
(“Sigma”). Sigma is a leading global manufacturer of precision machined casting
and components headquartered in Garner, North Carolina. Terms of the transaction
have not been disclosed.
Avalon is a full-service investment casting platform, supplying ferrous and
non-ferrous metals castings products to customers in the aerospace, defense,
HVAC, power, agriculture, and oil & gas markets. Avalon represents Keystone’s
fifth successful exit of a highly engineered industrial products business,
following the prior exits of Polymicro Technologies (2007), Judson Technologies
(2008), Atlas Die (2017) and Rocore (2017). “The Keystone and Avalon teams
partnered to integrate several businesses and drive operational performance and
market expansion,” commented David Greer, Managing Director at Keystone Capital.
“We greatly enjoyed partnering closely with management during our tenure
together and we believe this is a great next step for Avalon and the team.”
The Avalon platform was created by Keystone’s investments in three precision
investment casting businesses: Craft Cast (2008), Avalon Casting (2012) and
Precision Metalsmiths (2014). Over the course of Keystone’s investment in
Avalon, those businesses were successfully integrated in addition to the
completion of several operational improvement and lean manufacturing
initiatives.
Avalon and Keystone were represented by Mesirow Financial in the transaction.
Legal advice was provided by Honigman Miller Schwartz & Cohn LLP.
Contact Information
David Greer
(312) 219-7972
dgreer@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-sale-of-avalon/
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Keystone Capital 2019 Professional and Staffing Updates
August 2019
Keystone Capital continues to see strong growth in new investment activity in
2019 following a record year in 2018. As a result, Keystone Capital is pleased
to announce the following promotions and staffing updates!
Kevin Overby Promoted to Vice President
Kevin Overby has recently been promoted to Vice President after joining Keystone
as an associate in 2016. Kevin has played a leadership role in three platform
investments as well as several add-on acquisitions since joining the firm. Kevin
has supported the continued transformation of our plant-based foods business,
Keystone Natural Holdings, through the execution of three add-on acquisitions
and multiple organic growth initiatives. Kevin is also deeply involved with
Keystone’s most recent platform investment, KENDELL. With this promotion, Kevin
will continue to focus on identifying new investment opportunities and driving
the growth and performance of Keystone’s partner companies.
Tyler Collingbourne
Tyler Collingbourne joined Keystone Capital in late 2018 as an Associate.
Tyler’s primary focus is in the identification, sourcing, and evaluation of
investment opportunities and supporting the Keystone team and its partner
companies. Since joining Keystone, Tyler has been involved in Keystone’s
investment in MERGE as well as in the recent acquisition of a food products
platform. Prior to Keystone, Tyler worked as an investment banking analyst at TM
Capital Corp. focused on middle-market mergers and acquisitions advisory
services.
Jennifer Maes
Jennifer Maes joined Keystone in April 2019 as an Accounting Manager. Her
primary focus will be working with Keystone’s finance team, with a specific
responsibility for Keystone’s internal accounting support. Prior to joining
Keystone, Jennifer worked at GTCR, where she focused on investor relations
activities as well as portfolio analysis. She also previously worked at
PricewaterhouseCoopers as a Senior Tax Associate. Jennifer is a Certified Public
Accountant and holds a Master of Accountancy from DePaul University and a B.B.A.
in Accounting from Benedictine University.
Brian Prendergast
Brian Prendergast joined Keystone Capital in July 2019 as an Associate. Brian’s
primary focus is in the identification, sourcing, and evaluation of investment
opportunities and supporting the Keystone team and its partner companies.
Previously, Brian worked as an investment banking analyst in the technology
group at William Blair & Co. Brian graduated from the University of Illinois at
Urbana-Champaign with degrees in Finance & Accountancy.
Contact Information
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
Tyler Collingbourne
(312) 219-7967
tcollingbourne@keystonecapital.com
Jennifer Maes
(312) 219-7981
jmaes@keystonecapital.com
Brian Prendergast
(312) 219-7968
bprendergast@keystonecapital.com
http://keystonecapital.com/keystone-capital-2019-professional-and-staffing-updates/
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Cherry Hill Programs Announces Acquisition of Photogenic
June 2019
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio
company, Cherry Hill Programs, has completed the acquisition of Photogenic, a
leading provider of souvenir photography to premier tourist attractions across
the United States. Photogenic is headquartered in Chicago, IL.
Keystone initially acquired Cherry Hill Programs, the market leader in providing
mall-based holiday photography services and products, in December 2015. Cherry
Hill has been managing on-premises Santa and Easter Bunny photography programs
since 1961. Under Keystone’s ownership, Cherry Hill’s footprint has grown from
325 to 900+ mall locations across North America. The company is headquartered in
Marlton, NJ. For more information on Cherry Hill, please
visit cherryhillprograms.com.
Photogenic is a leading provider of souvenir photography services to premier
tourist attractions across the United States. Photogenic offers a photography
solution that integrates seamlessly with its venue customers’ operations,
enhancing the visitor experience and opening a new revenue stream for the venue.
CEO, Steve Craig, began operating at Photogenic’s flagship location, Chicago’s
Navy Pier Centennial Wheel, in 2002, and has since expanded the company’s
presence to tourist attractions and boat tour operations across the United
States, including Willis Tower, Entertainment Cruises, The Gateway Arch, The
Alamo, Virginia Aquarium & Marine Science Center, Museum of Science & Industry,
Phoenix Zoo, and Shedd Aquarium. Steve will remain with Photogenic leading the
souvenir photography division. For more information on Photogenic, please
visit PhotoGenicInc.com.
The transaction brings together leaders in both the mall-based holiday
photography and souvenir photography industries. Cherry Hill and Photogenic have
each fostered cultures of operational excellence in their respective sectors,
which leads to a natural alignment of values and strategic vision. Management
looks forward to working collaboratively to continue delivering a best-in-class
customer experience to both our mall and tourist attraction partners.
“Providing a unique and memorable experience is key to attracting visitors to
mall and tourist attraction locations alike,” said Ed Warchol, CEO of Cherry
Hill. “Steve and Photogenic share our philosophy that the visitor experience
must be world-class which requires seamless operations and state-of-the-art
imaging technology with caring and attentive employees. We welcome Steve and the
Photogenic team to the Cherry Hill family.”
“I’m excited about Photogenic’s future as a part of Cherry Hill Programs”, said
Steve Craig, CEO of Photogenic. “In bringing these two businesses together, we
are committed to maintaining the entrepreneurial spirit and guest-first approach
that the company was founded upon, while tapping into additional resources from
Cherry Hill to better serve our tourist attraction partners and their guests as
we continue to expand our portfolio of venue locations across North America.”
Terms of the transaction are not being disclosed. Legal counsel was provided to
Keystone by Honigman Miller Schwartz and Cohn, LLP in connection with this
transaction.
http://keystonecapital.com/cherry-hill-programs-announces-acquisition-of-photogenic/
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Keystone Capital Announces Partnership with KENDELL
June 2019
Keystone Capital, Inc. (“Keystone”) is pleased to announce it has completed an
investment partnership with KENDELL Doors & Hardware, Inc. (“KENDELL” or “the
Company”), a value-added distributor of door openings, door hardware and related
access control products for institutional and commercial applications in the
built environment.
Operating over a history spanning nearly 80 years, KENDELL is a leading door
opening solutions specialist in the Minneapolis/St. Paul metropolitan market.
KENDELL provides a host of value-added services, including design,
specification, engineering, installation, inspection and pre-installation
services to its client base of leading general contractors and institutions. In
addition to its Minneapolis headquarters, KENDELL has established regional
domestic offices in Winona, MN; Rochester, MN; Mankato, MN; Madison, WI; and Des
Moines, IA. KENDELL also recently established a global initiative with the
launch of Kendell International, operating out of offices in Dubai, UAE; Muscat,
Oman; and Doha, Qatar. For more information on KENDELL, please visit
www.kendelldrs.com.
“Our partnership with Keystone could not have been consummated at a more
opportune time,” noted John Katter, CEO of KENDELL. “We believe there is great
opportunity for further growth and consolidation in the global security and
access control market, and that KENDELL is well positioned to play a leadership
role in this consolidation. With the long-term, patient and unique model that
Keystone contributes to our organization, we will be even better positioned to
capitalize on these trends.”
To complement its organic growth plans, KENDELL announced the acquisition of
Washington Architectural Hardware (“WAH”) in April 2019. The acquisition of WAH
expands KENDELL’s reach into the fast-growing Pacific Northwest region and
complements product offerings.
“Without a doubt, Keystone is looking forward to our partnership with John
Katter and the team at KENDELL,” commented Jason Van Zant, Managing Director of
Keystone Capital. “We, John, and the rest of his team see a substantial
opportunity to build a leader in this industry utilizing actionable organic
growth initiatives as well as targeted strategic acquisitions.”
Keystone and KENDELL will be actively seeking acquisition opportunities in the
security door/door hardware distribution industry as well as in the electronic
access control/integration industry. Parties with knowledge of potential
investment opportunities in these segments are encouraged to contact Keystone
Capital.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC Bank USA and legal counsel was provided by Honigman Miller
Schwartz and Cohn, LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-kendell/
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Keystone Natural Holdings Acquires WestSoy
May 2019
Keystone Natural Holdings (“KNH”), a portfolio company of Keystone Capital, Inc.
(“Keystone”), is pleased to announce the completion of its acquisition of the
WestSoy® tofu, seitan, and tempeh businesses from The Hain Celestial Group,
Inc. (Nasdaq: HAIN) (“Hain Celestial”). The acquisition did not include the
WestSoy® plant-based beverage business, which has been retained by Hain
Celestial.
KNH is a leading plant-based, better-for-you food company with operations in the
United States and Canada. The company’s authentic and health-conscious products
from storied brands such as Nature’s Soy®, Franklin Farms™, and Superior
Natural™ are proudly sold through mainstream and ethnic channels via retail,
mass market, natural, specialty, and food service outlets. The company continues
to actively pursue strategic acquisitions to further expand its portfolio of
innovative products and better serve consumers seeking alternative proteins for
all meal occasions. Please visit www.keystonenatural.com for more information.
This acquisition marks KNH’s third in the past 18 months and provides KNH with
additional product capabilities as well as expanded manufacturing capacity in
its existing tofu product line. All employees at the WestSoy® facility in
Boulder, Colorado have been retained to continue to drive growth and product
innovation. “We are excited to welcome WestSoy®’s exceptional people and
better-for-you products to KNH,” said Kenny Sung, CEO of KNH. “Our strategy has
been to focus on delivering innovative, high-quality, healthy plant-based food
to the market. The WestSoy® acquisition is a great fit with that strategy.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by Wintrust Bank. Legal counsel was provided to Keystone by Honigman
Miller Schwartz and Cohn, LLP.
Contact Information
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
Brian Chung
(312) 219-7975
bchung@keystonecapital.com
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
http://keystonecapital.com/keystone-natural-holdings-acquires-westsoy/
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CONSOR Announces Acquisition of Structural Grace
May 2019
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio
company, CONSOR Engineers, has completed the acquisition of Structural Grace.
With Structural Grace’s proven and talented team of engineers, inspectors, and
surveyors as a part of the CONSOR family, CONSOR continues to enhance its resume
and expertise in bridge and transit projects and establishes a foundation for
future expansion throughout the Western US.
CONSOR is a North American transportation and water resources engineering firm
providing services including planning and design, structural assessment, and
construction services. The firm was created in 2018 when four entrepreneur-led
businesses came together with the vision of building an engineering firm with
the scale to win high-profile projects on the national stage while staying true
to their entrepreneurial roots and maintaining their commitment to provide
exceptional service to their clients and local communities. With more than 40
offices across the US and Canada, CONSOR is approaching 700 employees including
more than 135 professional licensed engineers and was recently ranked #134 on
ENR’s 2019 list of the top 500 design firms. The company continues to actively
pursue like-minded business leaders to expand and strengthen its geographic
footprint and diversify into complementary services. Please
visit www.consoreng.com for more information.
Structural Grace is an Arizona-based engineering firm specializing in bridge and
transit projects. Through its 20-year history, Structural Grace has established
itself as a reputable player in the Arizona marketplace, providing design,
construction management and inspection, and construction staking services to its
public and private clients. The addition of Structural Grace greatly strengthens
CONSOR’s Western US presence and adds strong talent and leadership to CONSOR’s
growing team. CONSOR is committed to building around the Structural Grace team
and legacy to establish a leading presence in Arizona and the greater Western
US. Please visit www.structuralgrace.com for more information.
“We are extremely pleased to welcome Structural Grace to the CONSOR family,”
commented Scott Gwilliam, Managing Partner of Keystone Capital. “From day one,
it was apparent that Structural Grace was the ideal platform for our launch into
Arizona. The combination of a strong presence in Phoenix and Tucson, a
reputation for superior client and community service, and an employee-centric
culture made them the perfect addition to our team at CONSOR.”
“In selecting a partner for Structural Grace, it was imperative that we find a
company with compatible business values, a company dedicated to employee
development and client-service,” remarked Claudia Perchinelli, Principal and
Co-founder of Structural Grace. “We have found that in CONSOR and look forward
to the opportunities to better serve our clients and communities in a bigger way
than we could before.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by a consortium led by CIBC, and legal counsel was provided to CONSOR
by Honigman LLP. Structural Grace was advised in this transaction by Morrissey
Goodale LLC.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Erik Gernant
(312) 219-7969
egernant@consoreng.com
http://keystonecapital.com/consor-announces-acquisition-of-structural-grace/
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Merge Announces Acquisition of Beam
May 2019
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio
company, Merge, has completed the acquisition of Beam, a premier experience
design, digital marketing, and technology consultancy based in Boston.
Keystone initially acquired Merge, a premium creative technology agency, in
December 2018. The Company’s capabilities include business & digital strategy,
creative advertising, marketing execution, content creation, analytics, custom
technology development, and media services. Merge delivers customer engagement
solutions across market sectors with specific expertise in healthcare. For more
information on Merge, please visit Mergeworld.com.
Beam is an experience design and digital marketing consultancy. Beam exists to
make frictionless, fantastic, and effective digital experiences and help their
clients win in a data-driven, customer-centered world. Core services provided by
Beam include opportunity identification, experience strategy and design, CRM,
and marketing/sales/analytics platform development. Current clients include
Fidelity Investments, Boston Consulting Group, AMG, Charter Communications, and
TPG/Beaver-Visitec, among others. For more information on Beam, please visit
beamland.com.
The transaction bolsters the company’s offerings in experience strategy and
design, CRM, and platform development. In turn, Merge offers Beam and its client
partners increased creative and technology depth as well as robust media and
contact planning capabilities. Both Merge and Beam bring extensive experience in
the healthcare, financial services, travel and leisure, and consumer products
sectors. The successful collaboration between the two companies on a number of
clients over the past year led naturally to this partnership.
“Engaging experiences are what attract customers and differentiate businesses
today.” said Patrick Venetucci, CEO of Merge ”While features and functionality
can be easily copied by competitors, a superior experience is difficult to
replicate—and Beam excels at creating frictionless, innovative experiences. We
are delighted to welcome Beam to the Merge family.”
“Beam nicely complements Merge’s existing capabilities enhancing our experience
design, strategy, and platform development capabilities. We are excited to watch
the already successful collaboration between the two agencies flourish now that
they are under a common flag.” commented Bill Sommerschield, Principal at
Keystone Capital.
Terms of the transaction are not being disclosed. Legal counsel was provided to
Keystone by Honigman Miller Schwartz and Cohn, LLP, and Beam was advised by
Palazzo in connection with this transaction.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/merge-announces-acquisition-of-beam/
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Keystone Capital Announces Partnership With MERGE
December 2018
Keystone Capital, Inc. (“Keystone”) is pleased to announce it has completed a
partnership with MERGE (“MERGE” or “the Company”), a marketing and technology
services agency with more than 270 employees across offices in Chicago, Boston,
and Atlanta.
MERGE is an integrated agency combining strategy, creativity, and technology to
address clients’ business challenges and customer engagement needs. The
Company’s capabilities include business & digital strategy, brand development,
creative advertising, digital marketing execution, digital design & content
creation, data analytics, custom technology development, and media services.
Merge delivers omni-channel solutions across market sectors with specific
expertise in healthcare. Ron Bess will be named Executive Chairman and will
remain as CEO of MERGE. Patrick Venetucci, a 30-year industry veteran with
previous global executive roles at Leo Burnett Worldwide and Dentsu Aegis, has
joined the agency as CEO partnering with Ron to lead the business forward
together. For more information on MERGE, please visit mergeworld.com.
Ron Bess and Patrick Venetucci, CEOs of MERGE, noted, “We are thrilled to begin
our partnership with Keystone Capital. We see tremendous opportunity to build on
the strong foundation developed over the past two years. Keystone’s unique
approach to patiently investing their personal capital alongside management with
a focus on long-term value creation is the perfect fit for our employees and our
clients. In addition, Keystone’s deep understanding of marketing and
technology-enabled services will provide us with an experienced strategic
partner to help achieve our goals for organic growth and complementary
acquisitions.”
“Keystone is excited to partner with the talented team at MERGE to continue
building on their success serving clients at the intersection of marketing and
technology” commented Bill Sommerschield, Principal at Keystone Capital. “We and
management see a substantial opportunity to further enhance MERGE’s
differentiated capabilities, end-market expertise, and client-centric service
approach through internal growth and talent development initiatives as well as
targeted acquisitions.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by Wintrust Bank, legal counsel was provided to Keystone by Honigman
Miller Schwartz and Cohn, LLP, and MERGE was advised by JEGI in connection with
this transaction.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-merge/
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E4H Architecture Announces Acquisition of RSG Architects
March 2018
Keystone Capital is pleased to announce that its portfolio company E4H
Architecture, LLC (“E4H”) has completed a merger with RSG Architects, LLC
(“RSG”). Terms of the transaction are not being disclosed.
E4H is a leading design, architecture, planning and consulting firm focused
exclusively on the healthcare industry. The firm has 160 healthcare planners and
architects in offices across the United States and has collectively completed
more than 6,500 healthcare projects over the past four decades. The E4H
portfolio includes over $6 billion in projects, encompassing community
hospitals, academic medical centers, life science laboratories, R&D space,
children's hospitals, mental health facilities, ambulatory care centers,
rehabilitation facilities, assisted living, and medical office buildings.
Services include healthcare planning, architecture, and interior design. In
2016, E4H was ranked by Modern Health as the largest architecture firm focused
exclusively on the healthcare market. Please visit www.e4harchitecture.com for
more information.
RSG is a niche design, architecture and planning firm focused on the healthcare
industry based in Chantilly, Virginia. RSG was founded by principals John
Scoggin, Jeremy Bartz and Richard Whitaker and is a leader in the D.C./Northern
Virginia area. RSG complements E4H’s strategy of adding regional leaders to the
platform and realizing synergies across a national base of clients and projects.
“We are extremely pleased about the E4H/RSG transaction and what it will do for
our collective platform,” remarked Jason Van Zant, Managing Director of Keystone
Capital. “As one of Keystone’s growing platforms in the A/E space, E4H has
tremendous momentum as the market leader in healthcare architecture, and this
transaction only reinforces it.”
“We’ve built a strong practice in the Mid-Atlantic region and are excited to
take our work to the next level by becoming part of a national firm that’s doing
award winning healthcare design,” said John Scoggin, Principal, RSG Architects.
“We are looking forward to offering E4H’s expertise and enhancing our capacity
for our healthcare clients throughout the Mid-Atlantic region.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC, and legal counsel was provided to E4H by Honigman Miller
Schwartz and Cohn, LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
http://keystonecapital.com/e4h-architecture-announces-acquisition-of-rsg-architects/
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Keystone Capital Announces Partnership with Arbour Group LLC
January 2018
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
an investment in Arbour Group, LLC (“Arbour” or “the Company”).
Arbour, based in Oakbrook Terrace, Illinois, is a leading provider of regulatory
compliance services for the global life sciences industry. Arbour specializes in
the areas of software validation, packaged compliance solutions, and software
testing/auditing to ensure client compliance with applicable global regulatory
bodies such as the U.S. FDA and the EU EMA (European Medicines Agency). Arbour
partners with name-brand clients in the pharmaceutical, biotechnology, and
medical device fields both domestically and internationally.
Arbour was originally founded in 1997 as a spin-out of accounting and tax
advisory firm AM&G. In addition to its headquarters in the U.S., Arbour
maintains sales offices throughout North America and international locations in
Dubai, UAE and Manila, Philippines. For more information on Arbour, please visit
the company’s website at www.arbourgroup.com.
“We are excited about the potential for our partnership with Alex Patterson and
the management team at Arbour Group,” commented Jason Van Zant, Managing
Director at Keystone Capital. “Arbour is another great example of our continued
focus on partnering with specialized technology enabled consulting and
professional services firms. The growth and consolidation of the global
regulatory compliance market, particularly in life sciences, will present ample
opportunities for Keystone and management to expand this platform.”
Senior management team members Alexander Patterson, Christopher McNally, and
Ahsan Raza will be continuing in their current roles and as significant
investors in Arbour post-closing. Mr. Patterson, President and CEO of Arbour,
noted: “Arbour’s success over the past 20 years as a privately held company made
Keystone a logical choice as a potential partner given their long-term, growth
orientation. Keystone’s relevant experience with businesses like Arbour,
including other regulatory compliance oriented businesses such as Greeley and
Movilitas, was appealing to us and we are looking forward to the opportunity to
grow our business with them.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by CIBC, legal counsel was provided to Keystone by Honigman Miller
Schwartz and Cohn, LLP, and Arbour Group was advised by Scott-Macon Investment
Banking in connection with this transaction.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-arbour-group-llc/
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Keystone Natural Holdings Acquires J.P. Veggies and Superior Tofu
December 2017
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio
company, Keystone Natural Holdings, LLC (“KNH”), has completed its acquisitions
of J.P. Veggies, Inc. (“VeggieLand”) and Superior Tofu Ltd.
(“Superior”). VeggieLand and Superior join Nature Soy in KNH’s portfolio of
leading manufacturers of healthy, plant-based protein products.
Keystone initially acquired Nature Soy, a Philadelphia-based producer of
high-quality soy and vegetarian food products, in June 2016. Nature Soy uses
non-GMO ingredients and proprietary formulas to create tofu, soy milk, and rice
noodles with unique and desirable flavor profiles. The Company supplies
specialty retail and foodservice customers primarily on the East Coast and
throughout the Midwest. For more information on Nature Soy, visit
www.naturesoy.com.
VeggieLand is a leading manufacturer and distributor of meatless veggie burgers
and appetizers. Founded in 1994 and based in Parsippany, New Jersey, VeggieLand
has developed a diverse and growing portfolio of healthy meatless products sold
into retail and foodservice channels through the Franklin Farms and Jens & Marie
brands as well as private label. The partnership with VeggieLand will provide
KNH with a broader product portfolio, greater channel reach, and expanded
product innovation capabilities. For more information on VeggieLand, visit
www.veggieland.com.
Superior Tofu is a Vancouver-based manufacturer and supplier of tofu, soy milk,
and other soy-based products. Founded in 1982, Superior has an established,
loyal base of specialty and mainstream retail and foodservice customers
throughout Canada. With the unique combination of its authentic tofu-making
heritage and commitment to world-class food safety, Superior is a natural fit
alongside Nature Soy. For more information on Superior Tofu, visit
www.superiortofu.com.
The combined business will continue to be led by Kenny Sung, CEO of KNH.
Existing management teams at VeggieLand and Superior have been retained to
continue driving growth across the platform. “These two acquisitions further
enhance our ability to innovate and produce authentic, great tasting and healthy
products,” said Kenny. “We are looking forward to providing a broader selection
of complementary products across our collective customer base.”
“We are extremely excited about the continued development of our plant-based
protein platform through both organic growth and strategic acquisitions,”
commented Chaoran Jin, Managing Director of Keystone. “Keystone is committed to
investing further in this natural, better-for-you segment.”
Terms of the transactions are not being disclosed. Senior debt financing was
provided by Wintrust Bank and legal counsel was provided to Keystone by Honigman
Miller Schwartz and Cohn, LLP. Tully & Holland, Inc. advised VeggieLand and CCC
Investment Banking advised Superior Tofu in connection with these transactions.
Contact Information
Brian Chung
(312) 219-7975
bchung@keystonecapital.com
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
Kevin Overby
(312) 219-7966
koverby@keystonecapital.com
http://keystonecapital.com/keystone-natural-holdings-acquires-j-p-veggies-and-superior-tofu/
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Keystone Capital Announces the Sale of Rocore Inc.
October 2017
Keystone Capital, Inc. ("Keystone"), a Chicago-based private investment firm, is
pleased to announce that its portfolio company Rocore Inc. (“Rocore”) has been
acquired by funds advised by Triton, a leading European private investment firm.
Terms of the transaction have not been disclosed.
Rocore is a manufacturer of industrial heat exchangers and provider of heat
exchanger repair services. The company’s products consist primarily of highly
engineered radiators, heat exchangers and cooling products which are sold into a
wide variety of markets including on/off highway, petrochemicals, rail, and
power generation. Rocore represented Keystone’s fourth successful exit of a
highly engineered industrial products business, following the prior exits of
Polymicro Technologies (2007), Judson Technologies (2008), and Atlas Die (2017).
For more information on Rocore, please visit www.rocore.com.
“The Keystone and Rocore teams partnered to expand the service offering and
drive into new markets. We are pleased that our patient, long term investment
approach has created such a positive outcome for us and our management
partners,” commented David Greer, Managing Director at Keystone Capital. “We
greatly enjoyed our time with the Rocore team and are excited for them in their
next chapter with Triton.”
Over the course of Keystone’s investment in Rocore, substantial enhancements in
segmentation, go-to-market strategy, and capital efficiency were completed. In
addition, Keystone assisted Rocore with the acquisition of CTI Industries, a
leader in shell and tube heat exchanger repair services, in 2015.
“It’s a bittersweet moment as Rocore leaves a nine year relationship with
Keystone, who worked alongside us to build the successful business we have today
but also sees us moving into a new and exciting chapter for the company,”
remarked Stuart Eden, CEO of Rocore. “Businesses are built on people, and that’s
something Keystone truly understands.”
Rocore and Keystone were represented by Lincoln International in the
transaction. Legal advice was provided by Honigman Miller Schwartz & Cohn LLP.
About Keystone Capital
Keystone was founded in 1994 with the goal of acquiring high quality,
market-leading niche businesses. Unlike a traditional private equity firm
utilizing a fund-based investment model, Keystone operates more like an
entrepreneurial holding company – utilizing the personal capital of its partners
rather than outside third-party capital, capitalizing its investments with
conservative capital structures, and with its principals actively involved in
supporting the management teams of its portfolio companies. Keystone’s
investments all share one thing in common – a mutual commitment by management
and Keystone to thoughtfully and patiently build a sustainable, market-leading
business. Our primary offices are located in Chicago, Illinois with a small
office in Shanghai, China. More information can be obtained from our website at
www.keystonecapital.com.
Contact Information
David Greer
(312) 219-7972
dgreer@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-the-sale-of-rocore-inc/
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Keystone Capital Announces the Sale of Capsa Healthcare
September 2017
Keystone Capital, Inc. ("Keystone"), a Chicago-based private investment firm, is
pleased to announce that its portfolio company Capsa Solutions, LLC (d/b/a Capsa
Healthcare or “Capsa”) has been acquired by Levine Leichtman Capital Partners
(“LLCP”). Terms of the transaction have not been disclosed.
Capsa is a leading provider of mobile workstations, medication management
products, and pharmacy automation solutions for healthcare settings worldwide.
The Company’s workflow solutions improve efficiency and effectiveness for over
3,000 customers, including leading health systems, senior care communities, and
major retail and institutional pharmacies. Capsa is headquartered in Portland,
Oregon and has additional production facilities in Columbus, Ohio and Agua
Prieta, Mexico.
“Keystone’s success partnering with Capsa’s management team to build a market
leading healthcare technology and equipment company is another terrific example
of Keystone’s patient, long-term investment philosophy at work,” commented Scott
Gwilliam, Managing Partner of Keystone Capital. “We wish the management team and
Levine Leichtman the best with the business and are proud to have been partnered
with Capsa for the past 17 years.”
Capsa was the culmination of a 17-year investment horizon for Keystone, during
which sales and EBITDA increased 13-fold through a combination of organic growth
and add-on acquisitions. The business originally began with Keystone’s purchase
of IRSG Holdings in 2000, followed by the acquisitions of MMI Med Carts (2008),
Artromick International (2009), Kirby Lester (2014), and Rubbermaid Healthcare
(2015). Capsa is led by CEO Andrew Sherrill and a talented management team
across the business who will continue to lead Capsa moving forward.
“The success we’ve experienced at Capsa would not have been possible without
Keystone’s unwavering support of our team as we sought to build Capsa with an
eye always towards our long-term goals,” remarked Sherrill. “The alignment of
interest Keystone’s investment approach created with management made Keystone an
ideal partner for us during this phase of our growth.”
Capsa was represented by Harris Williams & Co. in the sale of the business.
Legal advice was provided by Kirkland & Ellis LLP and Honigman Miller Schwartz &
Cohn LLP.
About Keystone Capital
Keystone Capital is a private investment firm which operates with the goal of
acquiring high quality, market-leading niche businesses and partnering with
these businesses over a long-term horizon, where appropriate. Unlike a
traditional private equity firm utilizing a fund-based investment model,
Keystone utilizes the personal capital of its partners rather than outside
third-party capital, capitalizes its investments with conservative capital
structures, and engages actively in supporting the management teams of its
portfolio companies. Keystone has completed over 25 platform investments in its
history, supported by over 70 add-on acquisitions. Keystone’s primary offices
are located in Chicago, Illinois. More information can be obtained from our
website at www.keystonecapital.com.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-the-sale-of-capsa-healthcare/
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Keystone Capital Announces the Sale of Atlas Die LLC
August 2017
Keystone Capital, Inc. ("Keystone") is pleased to announce that it has exited
its investment in Atlas Die, LLC (“Atlas”) after 14 years of successful
ownership. Terms of the transaction have not been disclosed.
Atlas is a manufacturer of steel rule and rotary dies for the packaging and
folding carton industries. Headquartered in Elkhart, IN, Atlas began producing
steel rule dies in 1952. Atlas pioneered the use of lasers in die production and
has a broad product offering targeted at various converting industries, such as
paperboard, labels, business forms, flexible circuits, greeting cards, and
gaskets. Bernal, Inc. (“Bernal”), a subsidiary of Atlas, is a leader in the
manufacture of engineered rotary dies for many of the same end markets and is
based in Rochester Hills, MI.
Atlas was originally acquired by Keystone and Atlas management in January 2003.
During the course of the fourteen year investment horizon, Keystone led the
acquisition of several strategic add-ons for Atlas, including Southeastern Die
(2004) and Bernal (2013). “Atlas is a great example of Keystone’s long-term
investment philosophy,” commented David Greer, Managing Director, Keystone
Capital. "We enjoyed our time with Ken Smott and the Atlas team, but we know
that the business is well-positioned for the future under new ownership.”
Atlas was acquired by Auxo Investment Partners, an operationally focused private
investment firm based in Grand Rapids, MI. Livingstone Partners, a leading
middle market investment bank, represented Atlas in the sale. “Keystone’s
patient approach, and dedication to the long-term best interests of the business
were invaluable to Atlas,” remarked Ken Smott, CEO of Atlas. “Their investment
of personal capital made Keystone an ideal, patient partner for our business.”
Contact Information
David A. Greer
(312) 219-7972
dgreer@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-the-sale-of-atlas-die-llc/
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Keystone Capital is Pleased to Announce the Following Internal Promotions!
January 2017
2016 was a record year for Keystone Capital. We acquired more businesses,
deployed more capital and traveled more miles supporting our portfolio than at
any time in our history. We are extremely proud of what we have accomplished
and even more optimistic about our continued success in 2017. We could not have
achieved these results without the great work of our staff, and with that we are
excited to announce the following well-deserved promotions at Keystone: Chaoran
Jin and Jason Van Zant have been promoted to Managing Director, and Dennis Howe
and Bill Sommerschield have been promoted to Principal.
Chaoran Jin Promoted to Managing Director
Chaoran joined Keystone in 2009. Chaoran has been the lead professional
supporting the operational and acquisition needs of our consumer products
business, Costume Gallery, and most recently, our Asian foods platform, Nature
Soy. She has also played an active role with Peak Technologies and Movilitas
Consulting, and is the lead professional managing our activities and office in
China. “Chaoran brings Keystone deep foundational insight into business
strategy development. She has also created tangible value to our broader
portfolio by driving our Asian sourcing and sales initiative,” commented David
Greer, Managing Director at Keystone. Prior to Keystone, Chaoran worked for
Owens Corning, McKinsey & Company, Citigroup and Motorola.
Jason Van Zant Promoted to Managing Director
Jason joined Keystone in 2008, and over his time at Keystone has closed 15
transactions for the firm. Jason is the primary lead professional on E4H, our
health care architectural firm, and The Scott Group, our luxury goods business.
“Jason has been a huge asset to our acquisition efforts over the years. He has
significantly enhanced our marketing and new business development approach, and
more recently brought the same energy to the overall support of some of our
businesses”, commented Scott Gwilliam, Managing Director and Co-Founder of
Keystone. Prior to Keystone, Jason worked for Lincoln International.
Dennis Howe Promoted to Principal
Dennis joined Keystone in 2013 and has had a significant impact on many of our
portfolio companies, including Capsa Solutions, Avalon, Atlas Die and Rocore.
From his days at Danaher as an executive, Dennis has a deep background in
acquisition integration, operational efficiency and process change management.
In addition to his time at Danaher, Dennis' previous experience includes
working for The Boston Consulting Group on strategy assignments for industrial,
financial and consumer goods clients and at BASF Corporation working as an
Operations Manager and as a Product Development engineer.
Bill Sommerschield Promoted to Principal
Bill joined Keystone in 2014 and has played a key role with several of our more
recent platform companies. He is the lead professional on The Greeley Company
and Cherry Hill Photo, and also led the negotiations on the acquisitions of
Nature Soy and Rubbermaid Healthcare. Prior to joining Keystone, Bill was a VP
at Lake Capital, where he focused on the firm’s investment activities and served
on the Board of Directors of Engine Group, ORC International, HMI, and Addison
Group.
The last five years has been a particularly exciting time at Keystone Capital.
We have significantly increased our level of acquisition activity with both new
platforms and add-ons to our existing portfolio, and this increased activity has
driven the need for even greater portfolio involvement. We could not have
accomplished this without the tremendous dedication and effort of Chaoran,
Jason, Dennis and Bill.
“These team members are being recognized for their past contributions to the
firm as well as their future potential,” commented Kent Dauten, Managing
Director and Co-Founder of Keystone. “We thank them for their dedication and
hard work and look forward to what they will accomplish in the coming years.”
Contact Information
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Dennis Howe
(312) 219-7979
dhowe@keystonecapital.com
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/keystone-capital-is-pleased-to-announce-the-following-internal-promotions/
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Keystone Capital Announces Partnership with The Greeley Company
August 2016
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
an investment in, and partnership with, The Greeley Company (“Greeley” or “the
Company”).
Greeley is a leading healthcare consulting firm that partners with hospital
administrative and clinical teams to solve problems and improve processes
related to accreditation and regulatory compliance, medical staff optimization
and physician alignment, and credentialing and privileging. Greeley's offering
includes consulting services, interim staffing, business process outsourcing,
education services, and external peer review. The Company's mission is to work
with hospitals and hospital systems to optimize internal processes and
workflows, simplify documentation, and improve physician and patient
satisfaction. Headquartered in Danvers, Massachusetts, Greeley serves hospitals
and hospital systems of all sizes across all 50 states. For more information on
Greeley, please visit www.greeley.com.
“Keystone is delighted to partner with the exceptional team at Greeley to build
on their tradition of excellence in solving complex problems for hospitals
across the country,” commented Bill Sommerschield, Vice President at Keystone
Capital. “Greeley is the latest example of our continued focus on partnering
with leading professional services firms, and we look forward to supporting
management as they continue to expand Greeley’s market presence and enhance
their comprehensive portfolio of world-class services,” added Scott Gwilliam,
Managing Director at Keystone Capital.
Steve Bryant, President and CEO of The Greeley Company, remarked, “We are
thrilled to begin our partnership with Keystone Capital. We share a long-term
vision for Greeley’s future, and with their patient approach to investing and
ongoing commitment to our leadership team and employees, we are one step closer
to realizing that vision. Their deep understanding of our business and financial
support will enable us to pursue exciting growth initiatives and continue to
deliver best-in-class solutions to our hospital clients.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The PrivateBank, legal counsel was provided to Keystone by Honigman
Miller Schwartz and Cohn, LLP, and The Greeley Company was advised by Duff &
Phelps Securities, LLC in connection with this transaction.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-the-greeley-company/
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Keystone Capital Announces Partnership with Nature Soy
June 2016
Keystone Capital, Inc. ("Keystone") is pleased to announce that it has completed
an investment in, and partnership with, Nature Soy, Inc. ("Nature Soy" or "the
Company").
Nature Soy, a major supplier of soy and vegetarian food products to the US
market, has been producing high quality soy products since 1990. Located in
Philadelphia, the Company primarily serves the mid-Atlantic region with
distribution channels reaching as far west as Chicago. Nature Soy's products
include both traditional and specialty tofu, soy milk, rice noodles and soy
puffs, all of which can be found in major Asian grocery stores, supermarkets and
natural food stores, as well as restaurants in the Northeast. The Company
strives to produce the best-tasting and freshest products, using non-GMO soy
beans and its proprietary formulas to create a unique and desirable flavor
profile.
“We are excited to partner with the Nature Soy team to continue building on
their tradition of excellence in the soy foods market,” commented Chaoran Jin,
Principal at Keystone Capital, “With management’s continued leadership and our
operational and financial support, we will achieve our collective vision of
developing Nature Soy into a leading national supplier of soy products and other
authentic ethnic foods through organic expansion and targeted acquisitions.”
Nature Soy co-owners SunFei Ye and YatSun Wen will continue to be shareholders
in the Company and will play integral roles in the day-to-day operations and
management of the business. "We have been actively seeking the right partner to
help us take Nature Soy to the next level, and Keystone's commitment to our
management team and employees, experience in the food industry, and financial
support for growth initiatives makes them an ideal partner for Nature Soy," said
SunFei Ye and Yatsun Wen.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by Wintrust Bank, legal counsel was provided to Keystone by Honigman
Miller Schwartz and Cohn, LLP, and Baker Tilly Capital, LLC advised Nature Soy
in connection with this transaction.
Contact Information
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-nature-soy/
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Formation of Environments for Health Architecture
June 2016
Morris Switzer Acquires Ascension Group Architects, Partners with DaSilva
Architects, Consolidates Healthcare Design Platform Under E4H
Keystone Capital, Inc. (“Keystone”) is pleased to announce that Morris Switzer
Environments for Health (“Morris Switzer”), a portfolio company of Keystone, has
transformed into Environments for Health Architecture (“E4H”) by acquiring
Ascension Group Architects (“AGA”) of Dallas, TX, and partnering with DaSilva
Architects (“DaSilva”) of New York, NY.
Keystone originally invested in Morris Switzer, the New England branch of E4H,
in 2015. Morris Switzer has been a full service architecture firm committed
exclusively to the design of healthcare facilities in New England for over 25
years. AGA, founded in 2001, develops award-winning architecture and interior
design for healthcare facilities across the southern and western United States.
AGA specializes in rapid design processes, large project implementation, and
award-winning design for physicians and corporate/for-profit healthcare
organizations. DaSilva, based in New York, has 35 years of healthcare design
innovation experience. DaSilva has worked extensively at most of the major
medical centers in the tri-state area of New York, New Jersey, and Connecticut,
providing client-centered service, patient-centered healthcare design, and
interior design services.
The combined E4H will offer comprehensive and unprecedented national
architectural services in healthcare design, with an expanded depth of
experience, talent, and geographic reach. The firm has 130 healthcare planners
and architects in offices across the United States, and has collectively
completed more than 5,000 healthcare projects over the past three decades. The
E4H portfolio includes over $5 billion in projects, encompassing community
hospitals, academic medical centers, life science laboratories, R&D space,
children's hospitals, mental health facilities, ambulatory care centers,
rehabilitation facilities, assisted living, and medical office buildings.
Services include healthcare planning, architecture, and interior design. E4H
will maintain offices in Boston, Dallas, New York, Portland (Maine), and
Burlington (Vermont).
“Healthcare providers and life sciences businesses have a unique set of needs;
balancing the delivery of care with business imperatives requires a deep
understanding of this rapidly changing industry,” said Dan Morris, Partner,
E4H. “E4H can now offer both a knowledge of the local healthcare market and
access to an expanded talent and experience pool that will benefit our clients
enormously.”
“We are extremely encouraged by the development of the E4H platform,” noted
Jason Van Zant, Principal of Keystone. “This announcement solidifies our vision
for E4H and represents the first of many additions to the platform that we
expect to see in the coming years.”
E4H is interested in further partnerships with and acquisitions of complementary
firms servicing the health and life sciences sectors which would enhance the
geographic coverage and/or the portfolio of E4H.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The Private Bank, and legal counsel was provided to Keystone and E4H
by Honigman Miller Schwartz & Cohn LLP.
About Keystone Capital, Inc.
Keystone Capital, Inc. is a private investment firm based in Chicago, Illinois
that manages in excess of $300 million in investment capital. Formed in 1994,
its mission is to acquire and build a portfolio of exceptionally high quality,
mid-sized businesses that are leaders in their niche markets. Keystone is
differentiated by its investment of personal as opposed to third-party capital,
which results in a longer investment horizon of 10+ years and an ability to
enter into true operating partnerships with the professional management teams of
its companies.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
http://keystonecapital.com/formation-of-environments-for-health-architecture/
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Keystone Capital Announces Partnership with Target Engineering Group
January 2016
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
an investment in, and partnership with, Target Engineering Group, Inc. (“TEG” or
“the Company”).
Target Engineering Group is a leading provider of construction management,
professional engineering and construction inspection services in Florida. The
Company focuses on providing engineering and inspection services related to
bridges and roadwork, partnering predominately with the Florida Department of
Transportation on both statewide and district-specific projects. Headquartered
in Coral Gables, TEG has a statewide presence with over 140 employees across
eight offices as well as several temporary offices for large projects. For more
information on Target Engineering Group, please visit www.targetengineering.com.
“We are thrilled to be partnering with the exceptional management team at Target
Engineering Group to build on their tradition of excellence in serving the
Florida transportation engineering market,” commented Scott Gwilliam, Managing
Director at Keystone Capital. “As the management team continues to operate TEG
with the highest level of service, Keystone will provide financial backing and
its experience in building engineering services companies to help management
expand TEG’s presence into other key states and build out a more comprehensive
portfolio of civil engineering services.”
Raj Rangaswamy, President of Target Engineering Group, commented “We are excited
by the opportunity to partner with Keystone Capital. Keystone’s long-term
approach to investing, ongoing commitment to our management team and employees,
and experience in the engineering sector make them the ideal partner for TEG.
Their financial support gives us significant operational resources to pursue key
growth initiatives and accelerate the realization of our vision.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The PrivateBank, and legal counsel was provided to Keystone by
Honigman Miller Schwartz and Cohn, LLP.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
Erik Gernant
(312) 219-7969
egernant@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-target-engineering-group/
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Keystone Capital Announces Partnership with Cherry Hill Photo
December 2015
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
an investment in and partnership with Cherry Hill Holdings, Inc. (“Cherry Hill
Photo” or “the Company”).
Cherry Hill Photo is the U.S. market leader in providing mall-based holiday
photography services and products. With a rich history dating back to 1961,
Cherry Hill Photo manages on-premises Santa and Easter Bunny photography
programs for over 325 mall locations throughout North America. The Company is
headquartered in Marlton, New Jersey with an additional location in Ontario,
Canada. For more information on Cherry Hill Photo, please visit
www.cherryhillphoto.com.
“We are thrilled by the opportunity to partner with the management team at
Cherry Hill Photo to build on their rich, decades-long history of providing
world-class holiday experiences. The management team will continue to operate
the business with the same enthusiasm and excellence in service they have always
delivered, with Keystone Capital supporting the Company’s growth and
development”, Kent Dauten, Keystone Capital Managing Director.
Ed Warchol, the President of Cherry Hill Photo, commented “We are very excited
to partner with Keystone Capital. Keystone’s long-term investment approach and
support of our existing team are a few of many characteristics that make
Keystone an ideal partner for Cherry Hill Photo. The partnership with Keystone
will provide Cherry Hill access to significant operational resources allowing us
to continue to operate the business with the highest-levels of service,
capitalize on key growth opportunities, and ultimately better serve our
customers.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The Private Bank, and legal counsel was provided to Keystone by
Honigman Miller Schwartz and Cohn, LLP.
http://keystonecapital.com/keystone-capital-announces-partnership-with-cherry-hill-photo/
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Peak-Ryzex Announces Acquisition of M-Netics
December 2015
Peak-Ryzex, Inc, a portfolio company of Keystone Capital, is pleased to announce
the completion of its acquisition of M-Netics.
M-Netics is an end-to-end enterprise mobility solutions provider and developer
of the industry leading IM2 enterprise mobility software suite. M-Netics
solutions cover retail omni-channel (in-store and back office), supply chain,
mobile worker and proof of delivery requirements. Customers include leading
logistics providers, manufacturers, retailers and field service organizations.
Please visit www.mnetics.co.uk for more information.
Peak-Ryzex provides end-to-end enterprise mobility, managed services, printing
and mobile data capture solutions for performance-driven organizations focused
on the optimization of supply chain and field-based business processes.
Peak-Ryzex’s in-depth industry-specific experience, state-of-the-art solutions
and managed services, and exemplary customer support provide transformational
business solutions and results that deliver greater ROI and outstanding value.
Peak-Ryzex serves as a trusted business partner for some of the world’s largest
companies, while also supporting local and regional customers with an extensive
coverage footprint throughout North America and Europe. For more information on
Peak-Ryzex, visit www.peak-ryzex.com.
“The acquisition of M-Netics is aligned with our strategy to continue offering
customers the most complete end-to-end enterprise mobility solutions portfolio
in the industry,” said Ross Young, CEO of Peak-Ryzex. “M-Netics will bring
complementary products, partnerships and services to our portfolio while
allowing us to expand our capabilities into mobile software application
development and strengthens our offerings in specific verticals such as retail,”
added Young.
Together, Peak-Ryzex and M-Netics will provide the full lifecycle services to
plan, procure, provision, activate, manage and support commercial and rugged
mobile devices, carrier services, and mobile software applications while
delivering business data and insights to improve operational efficiencies and
increase employee productivity – whether it be in the supply chain, out in the
field workforce or on the retail floor. “After carefully considering all of our
options for accelerating the growth of M-Netics, I am extremely excited for us
to join forces with Peak-Ryzex and be part of one of the largest, most dynamic
international mobile solutions providers in the market today,” said Tim
Hamilton-Davies, founder and CEO of M-Netics. “The combination with Peak-Ryzex
provides our business with additional scale and immediate access to
supplementary resources in the UK and North America to offer our customers
enhanced levels of value, support and service,” added Hamilton-Davies.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The PrivateBank, and legal counsel was provided to Keystone by
Kirkland & Ellis LLP.
Contact Information
Scott Gwilliam
(312)-219-7971
sgwilliam@keystonecapital.com
Chaoran Jin
(312)-219-7976
cjin@keystonecapital.com
http://keystonecapital.com/peak-ryzex-announces-acquisition-of-m-netics/
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Capsa Solutions Announces the Acquisition of Rubbermaid Healthcare
August 2015
Capsa Solutions (“Capsa”), a portfolio company of Keystone Capital and a leading
provider of mobile computing carts, medical carts, and medication management
systems to the healthcare industry, is pleased to announce the completion of its
acquisition of Newell Rubbermaid Inc.’s Healthcare Division. (“RHC”). RHC
provides technology-enabled products including mobile computing carts,
medication carts, and wall-mounted IT workstations to healthcare facilities
worldwide. The acquisition marks Keystone Capital’s sixth successful corporate
carve-out.
The acquisition of RHC is the Capsa’s fourth acquisition in the last eight
years, and brings together two leaders in the healthcare IT and computing
industry. RHC’s position has been built on their suite of premium healthcare
computing products and reputation for unmatched customer service, which is
highly complementary to Capsa’s existing product portfolio and equally
outstanding customer service. Combined, Capsa now offers the broadest product
suite in the industry, and the addition builds on Capsa’s unique ability to
provide tailored computing technology solutions to acute care and long-term care
partners worldwide.
“We are thrilled to welcome Rubbermaid Healthcare’s exceptional people and
products to Capsa Solutions,” said Capsa Solutions CEO Andrew Sherrill. “Our
recent growth has been focused on adding line and brand extensions thoughtfully,
and always with the ever-evolving needs of our acute care and long-term care
partners at the forefront of the process. We’ve done that here, and are very
pleased with the outcome.”
This latest addition to Capsa’s product suite solidifies it as a leader in the
healthcare technology and computing industry. Keystone Capital and Capsa
continue to pursue accretive healthcare IT and technology-enabled products
acquisition opportunities with the goal of further enhancing the success and
leadership enjoyed by Capsa today.
Legal counsel was provided by Kirkland & Ellis LLP.
Contact Information
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
Dennis Howe
(312) 219-7979
dhowe@keystonecapital.com
http://keystonecapital.com/capsa-solutions-announces-the-acquisition-of-rubbermaid-healthcare/
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Peak-Ryzex Announces Acquisition of Manage Mobility
July 2015
Peak-Ryzex, Inc, a portfolio company of Keystone Capital, is pleased to announce
the completion of its acquisition of Manage Mobility, LLC.
Headquartered in Alpharetta, GA, Manage Mobility is an end-to-end provider of
mobile procurement, logistics, and carrier management services and developer of
the ManagedTel™ software platform. ManagedTel is a software-as-a-service (SaaS)
platform that serves as a central information repository of all mobile device
and carrier management services on an international basis for procurement,
reporting, asset management, mobile business intelligence and telecom expense
management. Please visit www.managemobility.com for more information.
Peak-Ryzex provides end-to-end enterprise mobility, managed services, printing
and mobile data capture solutions for performance-driven organizations focused
on the optimization of supply chain and field-based business processes.
Peak-Ryzex serves as a trusted business partner for some of the world’s largest
companies, while also supporting local and regional customers with an extensive
coverage footprint throughout North America and Europe. Please visit
www.peak-ryzex.com for more information.
“Manage Mobility provides Peak-Ryzex with an expanded suite of managed mobility
services to help our enterprise customers better maintain, manage and support
their commercial and rugged mobile devices, carrier services, and mobile
applications,” said Ross Young, CEO of Peak-Ryzex.
Peak-Ryzex plans to leverage the Manage Mobility’s technology platform to
provide customers a 360° view of their mobile device and printer estate through
one centralized portal. All key managers and employees of Manage Mobility will
join Peak-Ryzex. “As we evaluated all of our options for securing growth capital
for our business to capitalize on the unprecedented growth in the Managed
Mobility Services market, joining forces with Peak-Ryzex presented us with a
tremendous opportunity to combine our history of innovation with Peak-Ryzex’s
industry-leading capabilities in end-to-end enterprise mobility, managed
services, printing and mobile data capture solutions,” said Mike McGuire,
founder and CEO of Manage Mobility.
Senior debt financing was provided by The Private Bank, and legal counsel was
provided by Fredrikson & Byron, P.A.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
http://keystonecapital.com/peak-ryzex-announces-acquisition-of-manage-mobility/
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Keystone Capital Announces Partnership With MorrisSwitzer
July 2015
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
an investment in and partnership with the shareholders of MorrisSwitzer
Environments for Health, LLC (“MorrisSwitzer” or “the Company”).
MorrisSwitzer is a leading architecture and design firm focused exclusively on
the healthcare and life sciences industries. From its headquarters in Williston,
Vermont and additional offices in Boston, Massachusetts and Portland, Maine, the
Company services a client base consisting of leading healthcare, academic and
private institutions in the Northeastern U.S. MorrisSwitzer has an impressive
portfolio of healthcare-focused work, having completed over 3,000 projects
across over 130 hospitals and medical facilities since inception. Morris Switzer
was founded in 1990 by Dan Morris, and today is led by Dan and six additional
partners including Jill Boardman, Jennifer Arbuckle, Jason Carney, Thomas
Morris, Bill Repichowskyj, and Dale Taglienti. For more information on Morris
Switzer, please visit the Company’s website at www.morrisswitzer.com.
The existing partners of MorrisSwitzer will remain significant shareholders of
the firm and will continue to lead the day-to-day operations of the Company. “We
are energized about the partnership between Keystone and MorrisSwitzer,”
commented Dan Morris. “With Keystone’s experience in our industry and the
greater access to resources we’ll have as a result of this investment, we plan
to accelerate our strategic growth plan for the business.”
MorrisSwitzer represents Keystone’s fourth investment in the
architecture/engineering industry. “The opportunity with MorrisSwitzer was a
natural fit for Keystone given our experience in the architecture and
engineering industry, as well as management’s desire for a partner with a
long-term mentality,” noted Jason Van Zant, Principal of Keystone Capital. “The
foundation that Dan, Jill Boardman and the team have built is powerful and we
are confident that together we can continue its impressive track record.”
MorrisSwitzer will be pursuing further partnerships with and acquisitions of
complementary firms with the completion of this investment. Areas of interest
for further investment post-closing will include other regional market leaders
in healthcare architecture, as well as firms specializing in the laboratory and
life sciences markets.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The Private Bank, and legal counsel was provided to Keystone by
Kirkland & Ellis LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-morris-switzer/
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Rocore Announces Acquisition of CTI Industries
June 2015
Rocore Holdings (“Rocore”), a portfolio company of Keystone Capital, is pleased
to announce the completion of its acquisition of CTI Industries, Inc. (“CTI” or
“the Company”).
Headquartered in Orange, CT, CTI is a service provider focused on the highly
specialized repair and refurbishment of heat exchangers and steam condensers.
CTI’s proprietary repair methodologies are used in the refinery, marine, power
generation, and utility industries. The Company counts blue-chip customers in
all of these industries as its customer base, and has installations in over 20
countries in the past five years alone. In addition to its North American
operations, CTI operates a division in Dubai, United Arab Emirates. Please visit
www.cti-ind.com for more information on CTI.
Rocore is a leading designer and manufacturer of heat exchangers and related
equipment used to cool air, water, or oil for a variety of applications.
Rocore’s products are manufactured out of five North American facilities and are
sold to original equipment manufacturers and aftermarket users across a diverse
range of industries, including heavy duty truck, power generation, industrial,
rail, military, bus and construction equipment. Please visit www.rocore.com for
more information on Rocore.
“For Rocore, CTI represents a compelling opportunity for many reasons,”
commented Stuart Eden, CEO of Rocore. “We are excited to have the CTI team
joining us, and will preserve what has made CTI successful while executing on
exciting growth opportunities in front of the company.”
CTI will operate as an independent division of Rocore, and will continue with
its operations uninterrupted. All key managers and employees of CTI will remain
with the CTI division and join Rocore. Perry Tallman, co-owner of CTI alongside
his brother Peter prior to the acquisition, will join Rocore as President of the
CTI division. “Our father was a co-founder of CTI in 1976, and CTI is a special
part of our family,” stated Tallman. “We are confident that we’ve found a great
partner in Rocore and Keystone, and we look forward to continuing CTI’s market
leading position well into the future.”
Senior debt financing was provided by The Private Bank, and legal counsel was
provided by Kirkland & Ellis LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Dennis Howe
(312) 219-7979
dhowe@keystonecapital.com
http://keystonecapital.com/rocore-announces-acquisition-of-cti-industries/
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Keystone Capital Announces Sale of Vidaris
May 2015
Keystone Capital, Inc. ("Keystone") is pleased to announce that its portfolio
company IBA Holdings, LLC, d/b/a Vidaris and LPI (“Vidaris”, “LPI” or the
“Company”) has been acquired by Cortec Group Fund V, L.P. (“Cortec”). Terms of
the transaction have not been disclosed.
Founded nearly 90 years ago and headquartered in New York, New York, Vidaris and
LPI are leading specialty architectural and engineering consulting firms,
respectively, providing highly technical, value-added advisory, inspection and
testing services. The Company employs over 200 professionals in eight offices
worldwide and serves as an independent third-party advisor for leading
developers, property owners, industrial operators, utilities, architects and
engineers. The Company's multidisciplinary, integrated service offering includes
three major segments: (i) Building Envelope: wall, window, roof and restoration
consulting; (ii) Engineering: fitness-for-service and failure analysis; and
(iii) Energy: building sustainability and energy efficiency consulting.
Vidaris was the result of a successful partnership originally formed in 2006
between Keystone and original founding partners Israel Berger and Marc
Weissbach. During the course of the almost nine year investment horizon,
Keystone and management successfully professionalized the operations of the firm
allowing for further growth, executed four strategic add-on acquisitions, and
grew the business almost four-fold. "Our successful partnership with Israel,
Marc and the entire Vidaris organization is a testament to the power of the
Keystone model – patience, long-term vision, and a belief in investing in
fundamentally sound businesses," commented Scott Gwilliam, Managing Director,
Keystone Capital. "We will sorely miss our years with the Vidaris team, but we
know that Vidaris is well-positioned for the next chapter of its evolution.”
“Over nearly ten years, Vidaris has grown and changed dramatically,” noted
Weissbach. “Keystone’s patient approach, knowledge of the professional services
industry, and dedication to management’s vision were invaluable to Vidaris. But
as importantly, the alignment of interests Keystone created with management
shareholders, given they invest their own personal capital, made Keystone an
ideal partner for us during this phase of our growth.”
Keystone Capital has a high level of domain expertise in the architecture,
engineering and technical consulting industries and continues to pursue
investments in these fields. In addition to Vidaris, past and present
investments in the industry include Eagleton Engineering and Kidde Fire
Trainers.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Bill Sommerschield
(312) 219-7973
bsommerschield@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-sale-of-vidaris/
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Keystone Capital Welcomes Two New Hires
October 2014
Keystone Capital is pleased to announce the addition of Bill Sommerschield and
Andrew Wehr to the team.
Bill Sommerschield
Bill Sommerschield joins the firm as a Vice President, and will be a member of
Keystone’s investment team. His primary responsibility will be the
identification, sourcing, and execution of new acquisition and investment
opportunities for Keystone and its partner companies.
Prior to joining Keystone, Bill was a Vice President at Lake Capital, a
Chicago-based private equity firm, where he focused on the firm’s investment
activities and served on the Board of Directors of Engine Group, ORC
International, HMI, Addison Group, and Soil Safe. Bill also worked in the
investment banking divisions of Morgan Stanley and Credit Suisse where he was
actively involved in mergers and acquisitions as well as debt and equity
offerings in the industrial, business services, and education industries. Prior
to Morgan Stanley, Bill was a Co-Founder of Wonder LLC, an experiential
children’s retail company, where he led concept development, strategic and
financial planning, and capital raising activities.
Bill can be reached at bsommerschield@keystonecapital.com or (312) 219-7973.
Andrew Wehr
Andrew Wehr joins the firm as a Vice President of Finance. Andrew’s focus will
be working with Keystone’s operations and finance team, with a specific
responsibility for Keystone’s portfolio company finance and accounting support.
In this role, Andrew will work directly with the finance and accounting leaders
of Keystone’s portfolio companies.
Prior to joining Keystone, Andrew served as International Accounting Manager of
Groupon, Inc. His previous experience also includes serving as Chief Financial
Officer for Midwest Mechanical Group Inc., as well as over 5 years in Ernst &
Young’s advisory and assurance practice.
Andrew can be reached at awehr@keystonecapital.com or (312) 219-7980.
“The hiring of both Bill and Andrew is indicative of Keystone’s desire to
significantly grow our middle market transaction activity, as well to provide
more support to our partner companies,” commented Kent Dauten, Managing Director
of Keystone. “These hires bring Keystone’s total staff to thirteen, including
eleven professionals, which is indicative of our belief in the future of our
business.”
http://keystonecapital.com/keystone-capital-welcomes-two-new-hires-2/
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Scott Group Completes Acquisition of Hokanson Carpets
September 2014
Scott Group Custom Carpets, a portfolio company of Keystone Capital, is pleased
to announce the acquisition of Hokanson Carpets. Terms of the transaction were
not disclosed.
Founded in Houston in 1987 by Larry Hokanson, Hokanson Carpets is a leader in
the high end residential carpeting market. Hokanson operates six showrooms in
major cities across the United States. Some of the most important rug and carpet
projects in North America, Europe, the Middle East, Australia and Asia have
Hokanson rugs complementing the décor. Leading projects include the restoration
of the Russian Royal Palaces in St. Petersburg, the office of Canada’s Speaker
of the House and the Burj Khalifa – the world’s tallest building – in Dubai.
The combination of Scott Group and Hokanson will not only strengthen the U.S.
showroom presence of both companies in Los Angeles, New York, Chicago and
Dallas, but expand it by establishing a presence in Houston and Boston. In
addition, the combined company will be able to leverage a broader array of
products through its network of showrooms and interior designer relationships
throughout the world.
“Together, Scott Group and Hokanson comprise the largest U.S. provider of luxury
handmade rugs and carpets,” said Michael Ruggeri, president and CEO of Scott
Group. “We have long been admirers of Larry Hokanson and his company and believe
that by coming together, we can lead the industry by providing an incredibly
broad array of products for the interior design and architectural community,”
added Ruggeri.
The acquisition of Hokanson is consistent with Scott Group’s mission to deliver
a broader set of products to its current customer base and to expand its markets
of focus. Keystone, Ruggeri and the Scott Group leadership team will continue to
evaluate opportunities to add to Scott Group’s portfolio of brands through
acquisitions or joint ventures. “Scott Group is poised to continue expanding and
will aggressively pursue other future opportunities that enhance value for our
world-class client base,” noted Ruggeri.
About Scott Group
Founded in 1969, Scott Group Custom Carpets is an industry leader in the design
and production of custom carpets and rugs to the architectural design trade.
Using the world's finest natural fibers, Scott Group combines creativity and
meticulous craftsmanship in the design and production of luxury carpets and
rugs. Scott Group owns and operates a fully integrated manufacturing facility in
Grand Rapids, Michigan with 14 artists and a total staff of 200 employees. Scott
Group carpets can be found in the finest aircraft, luxury retail stores,
corporate offices, yachts and residences in the world, including the State
Dining Room and Oval Office in the White House. For more information, visit
www.scottgroup.com.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
http://keystonecapital.com/scott-group-completes-acquisition-of-hokanson-carpets/
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Keystone Portfolio Company Capsa Solutions Announces Acquisition of Kirby Lester
July 2014
Capsa Solutions, LLC, a leading provider of medication management systems,
mobile computing carts and medical cart platforms for healthcare facilities,
today announced the acquisition of Kirby Lester, based in Lake Forest, Illinois.
Kirby Lester is a leading provider of automated medication dispensing solutions
in retail, institutional, hospital, and ambulatory pharmacy settings. Capsa
Solutions is a portfolio company of Keystone Capital, Inc.
Capsa Solutions has grown by expanding its product offering and reach into an
array of healthcare markets both domestically and internationally. The addition
of Kirby Lester products to Capsa Solutions further expands this offering in the
medication dispensing category and provides a wider product portfolio to both
Capsa and Kirby Lester customers.
“Adding Kirby Lester to our portfolio of products is another example of how
Capsa is uniquely positioned to be an invaluable partner to healthcare
pharmacies in all market sectors, stated Andrew Sherrill, CEO of Capsa
Solutions. “Now, we can provide our customers, and the market overall, an
expanded range of medication management and dispensing solutions to ensure
greater value from a single-source supplier.” Sherrill added, “Kirby Lester has
exhibited great leadership in product development and exceeding the expectations
of their customers, and we’re very excited and proud to add them to the Capsa
team.”
The combined product portfolios of Capsa Solutions and Kirby Lester will
uniquely position the company to address the varied requirements of medication
management in modern healthcare. Additionally, the new organization will provide
customers and business partners a strong sales and service organization that
works as a cohesive team, with broader development capabilities to deliver a
wider array of product options to improve medication management and control.
Kirby Lester will continue to operate under the same brand name as a division of
Capsa Solutions.
“The acquisition of Kirby Lester by Capsa Solutions creates a significantly
stronger organization for our customers and core markets,” said Kirby Lester
CEO, Garry Zage. “The combination of products and professionals with extensive
healthcare experience will drive new innovation that advances medication
dispensing automation and accuracy, ultimately improving the safety and delivery
of patient care.”
Senior debt financing was provided by The Private Bank, and legal counsel was
provided by Kirkland & Ellis LLP.
About Capsa Solutions
Capsa Solutions is a worldwide leader in developing and delivering innovative
products to mobilize the healthcare clinical and medication control processes.
With combined product lines that include medication carts, medical carts,
computer carts, and processing solutions, Capsa Solutions offers its markets
decades of experience and a unique ability to meet the demands of diverse
healthcare environments. Headquartered in Portland, Oregon, Capsa Solutions has
an additional management, manufacturing, and distribution facility in Columbus,
Ohio. To learn more, visit www.capsasolutions.com.
About Kirby Lester
Founded in 1971, Kirby Lester is a leading developer and provider of medication
tablet/pill counters and medication dispensing technology. Kirby Lester products
significantly improve medication counting accuracy and reduce labor time
associated with medication dispensing and prescription fulfillment. Kirby Lester
products can be found in more than 40,000 retail, hospital, specialty, and mail
order pharmacies in nearly 40 countries. To learn more, visit
www.kirbylester.com.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Dennis Howe
(312) 219-7979
dhowe@keystonecapital.com
http://keystonecapital.com/keystone-portfolio-company-capsa-solutions-announces-acquisition-of-kirby-lester/
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Avalon Precision Casting Completes Acquisition of Precision Metalsmiths
April 2014
Avalon Precision Casting (“Avalon”), a portfolio company of Keystone Capital, is
pleased to announce the completion of its acquisition of Precision Metalsmiths,
Inc. (“PMI”)
PMI is a leading manufacturer of high-precision, small, thin-walled investment
castings, ranging from fractions of an ounce to over 20 lbs. The company’s
proprietary casting technologies and almost 70 years of specialized engineering
expertise have made PMI a preferred provider to the aerospace industry as well
as for general industrial applications requiring complex small parts with thin
walls and tight tolerances. PMI is also renowned for its long history of
innovation in both process and materials associated with the investment casting
industry.
“The partnership between Avalon and PMI demonstrates our commitment to building
an industry-leading investment casting company capable of servicing a broad
array of markets and adding increased value to our current and future customers
from multiple facilities around the country,” said Doug Ciabotti, CEO of Avalon
and leader of the newly combined business.
Avalon Precision Castings grew out of the merger of Avalon Castings of
Cleveland, Ohio and Craft Cast Company of Jackson, Wisconsin to become one of
the investment casting industry’s leading providers of precision-cast parts up
to 100 lbs. Avalon services blue-chip OEM customers in the general industrial,
pump and valve, oil & gas, food and dairy, military and capital equipment
industries with industry-leading turnaround times and cost-effective,
value-added services including a dedicated in-house machine shop and tooling
operation.
"Together, Avalon and PMI represent a new era for investment casting companies
greater than the sum of their parts," added David Dolata, owner of PMI.
"Creating more opportunities and expanding capabilities are key to delivering
what current and prospective customers have been asking for: new ways for the
investment casting process to solve their ever-more-demanding metal parts
challenges. Avalon's acquisition of PMI puts the combined company in a unique
position to service customers needing metal shapes with value, quality, a wider
size envelope and capabilities to offer parts complete to print within one
company."
The combined company will operate four advanced manufacturing facilities in Ohio
and Wisconsin, all featuring state-of-the-art automation and robotics to produce
precision castings from over 200 different ferrous and non-ferrous alloys.
Combined company certifications include ISO 9001:2008, PED, NADCAP, and ITAR.
Together, the combined company will represent one of the largest enterprises in
the commercial/industrial/aerospace segment of the investment casting industry.
Senior debt financing was provided by The Private Bank, and legal counsel was
provided by Kirkland & Ellis LLP.
Contact Information
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Chaoran Jin
(312) 219-7976
cjin@keystonecapital.com
http://keystonecapital.com/avalon-precision-casting-completes-acquisition-of-precision-metalsmiths/
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Keystone Capital Announces Acquisition of Kidde Fire Trainers
March 2014
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
the acquisition of Kidde Fire Trainers (“KFT” or “the Company”), a business unit
of United Technologies Corporation’s Building & Industrial Systems Group. Terms
of the transaction are not being disclosed.
KFT is the world leader in the design, installation and service of live fire
training simulators and related technologies. The Company provides critical fire
training technologies to fire academies, municipalities, governments, and
industrial customers on a global basis. KFT’s industry leading products are
installed in locations throughout the world. KFT is headquartered in Montvale,
NJ with global offices located in Barlborough, United Kingdom and Aachen,
Germany. For more information on KFT, please visit the Company’s website at
www.kiddefiretrainers.com.
“The KFT transaction is a perfect fit with Keystone’s investment criteria – a
market leader with a great brand, a solid management team, and opportunities for
growth and value creation under our stewardship,” commented Scott Gwilliam,
Managing Director of Keystone Capital. “We were glad to have worked with United
Technologies on this important transaction, and look forward to working with the
KFT management team to build a strong standalone business.”
All management and employees of KFT will be retained in the transaction, and the
operations of the Company will be unchanged. “The most important benefit of this
transaction from our perspective is our new ability to operate as a standalone
business focused on nothing but fire training simulators,” commented Rob Lane,
the newly-appointed CEO of Kidde Fire Trainers. “We are energized and excited by
the idea of working with Keystone and leveraging their extensive experience with
corporate divestitures such as this.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The Private Bank, and legal counsel was provided to Keystone by
Kirkland & Ellis LLP.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Dennis Howe
(312) 219-7979
dhowe@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-acquisition-of-kidde-fire-trainers/
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Keystone Capital Announces Sale of Eagleton Engineering
February 2014
Keystone Capital, Inc. ("Keystone") is pleased to announce that its portfolio
company Eagleton Engineering, LLC ("Eagleton") has been acquired by Jacobs
Engineering Group Inc. ("Jacobs"). Terms of the transaction have not been
disclosed.
Eagleton is a full service engineering firm offering planning, design, and
construction services for transportation systems and facilities used in natural
gas and gas liquids, petrochemicals, carbon dioxide, other industrial gases and
crude oil. Over a history spanning nearly five decades, Eagleton has developed a
leading reputation for designing and managing the construction of pipelines,
terminals, compressor and pump stations, oil and gas production and processing
facilities, slug catchers and two-phase flow systems. Eagleton employs
approximately 130 employees, residing at its Houston, Texas headquarters and
Denver, Colorado offices, as well as in the field.
Eagleton was originally acquired by Keystone and Eagleton management in December
2011. During the course of the investment, Keystone and management successfully
recruited additional management, executed meaningful project activity, grew the
business by almost 100%, and opened an office in Denver, Colorado to service the
Rocky Mountain region.
"Although we predict continued upside for Eagleton due to strong end market
fundamentals in the oil and gas midstream infrastructure industry, Eagleton is
strategic to the Jacobs organization and is expected to effectively supplement
their aggressive growth plans," commented Scott Gwilliam, Managing Director,
Keystone Capital, Inc. "It was a pleasure to work with Jacobs in this
transaction, and we have no doubt that the company is in good hands. We wish our
management team, employees and the Jacobs organization continued success in the
future."
The existing management team of Eagleton, including CEO Duain Cagle, will join
Jacobs. “Our partnership with Keystone was extremely successful and allowed us
to grow the business significantly and operate with the entrepreneurial spirit,”
noted Cagle. “However, we are excited about the future with Jacobs and believe
that our business will continue to prosper under their ownership.”
Jacobs is one of the world's largest and most diverse providers of technical
professional and construction services.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-sale-of-eagleton-engineering/
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Keystone Capital Announces Partnership With Scott Group Custom Carpets
January 2014
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
a recapitalization and partnership with the shareholders of Scott Group Custom
Carpets, Inc. (“Scott Group” or “the Company”).
Scott Group is the U.S. market leader in the design and manufacture of hand-made
and machine-made custom wool (and silk and cashmere wool/silk blend) carpets and
rugs for a variety of luxury applications. The Company is a leading supplier to
the business aviation, yacht, and high-end residential and commercial markets
both in the U.S. and abroad. With a rich history dating back to 1969, Scott
Group produces 100% American made carpets at its headquarters in Grand Rapids,
Michigan and has a network of showrooms throughout the U.S. For more information
on Scott Group, please visit the Company’s website at www.scottgroup.com.
“We are extremely excited to be a part of the future of Scott Group and about
the partnership we have formed with the management team,” commented Scott
Gwilliam, Managing Director of Keystone Capital. “Scott Group’s niche market
position, impressive business model and strong management team, along with their
focus on bringing in a long-term, patient partner made this a perfect situation
for Keystone.”
The prior ownership team consisting of Michael Ruggeri (President), Richard
Ruggeri (Vice President) and Timothy Hill (Vice President, Operations and
Finance) will remain significant shareholders and will continue to lead the day
to day operations of the Company into the future.
“We are energized about the partnership between Keystone and Scott Group,”
commented Mike Ruggeri, CEO of Scott Group. “This partnership will allow our
team to continue running the business, provides access to greater resource
levels and will accelerate our strategic growth plan for Scott Group.”
Scott Group will be pursuing acquisitions of complementary businesses with the
completion of this recapitalization. Areas of interest for the Company include
suppliers of luxury fabrics and interior products serving similar end markets
(i.e. business jets and interior design).
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The Private Bank, and legal counsel was provided to Keystone by
Kirkland & Ellis LLP.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-partnership-with-scott-group-custom-carpets-2/
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Keystone Capital Welcomes Two New Hires
September 2013
Keystone Capital, Inc. (“Keystone”) is pleased to announce the addition of
Dennis Howe and Charles Shreve to the Keystone team.
Dennis Howe
Dennis Howe joins the firm as a Vice President, and will be a member of
Keystone’s operations group. In this role, Dennis will be an integral part of
supporting the management teams of Keystone’s family of companies with
operational, strategic, and other initiatives.
Prior to joining Keystone, Dennis was with Danaher Corporation as Vice President
of Business Management and Product Planning for Videojet and Vice President and
General Manager of Thomson Linear Components. His previous experience includes
working for The Boston Consulting Group on strategy assignments for industrial,
financial and consumer goods clients and at BASF Corporation working as an
Operations Manager and as a Product Development engineer.
Dennis can be reached at dhowe@keystonecapital.com or (312) 219-7979.
Charles Shreve
Charles Shreve joins the firm as an Associate. His primary focus will be in
Keystone’s acquisition and business development group, with responsibility for
identification, sourcing, and execution of new acquisition and investment
opportunities for Keystone and its partner companies.
Prior to joining Keystone, Charlie worked as an investment banking analyst in
the industrials group at Jefferies & Co. in New York. While with Jefferies,
Charlie focused on mergers and acquisitions, debt financings and equity raises
for public and private companies. Prior to Jefferies, Charlie worked as an
investment banking analyst at Cowen Group in New York.
Charlie can be reached at cshreve@keystonecapital.com or (312) 219-7978.
“The hiring of both Dennis and Charlie is indicative of Keystone’s desire to
significantly grow our middle market transaction activity, as well to provide
more support to our partner companies,” commented Kent Dauten, Managing Director
of Keystone. “These hires bring Keystone’s total staff to eleven, which is
indicative of our belief in the future of our business.”
http://keystonecapital.com/keystone-capital-welcomes-two-new-hires/
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Keystone Capital Announces Two Add-On Acquisitions
July 2013
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
two add-on acquisitions thus far in 2013.
Movilitas Consulting AG
Peak-Ryzex, a Keystone Capital holding since 2011, acquired Movilitas Consulting
AG in May 2013. Peak-Ryzex is a market-leading provider of end-to-end enterprise
mobility, managed services, printing and mobile data capture solutions for
organizations focused on optimization of supply chain and field-based business
processes. Based in Mannheim, Germany, Movilitas Consulting AG is widely
considered one of the early pioneers of successfully implementing global
templates for SAP Track & Trace projects. Movilitas Consulting's SAP Track &
Trace customers include many of the world's largest industry-leaders in the
areas of pharmaceuticals, tobacco and chemicals.
"In 2012 our acquisition of Catalyst strengthened our resources and focus on SAP
supply chain and logistics execution solutions in North America, this investment
in Movilitas Consulting expands our commitment to the SAP user community in the
areas of SAP Track & Trace and mobility solutions, ultimately expanding our
solutions and geographic footprint for our multi-national SAP customers," said
Ross Young, CEO of Peak-Ryzex. "The board and management team of Movilitas
Consulting AG as well as the division name and strategy will remain the same but
they will now be able to leverage the larger scale and coverage of the
Peak-Ryzex organization in North America and Europe," added Young.
For more information, see www.peak-ryzex.com and www.movilitas.com.
Bernal, Inc.
Atlas Die, a Keystone Capital holding since 2003, acquired Bernal, Inc. in July
2013. Headquartered in Elkhart, IN, Atlas Die is the largest North American
producer of steel rule, flexible and solid rotary tooling servicing all aspects
of the converting industry with six facilities located strategically across the
United States. Bernal, headquartered in Rochester Hills, MI, is the leading
North American manufacturer of solid and segmented rotary dies for the packaging
and specialty converting industries. This transaction will bring together two of
the most well-respected leaders in the packaging, consumer, and specialty
converting industries, and will give customers a complete tooling suite of steel
rule, flexible and solid rotary dies as well as system design and integration.
Bernal had previously operated as a division of North American Cerutti
Corporation, a wholly-owned subsidiary of the Cerutti Group (Officine Meccaniche
G. Cerutti S.p.A.), a world leader in the manufacturing of packaging and
printing machinery.
“The combination of Bernal and Atlas creates converting market opportunities for
our customers limited only by imagination. It marries two respected market
leaders with the greatest depth of converting knowledge and product breadth,”
remarked Kenneth J. Smott, President and CEO of Atlas. Marc Voorhees, Vice
President of Sales for Bernal added, “We look forward to working with the Atlas
team and combining our strengths in packaging while we jointly develop other
market opportunities.”
For more information, please see www.atlasdie.com and www.bernalrotarydies.com.
Terms of these transactions are not being disclosed. Senior debt financing for
each transaction was provided by The Private Bank, and legal counsel was
provided to Keystone by Kirkland & Ellis LLP.
Contact Information
Scott Gwilliam
(312) 219-7971
sgwilliam@keystonecapital.com
Jason Van Zant
(312) 219-7974
jvanzant@keystonecapital.com
Eric Holter
(312) 219-7973
eholter@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-two-add-on-acquisitions/
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Keystone Capital Announces New Office Location
April 2013
Keystone Capital is pleased to announce that after almost 20 years in the
northern Chicago suburbs, we are relocating our offices to downtown Chicago. Our
new office will be located within the city’s famous “Loop” area, and put our
firm closer to key relationships in the lending, service provider, and
deal-making communities in the Chicago area. The move is effective as of April
15th.
“In addition to providing more office space for our growing staff, this move is
a very important strategic decision for the future of our firm,” commented Kent
Dauten, Managing Director of Keystone Capital. “We view this change as a
critical step towards our goal of building an even larger, more diverse group of
exceptionally high quality, middle-market enterprises over the long term.”
Please update your records to reflect our new location, and please make sure to
stop by during your next trip to Chicago!
Keystone Capital, Inc.
155 North Wacker Dr.
Suite 4150
Chicago, Illinois 60606
Main Line: (312) 219-7900
Please also take note of Keystone team’s updated contact information below:
Megan Anderson
Office Manager
(312) 219-7977
manderson@keystonecapital.com
Brian Chung
Chief Financial Officer
(312) 219-7975
bchung@keystonecapital.com
Kent Dauten
Managing Director
(312) 219-7970
kdauten@keystonecapital.com
David Greer
Managing Director
(312) 219-7972
dgreer@keystonecapital.com
Scott Gwilliam
Managing Director
(312) 219-7971
sgwilliam@keystonecapital.com
Eric Holter
Associate
(312) 219-7973
eholter@keystonecapital.com
Chaoran Jin
Principal
(312) 219-7976
cjin@keystonecapital.com
Jason Van Zant
Vice President
(312) 219-7974
jvanzant@keystonecapital.com
Keystone Capital is aggressively pursuing add-on acquisitions for our existing
portfolio and investments in new platforms. With our unique structure of
investing personal as opposed to institutional capital, we are actively seeking
business owner/operators and management teams to enter into a true partnership
with.
http://keystonecapital.com/keystone-capital-announces-new-office-location/
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Vidaris Announces Acquisition Of Lucius Pitkin, Inc.
January 2013
Vidaris Holdings, LLC (“Vidaris”), a portfolio company of Keystone Capital, is
pleased to announce the acquisition of Lucius Pitkin, Inc. (“LPI”). Terms of the
transaction have not been disclosed. The transaction marks another significant
step in the evolution of Vidaris to becoming a leader in professional consulting
services to the architectural, engineering, and construction communities.
In addition, the transaction represents another expedited closing for Keystone,
having been completed in time for calendar year end and in less than 40 business
days from Letter of Intent to closing.
Founded in 1885, LPI is a leading consulting firm specializing in the areas of
fitness for service, failure analysis, non-destructive testing, and
metallurgical analysis. LPI’s mission critical services are utilized across a
variety of market segments, including infrastructure, transportation, nuclear
power, energy and utilities, general industrial, and litigation/insurance
support. LPI employs approximately 55 professionals and is headquartered in New
York, NY with additional offices in Amesbury, MA and Richland, WA. LPI is led by
principals Robert Vecchio, Joseph Crosson, Thomas Esselman, and Paul Bruck. “We
are quite excited about the opportunity for LPI’s principals and employees to
join the Vidaris family,” stated Robert Vecchio, Principal of LPI. “Lucius
Pitkin has a storied past and proud history, and with Vidaris, will continue to
have a bright future.” Please visit www.luciuspitkin.com to learn more about
LPI.
LPI will form a new, distinct brand within the Vidaris platform, which consists
of IBA (exterior wall consultancy and inspection group specializing in building
facades, roofing, water-proofing, renewable energy and non-destructive testing
technologies), and Viridian (energy efficiency, sustainability, commissioning
and regulatory compliance services). “The addition of LPI to the Vidaris
platform of companies is yet another step towards the goal we identified when we
partnered with Keystone – to build a market leading consulting firm capable of
delivering multiple high value, niche services to demanding clients,” remarked
Israel Berger, CEO of Vidaris. Please visit www.vidaris.com to learn more about
the Vidaris platform.
Although LPI will become a division of Vidaris, very little will change as a
part of the transaction. The four principals of LPI will become principals of
Vidaris. Robert Vecchio will become CEO of Lucius Pitkin, Inc. and join the
board of Vidaris. All employees and offices of LPI will be retained, and
day-to-day operations will be unaffected. The combined firm (IBA, Viridian and
LPI) will employ approximately 175 professionals with headquarters in New York
City and four locations throughout the country.
Vidaris’s vision is to acquire highly specialized, niche architectural and
engineering firms in order to leverage their expertise to provide a more
holistic service across specialties and industries. “Long term, our goal is to
utilize the Vidaris platform to provide a superior service level to the clients
of IBA, Viridian and LPI than we do today,” commented Marc Weissbach, President
of Vidaris. “We believe that by maintaining what has made each of us successful
and then building a powerful organization to support the service delivery, we
can be even more successful in the future.”
Keystone Capital continues to seek independent, third party providers of niche,
highly specialized engineering consulting services with greater than $5 million
of revenue as add-on acquisition/growth strategy targets for Vidaris. Please
contact one of the Keystone team members below with any opportunities that might
be a fit as a part of this strategy.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
Eric Holter
(847) 236-5353
eholter@keystonecapital.com
http://keystonecapital.com/vidaris-announces-acquisition-of-lucius-pitkin-inc/
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Craft Cast Completes Merger With Avalon Precision Casting Company
September 2012
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its affiliate,
Craft Cast Holdings, LLC (“Craft Cast”), has completed a merger with Avalon
Precision Casting Company (“Avalon”). Terms of the transaction are not being
disclosed.
Avalon is a leading manufacturer of precision investment castings based in
Cleveland, Ohio. Founded in 1986 by John Kemper, Sr. and Mel Kman, Avalon is one
of the leading niche, independent investment casting foundries in its region.
Avalon services blue-chip customers in the general industrial, pump and valve,
oil & gas and capital equipment industries. All employees, management, and
operations of Avalon will remain unchanged in the partnership with Craft Cast.
“The partnership between Craft Cast and Avalon demonstrates our commitment to
building a leading investment casting platform capable of servicing a broad
array of end markets and customers from multiple facilities across the country,”
remarked Al Scargall, CEO of Craft Cast.
“We are extremely pleased with what this partnership will mean for both Avalon
and Craft Cast,” said Mel Kman, President of Avalon. “Although our business will
remain the same with no noticeable impact to our key stakeholders, we are very
excited to continue servicing our customers as a part of a larger, very capable
platform,” added Kman.
About Craft Cast
Craft Cast is a manufacturer of investment castings in a variety of alloys
(including stainless steel, aluminum, and others), as well as a provider of
value-added machining and finishing services. Craft Cast’s customer base
includes original equipment manufacturers (OEMs) in the consumer products,
mining, and general industrial product industries. Craft Cast is headquartered
in Jackson, Wisconsin and has been a partner company of Keystone Capital since
2008. For more information, visit www.craftcastco.com.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
Eric Holter
(847) 236-5353
eholter@keystonecapital.com
http://keystonecapital.com/craft-cast-completes-merger-with-avalon-precision-casting-company/
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PEAK Technologies Completes Acquisition of Catalyst
August 2012
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its affiliate,
PEAK Technologies, Inc. (“PEAK”), has completed the acquisition of Catalyst from
CDC Global Services. Catalyst is a highly specialized SAP services partner and
a leader in the design and implementation of SAP supply chain management
solutions. Catalyst is a specialist in various SAP services and applications,
including warehouse management, extended warehouse management, task and resource
management, and transportation management.
“The PEAK acquisition of Catalyst further demonstrates our commitment to the SAP
supply chain management market and greatly strengthens the depth and breadth of
resources we can deploy to help our customers enhance the usability and
functionality of their SAP supply chain components,” said Ross Young, CEO of
PEAK Technologies.
By acquiring Catalyst, PEAK greatly expands its SAP supply chain management
services practice by adding some of the most skilled SAP technical and
functional consultants in the SAP logistics execution systems market. Catalyst
has developed several applications, such as Yard Management Drag and Drop and
Cross Carrier Parcel Integration (Catalyst XPS), which expands PEAK’s portfolio
of SAP supply chain management offerings.
“We are extremely excited to join forces with an industry leader in PEAK that is
committed to building on its SAP supply chain management practice,” said Jim
Ferencik, Vice President of Global Services with Catalyst. “Catalyst can now
leverage PEAK’s coverage footprint throughout North America and Europe while
gaining access to additional capabilities such as the PEAK Automation Controller
(PAC) software solution and the host of additional products and services PEAK
now brings into the Catalyst portfolio of offerings,” added Ferencik.
Terms of the transaction are not being disclosed.
About PEAK Technologies
PEAK Technologies is a systems integrator of supply chain automation, inventory
management and mobility solutions delivering tangible return on investment to
some of the world’s largest corporations. PEAK’s primary applications include
solutions for warehousing, manufacturing, distribution, and field-based
operations. PEAK’s portfolio of solutions and services include business process
consulting, SAP supply chain and mobility systems integration, mobile technology
professional services, printing/media solutions, and life-cycle support
services. PEAK Technologies has locations throughout North America providing a
comprehensive “foot print” for national, multi-site life cycle service and
support. For more information, visit www.peaktech.com.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
Eric Holter
(847) 236-5353
eholter@keystonecapital.com
http://keystonecapital.com/peak-technologies-completes-acquisition-of-catalyst-2/
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PEAK Technologies Completes Acquisition of Ryzex
December 2011
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its affiliate,
PEAK Technologies, Inc. (“PEAK”), has completed the acquisition of Ryzex, a
leading mobile technology solutions company providing advice, uptime, and
insight on improving productivity to thousands of enterprise customers. Ryzex,
based in Bellingham, WA, has been in business for over 20 years and is one of
the largest integrators in the Auto ID industry with over 200 employees, more
than 2,000 customers, and a geographic footprint that spans the United States,
Canada, and Europe.
“The union of PEAK and Ryzex will combine the scope, scale, and capabilities of
two of the industry’s leading integrators into one platform that will provide
customers with an unparalleled level of geographic coverage, and an expanded
portfolio of solutions and services,” said Ross Young, CEO of PEAK Technologies.
By acquiring Ryzex, PEAK Technologies greatly expands its geographic reach and
gains additional capabilities in areas such as mobility managed services,
advanced mobile technology support services, and other innovative mobile device
offerings. For Ryzex, PEAK’s coverage footprint throughout North America also
greatly expands Ryzex’s geographic reach and provides additional capabilities
including SAP supply chain integration, onsite break/fix repair services,
advanced printer/media offerings, and additional resources focused on WLAN
security, management, and professional services.
“Adding Ryzex into the PEAK Technologies portfolio further strengthens our
commitment to our customers and business partners. Our combined platform will
provide an infrastructure of technical resources, project delivery capabilities,
and ongoing mobile/printer device life cycle support services that is unmatched
in this industry. Our new platform will help customer’s reduce the risk
associated with large-scale project deployments and provide the advice, insight,
and support to ensure our customers reach their desired business objectives,”
added Young.
Rud Browne, the Founder of Ryzex added, “The focus for Ryzex over the past
several years has been on providing leading edge mobile technology deployment
and support services for supply chain and field-based operations in North
America and Europe. During this period, we had been approached by several
prospective partners who wanted to help us build on the value Ryzex had been
bringing to the market. The opportunity to partner with PEAK proved to be the
most compelling. In addition to providing additional growth capital for the
business, PEAK also brought an outstanding and highly complementary
infrastructure that had surprisingly little overlap to Ryzex’s already extensive
technical expertise and geographic coverage.”
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The Private Bank, and legal counsel was provided to Keystone by
Kirkland & Ellis LLP.
About PEAK Technologies
PEAK Technologies is a systems integrator of supply chain automation, inventory
management and mobility solutions delivering tangible return on investment to
some of the world’s largest corporations. PEAK’s primary applications include
solutions for warehousing, manufacturing, distribution, and field-based
operations. PEAK’s portfolio of solutions and services include business process
consulting, SAP supply chain and mobility systems integration, mobile technology
professional services, printing/media solutions, and life-cycle support
services. PEAK Technologies has locations throughout North America providing a
comprehensive “foot print” for national, multi-site life cycle service and
support. For more information, visit www.peaktech.com.
About Ryzex
Ryzex is the leading expert in deploying and managing enterprise wide mobility
solutions both locally and globally. Ryzex advises on and implements
world-class solutions utilizing over 20 years of proven best practices, ensures
the solution is always up and running for maximum operational uptime, and
provides insight so investments continue to perform better. Offerings include
mobile worker applications, rugged hardware, device communications, automated
data collection with barcode and RFID, networking support, and complete managed
services. Ryzex is headquartered in the United States and has offices across
Europe and Canada. To date, Ryzex has helped over one million users of mission
critical mobile technology across a broad set of markets to get the most from
their investment. For more information, visit www.ryzex.com.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
Eric Holter
(847) 236-5353
eholter@keystonecapital.com
http://keystonecapital.com/peak-technologies-completes-acquisition-of-ryzex/
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Keystone Capital, Inc. Announces Two Platform Acquisitions Completed
December 2011
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
two new platform acquisitions during the fourth quarter of 2011. PEAK
Technologies, Inc. (“PEAK”), an integrator of automated identification/data
capture (“AIDC”) technologies into supply chain environments, was acquired on
October 31, 2011 from an affiliate of Platinum Equity. Less than two months
later, Keystone partnered with management to acquire Babcock Eagleton, a
pipeline and transmission facilities engineering firm serving the energy
industry, from Babcock International Group PLC and renamed the firm Eagleton
Engineering, LLC (“Eagleton”).
“A common element in both transactions was the requirement for speed and
certainty to closing,” noted Scott Gwilliam, Managing Director of Keystone
Capital. “Keystone differentiated itself in both situations with a willingness
to close in less than 45 days. We have a longstanding reputation of meeting such
tight timelines, and the Eagleton and PEAK transactions only serve to reinforce
that reputation.”
Terms of these transactions are not being disclosed. Senior debt financing for
each transaction was provided by The Private Bank, and legal counsel was
provided to Keystone by Kirkland & Ellis LLP.
Overview: Peak Technologies, Inc.
PEAK is a leading systems integrator of supply chain automation, inventory
management, and mobility solutions. PEAK improves the flow of business for
enterprises through delivery of innovative supply chain and mobility solutions
by helping enterprises plan, design, implement, and maintain systems that ensure
customers meet their desired business objectives. PEAK’s portfolio of solutions
and services include business process consulting, SAP supply chain and mobility
systems integration, mobile technology professional services, printing/media
solutions, and life-cycle support services. PEAK offers both on-site and depot
repair services to support AIDC technologies and forms handling equipment. The
company’s customer base includes Fortune 500 multi-national organizations and
mid-market companies across a diverse array of industries. PEAK is based in
Columbia, Maryland and employs over 300 employees across North America. More
information on PEAK can be found at www.peaktechnologies.com.
“We are thrilled to be a part of the Keystone family of companies,” remarked
Ross Young, President & CEO of PEAK. “Keystone’s unique strategy will be well
received by all of our business partners at PEAK, and we are looking forward to
our continued growth.”
Overview: Eagleton Engineering, LLC
Eagleton is a full service engineering firm offering planning, design, and
construction services for transportation systems and facilities used in natural
gas and gas liquids, petrochemicals, carbon dioxide, other industrial gases and
crude oil. Over the past 45 years, Eagleton has developed a leading reputation
for designing and managing the construction of pipelines, terminals, compressor
and pump stations, oil and gas production and processing facilities, slug
catchers and two-phase flow systems. Eagleton employs approximately 115
employees, residing both at its Houston, Texas headquarters and in the field.
More information on Eagleton can be found at www.eagletoninc.com.
“I speak for the entire Eagleton organization when I say that we are truly
excited to become an independent firm again, and are looking forward to our
renewed focus on growth in our core pipeline engineering business,” commented
Duain Cagle, President of Eagleton. “We are confident Keystone is going to be a
terrific partner for Eagleton.”
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
Eric Holter
(847) 236-5353
eholter@keystonecapital.com
http://keystonecapital.com/keystone-capital-inc-announces-two-platform-acquisitions-completed/
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Keystone Capital Update: Capsa Solutions, LLC Announcement
September 2011
Capsa Solutions, LLC (“Capsa”), a portfolio company of Keystone Capital, Inc.
(“Keystone”), recently completed the sale of its Retail Division to Pipp Mobile
Storage Systems, a portfolio company of Prospect Partners. The Retail Division
of Capsa, which operates as International Retail Services Group (“IRSG”), is the
industry leader in hanger-management systems, inventory transfer racks, tables,
and carts provided to leading national apparel retailers.
Keystone Capital originally partnered with the management team of IRSG to
purchase the Company from Avista Corporation in December 2000. For the first
seven years of Keystone’s ownership, IRSG operated as a standalone investment
supplying the apparel retail and healthcare markets with its innovative
inventory management and transportation products. In April 2008, IRSG merged
with MMI Med Carts, a family-owned leader in the long-term care medication
storage cart industry, giving IRSG a significant entry into the healthcare
industry. Subsequent to the MMI merger, the combined business was renamed Capsa
Solutions and operated as the Retail Division (IRSG) and the Healthcare Division
(MMI). In November 2009, Capsa acquired Artromick International, the market
leader in medication carts and an emerging leader in acute care technology
carts, an acquisition which added an Acute Care and International division to
Capsa and culminated in an enterprise which was predominantly healthcare
oriented.
“The IRSG and Capsa story is a terrific example of the long-term investment
strategy Keystone pursues,” remarked Scott Gwilliam, Managing Director of
Keystone Capital. “We valued our ten year relationship with IRSG and its great
people, and both will be missed. However, we believe IRSG has found a strategic
new retail-focused partner in Pipp, and we are looking forward to continue
building the new healthcare-focused Capsa. We are in a strong position to
execute Capsa’s growth plan both organically as well as through selected add-on
acquisitions.”
Keystone Capital and Capsa Solutions are actively seeking acquisitions of
businesses supplying products and technologies to the healthcare industry.
Capsa’s strategy is to be a market leader within multiple durable healthcare
product segments, including (but not limited to) storage, transport, and
technology/information management products used “in and around the patient
room.” Please contact one of the Keystone team members below with any
acquisition or partnership opportunities that might be a fit with this strategy.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
Eric Holter
(847) 236-5353
eholter@keystonecapital.com
http://keystonecapital.com/keystone-capital-update-capsa-solutions-llc-announcement/
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Keystone Capital Announces Israel Berger & Associates Transaction
April 2011
NEW YORK, April 18, 2011 – Israel Berger & Associates LLC (IBA), a leading
consulting and inspection group specializing in building envelope technologies,
announced a merger with Viridian Energy & Environmental LLC (Viridian), a
leading consulting group specializing in energy efficiency and environmentally
responsible design/construction. “We are very excited about this merger with
Viridian. This is the first step in our strategy to build the leading building
services consulting firm. The combination of IBA and Viridian allows us to
integrate our shared expertise in building envelope, energy efficiency, and
building commissioning to offer a holistic approach to our customers in these
building sciences," says Israel Berger, President of IBA. IBA has been a partner
company of Keystone Capital, Inc. since a 2006 recapitalization.
Building designers, developers, owners, and managers will benefit from the
combined firm’s technical proficiency in primary building systems that impact
energy usage and building operations. Adrian Tuluca, Principal of Viridian
Energy & Environmental, offered the following statement: “There is tremendous
synergy between energy, green and commissioning; traditionally Viridian’s
services, and envelope consulting; traditionally IBA’s services. Both firms have
long recognized that fragmentation of these services creates difficulties in
achieving optimum results during design, construction and post-occupancy. We are
happy to be now part of a larger, integrated group and look forward to
delivering to our clients a higher level of integration and quality.”
Israel Berger and Marc Weissbach will continue in their positions of President
and COO, respectively, of IBA. Adrian Tuluca will remain the Managing Principal
of the combined energy consulting and commissioning practice and will join the
Board of IBA. Viridian’s Associate Principals will join IBA’s senior management
team and all Viridian employees will remain with the company as part of the
transaction. The combined company will employ approximately 120 employees and be
headquartered in New York City with offices in Connecticut, Massachusetts,
Florida, Nevada, Missouri, and California. For more information, visit IBA's
website at www.ibany.com and Viridian’s website at www.viridianee.com.
IBA’s vision is to execute a “roll up” strategy within the building sciences
industry that will ultimately reduce gaps within the complex, fragmented
specialty consulting industry and offer clients the ability to have a single
leader manage related services, thereby ensuring technical excellence,
integration, and consistency of delivery. Keystone Capital continues to seek
independent, third party providers of architectural or building engineering
consulting services with greater than $5 million of revenue as add-on
acquisition/growth strategy targets for IBA. Please contact one of the Keystone
team members below with any opportunities that might be a fit as a part of this
strategy.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
http://keystonecapital.com/keystone-capital-announces-israel-berger-associates-transaction-2/
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Eric Holter Joins Keystone Capital
April 2011
Keystone Capital, Inc. (“Keystone”) is pleased to welcome Eric Holter to the
firm as an Associate. Eric’s primary focus will be in Keystone’s acquisition and
business development group, with responsibility for identification, sourcing,
and execution of new acquisition and investment opportunities for Keystone and
its partner companies.
Prior to joining Keystone, Eric was an investment banker with Duff & Phelps in
Chicago where his primary areas of focus were in executing sell-side and
buy-side M&A transactions in the consumer product, food, and manufacturing
industries. He holds a bachelors degree from Indiana University.
http://keystonecapital.com/eric-holter-joins-keystone-capital/
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Keystone Capital, Inc. Announces Recapitalization of Costume Gallery
December 2010
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has completed
a recapitalization of Costume Gallery, Inc. in partnership with owners Ellen and
Richard Ferreira. Costume Gallery is a leading designer, manufacturer and
marketer of costumes and related accessories, specifically focused on the global
dance recital industry. Costume Gallery’s customer base includes thousands of
independent dance studios in both the U.S., as well as over 15 countries
worldwide. More information on Costume Gallery can be found at
www.costumegallery.net.
Headquartered in Burlington, New Jersey, Costume Gallery has been a leader in
the recital costume industry for over 35 years and has been a family owned and
operated business for over 60 years. Since joining the company in 1998, the
Ferreiras have grown Costume Gallery at an above average growth rate, and have
implemented numerous long-term strategic initiatives. “We are extremely excited
to be a part of the future of Costume Gallery and are thankful for the unique
partnership we have formed with Ellen and Rick Ferreira,” commented Scott
Gwilliam, Managing Director of Keystone Capital. “Costume Gallery’s niche market
position, impressive management team, and focus on bringing in a long-term,
patient capital partner made this a perfect situation for Keystone.”
The transaction represented another Keystone Capital closing in under 45 days
from Letter of Intent. Additionally, Costume Gallery is the most recent example
within a long history of Keystone’s recapitalizations with skilled
owner-operators and talented entrepreneurs. “In Keystone we’ve found the perfect
partner to continue Costume Gallery’s long term growth initiatives. We look
forward to building the brand together,” remarked Ellen Ferreira, President of
Costume Gallery.
Terms of the transaction are not being disclosed. Senior debt financing was
provided by The Private Bank, and legal counsel was provided to Keystone by
Kirkland & Ellis LLP.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
http://keystonecapital.com/keystone-capital-inc-announces-recapitalization-of-costume-gallery/
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Keystone Capital, Inc. Realizes Its Ten Year Investment in Keystone Bakery
Holdings, LLC
September 2010
Keystone Capital, Inc. (“Keystone”) is pleased to announce that Keystone Bakery
Holdings, LLC (“KBH”), has been acquired by Maplehurst Bakeries, LLC
(“Maplehurst”), a subsidiary of George Weston Limited (“Weston”) (TSX: WN), for
a total consideration of approximately $185 million. KBH is a leading national
supplier of frozen baked goods to the in-store bakery and foodservice industries
and was originally purchased by Keystone and KBH management in early 2001.
Keystone initially acquired Freed’s Bakery, Inc. (“Freed’s”), a leading supplier
of frozen, thaw and sell cupcakes to the in-store bakery channel, in 2001 in
partnership with the management team and the Streeter family of Manchester, NH.
In 2006, the KBH bakery platform expanded with the acquisition of Granny’s
Kitchens, Ltd. (“Granny’s”), a leading supplier of both frozen pre-fried and
frozen, thaw and sell donuts to the in-store bakery and foodservice channels
based in Frankfort, NY. KBH then acquired Heartland Baking (“Heartland”), a
manufacturer of frozen, thaw and sell cookies based in Du Quoin, IL, to round
out the KBH platform in 2009.
“The Keystone Bakeries exit is a real testament to the long-term, patient
capital strategy of Keystone Capital. We partnered with exceptional managers and
together executed on a highly focused, disciplined acquisition and organic
growth strategy,” said Scott Gwilliam, Managing Director, Keystone Capital, Inc.
“We are particularly pleased to be transitioning the Keystone Bakeries business
to Maplehurst. We wish our managers, employees and the George Weston
organization continued success in the future.”
W. Galen Weston, the Chairman and President of Weston, in announcing the
transaction stated that “I am very pleased to welcome Keystone Bakeries and the
employees of Freed’s, Granny’s and Heartland to the Weston Group. The
combination of Keystone Bakery and Weston’s baking operations in the United
States and Canada will allow us to better serve our customers in the North
American sweet baked goods sector.”
Keystone Bakeries was advised by investment banking firm William Blair & Company
and law firm Kirkland & Ellis LLP.
About George Weston Limited
George Weston Limited is a Canadian public company founded in 1882 and through
its operating subsidiaries constitutes one of North America’s largest food
processing and distribution groups. Weston has two reportable operating
segments: Weston Foods and Loblaw, which is operated by Loblaw Companies
Limited. The Weston Foods operating segment is primarily engaged in the baking
industry within North America. Loblaw is Canada’s largest food distributor and a
leading provider of general merchandise, drugstore and financial products and
services.
Contact Information
Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com
Alex Schneider
(847) 236-5353
aschneider@keystonecapital.com
Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com
http://keystonecapital.com/keystone-capital-inc-realizes-its-ten-year-investment-in-keystone-bakery-holdings-llc/
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Capsa Solutions, LLC Acquires Artromick International, Inc.
November 2009
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its affiliate,
Capsa Solutions, LLC (“Capsa”), has acquired the assets of the Mobile Solutions
Group of Artromick International, Inc. (“Artromick”) from private equity firm
Sterling Partners. Artromick is an industry-leading designer and manufacturer
of medication carts, medical carts, and technology carts for the long-term care
and acute care industries. Artromick represents the second add-on acquisition
Keystone has closed in the preceding two months and was completed in under 40
days from Letter of Intent to closing. The acquisition also represents the fifth
acquisition that Keystone has completed since October 2008.
Keystone initially acquired International Retail Services Group (“IRSG”), a
leading supplier of storage and material handling products to the retail
industry, in 2001. IRSG subsequently acquired MMI Med Carts (“MMI”), a growing
manufacturer of medication carts for the long-term care industry, in 2008 to
form Capsa. Thus, the acquisition of Artromick represents the second
acquisition by Capsa in the past 2 years. “The partnership with Artromick
demonstrates Keystone Capital’s long-term and patient investing philosophy as
evidenced by our continued investment in the Capsa platform,” said Scott
Gwilliam, Managing Director, Keystone Capital, Inc.
Located in Columbus, Ohio, Artromick has a long history of innovative product
development and market leadership since its founding in 1972 by J.M. Romick.
“Artromick has a history of integrating superior design with the latest
technology features to improve the efficiency of care givers at the point of
care,” noted Capsa Solutions CEO Dave Burns. “The addition of Artromick to the
Capsa family is an absolute win for our healthcare partners. Our spectrum of
cart, storage, and mobility solutions fill the needs of almost any healthcare
application. Artromick is a strong and healthy brand that will continue to grow
as part of Capsa Solutions.”
The combined product lines of Artromick, MMI and IRSG will cover virtually every
room of an acute or long-term healthcare facility. “The acquisition of
Artromick Mobile Solutions Group by Capsa Solutions creates a significantly
stronger healthcare firm for our domestic and international core markets,” said
Artromick CEO Paul Guth. “This alliance of products and professionals with
extensive healthcare experience will drive new innovation that facilitates
accuracy in the delivery of patient care.”
Terms of the transaction were not disclosed. Senior debt financing was provided
by The Private Bank and Fifth Third Bank. Mezzanine financing was provided by
Midwest Mezzanine Funds.
Capsa remains committed to future acquisitions in the durable healthcare
products and equipment industry. However, in order to diversify its end market
base, Capsa is also interested in other opportunities to acquire
industry-leading suppliers of mobility solutions, material handling solutions,
and storage solutions serving alternate end markets, including light
manufacturing and assembly.
About Capsa Solutions, LLC
Capsa Solutions, LLC is a leading supplier of carts, storage, shelving,
transport and processing solutions for the healthcare, retail, and light
manufacturing industries. Capsa Solutions will be comprised of three lines of
business, which include IRSG, MMI Med Carts, and Artromick. IRSG, with
operations in Itasca, IL, is the market leader in specialized storage and
handling solutions sold into the retail, healthcare and light industrial
markets. MMI Med Carts, with operations in Los Angeles, CA, is a leading
supplier of medication carts for the long-term care industry. Artromick
International, with operations in Columbus, OH, is a leading designer and
manufacturer of medication carts, medical carts, and technology carts for the
long-term care and acute care industries. For more information on Capsa
Solutions, please see www.capsasolutions.com.
About Sterling Partners
Sterling Partners is a leading private equity firm with over 25 years of
experience partnering with entrepreneurs to build market-leading businesses and
generate superior returns. With approximately $4 billion of assets under
management, Sterling invests growth capital in industries with positive,
long-term trends and provides ongoing support to management through a dedicated
team of industry veterans, operators, strategy experts and human capital
professionals. Sterling Partners is a leader in education, healthcare and
business services and is co-headquartered in Chicago and Baltimore, with
additional offices in Mexico City and Delhi. For more information, please visit
www.sterlingpartners.com.
http://keystonecapital.com/capsa-solutions-llc-acquires-artromick-international-inc/
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Keystone Bakery Holdings, LLC Acquires Heartland Baking, LLC
September 2009
Keystone Capital, Inc. (“Keystone”) is pleased to announce that its affiliate,
Keystone Bakery Holdings, LLC (“KBH”), has acquired the assets of Heartland
Bakery, LLC (“Heartland”). Heartland is a manufacturer of thaw and serve
cookies for the in-store bakery, foodservice, and convenience store markets.
Heartland joins Freed’s Bakery (“Freed’s”) and Granny’s Kitchens (“Granny’s”) in
the KBH family of leading specialty baked goods manufacturers.
The acquisition of Heartland represents the third acquisition by Keystone Bakery
Holdings in the bakery industry. Keystone initially acquired Freed’s, a leading
supplier of cupcakes to the in-store bakery channel, in 2001 and acquired
Granny’s, a leading supplier of donuts to similar channels, in 2006. “The
partnership with Heartland demonstrates Keystone Capital’s long-term and patient
investing philosophy as evidenced by our continued investment in our bakery
platform,” said Scott Gwilliam, Managing Director, Keystone Capital, Inc.
Located in Du Quoin, Illinois, Heartland was founded in 2006 by Steven Scaff and
James Mitro. Heartland is recognized for its innovative and high quality
products, superior customer service and breadth of seasonal and everyday cookie
products. The partnership with KBH will allow Heartland to grow through
expanded sales channel reach and operational synergies. “We have a unique
opportunity to capitalize on the growth and reputation of both companies by
expanding the broad portfolio of products we can provide our customers,” noted
Kevin McDonough, President and Chief Executive Officer of Keystone Bakery
Holdings.
KBH remains committed to future acquisitions in the wholesale bakery industry,
and is currently targeting segments such as muffins, fully finished cakes, and
laminated products (danishes, croissants, and pastries). Please contact any
member of the Keystone acquisitions team below regarding any acquisition
opportunities in the wholesale bakery industry.
About Keystone Bakery Holdings, LLC
Keystone Bakery Holdings, LLC is a leading supplier of sweet baked goods to the
in-store bakery, foodservice, and convenience store channels. The operating
subsidiaries of Keystone Bakery Holdings include Freed’s Bakery, Granny’s
Kitchens, and Heartland Bakery Company. Freed’s is the leading supplier of
cupcakes for the in-store bakery channel based in Manchester, New Hampshire.
Granny’s Kitchens is the leading supplier of donuts to the in-store bakery,
foodservice, and convenience store channels based in Frankfort, New York.
Heartland Bakery Company is a specialty supplier of seasonal and everyday
cookies for the in-store bakery channel based in Du Quoin, Illinois.
http://keystonecapital.com/keystone-bakery-holdings-llc-acquires-heartland-baking-llc/
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Chaoran Jin Joins Keystone Capital
April 2009
Keystone Capital, Inc. (“Keystone”) is pleased to welcome Chaoran Jin to the
firm as a Vice President. An experienced operations professional in a variety of
roles, Chaoran will be an integral part of supporting the management teams of
Keystone’s family of companies with operational, strategic, and other
initiatives.
Prior to joining Keystone, Chaoran was with Owens Corning as Site Leader and
General Manager of two large manufacturing facilities in Chicago. Chaoran’s
previous experience also includes broad-based consulting experience at McKinsey
& Company in Chicago, the mergers & acquisitions department of Citigroup in Hong
Kong, and in product development at Motorola’s mobile division. She holds a
Masters of Business Administration from the University of Chicago, a M.S. in
Electrical Engineering from the University of Illinois, and a B.S. from Tsinghua
University.
http://keystonecapital.com/chaoran-jin-joins-keystone-capital/
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Jason Van Zant Joins Keystone Capital
January 2009
Keystone Capital, Inc. (“Keystone”) is pleased to welcome Jason Van Zant to the
firm as an Associate. Jason’s primary focus will be in Keystone’s acquisition
and business development group, with responsibility for identification,
sourcing, and execution of new acquisition and investment opportunities for
Keystone and its partner companies.
Prior to joining Keystone, Jason was an investment banker with Lincoln
International LLC in Chicago where his primary areas of focus were in executing
sell-side and buy-side M&A transactions in the consumer product, food, and
manufacturing industries. He holds a BBA from the University of Iowa.
http://keystonecapital.com/jason-van-zant-joins-keystone-capital/
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Keystone Capital, Inc. Acquires Rocore Holdings
October 2008
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has acquired
Rocore Holdings, Inc. (“Rocore”), a leading designer and manufacturer of heat
exchangers and related equipment used to cool air, water, or oil for a variety
of applications.
The Rocore acquisition represents the second acquisition for Keystone Capital
during 2008, and was completed during a time when the broader financial markets
are experiencing significant turmoil. “The acquisition of Rocore demonstrates
Keystone Capital’s ability to close complex transactions with a high degree of
certainty and speed to closing – especially given the broader economic and
financial market environment,” said Scott Gwilliam, Managing Director of
Keystone Capital.
Rocore’s products are sold to original equipment manufacturers and aftermarket
users across a diverse range of industries, including heavy duty truck, power
generation, industrial, rail, military, bus and construction equipment. The
Company’s products consist primarily of radiators, heat exchangers, and cooling
products made of copper, brass, and aluminum. Rocore is headquartered in
Indianapolis, Indiana, with facilities in Franklin, WI, Paducah, KY,
Burkesville, KY and Knoxville, TN. Rocore is led by President and CEO Stuart
Eden, an industry veteran previously with Serck Services and Honeywell.
Terms of the transaction were not disclosed. Keystone Capital and Rocore are
committed to the future growth of the Company, and are interested in discussing
opportunities to acquire other manufacturers of heat exchanging products, as
well as other niche industrial equipment manufacturers.
http://keystonecapital.com/keystone-capital-inc-acquires-rocore-holdings/
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Keystone Capital, Inc. Acquires Craft Cast Company
October 2008
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has acquired
Craft Cast Company (“Craft Cast”), a specialty full-service investment castings
manufacturer serving the mining, consumer product, and niche industrial markets.
The Craft Cast acquisition represents the third acquisition for Keystone Capital
during 2008, and was completed during a time when the broader financial markets
are experiencing significant turmoil. “The acquisition of Craft Cast
demonstrates Keystone Capital’s ability to close complex transactions with a
high degree of certainty and speed to closing – especially given the broader
economic and financial market environment,” said Scott Gwilliam, Managing
Director of Keystone Capital.
Craft Cast is a full service provider of castings in ferrous and non-ferrous
metals and alloys, including stainless steel, brass, bronze, aluminum, and
others. The Company also offers complete engineering support, as well as
machining, assembly and finishing services. This full range of capabilities
allows Craft Cast to serve as a one-stop shop that produces a finished part for
its diverse set of customers. Craft Cast is headquartered in Jackson, Wisconsin
and is led by President and CEO Alexander (Al) Scargall, an industry veteran
previously with General Motors and Brillion Iron Works.
Terms of the transaction were not disclosed. Keystone Capital and Craft Cast
are committed to the future growth of the Company, and are interested in
discussing opportunities to acquire other casting manufacturers (investment
casting and other), niche machining service providers, and other manufacturers
of precision metal components supplied to world class OEMs in any industry.
http://keystonecapital.com/keystone-capital-inc-acquires-craft-cast-company/
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Judson Technologies, LLC is Acquired by Teledyne Scientific & Imaging, LLC
February 2008
Keystone Capital, Inc. (“Keystone”) is pleased to announce that it has realized
its investment in Judson Technologies, LLC (“Judson”), a leading designer and
manufacturer of high performance infrared detectors and accessory products based
in Montgomeryville, PA. The acquirer of Judson is Teledyne Technologies
Incorporated (NYSE:TDY), through its subsidiary Teledyne Scientific & Imaging,
LLC. Terms of the transaction were not disclosed.
Judson manufactures high performance infrared detectors utilizing a wide variety
of materials such as Mercury Cadmium Telluride (HgCdTe), Indium Antimonide
(InSb), and Indium Gallium Arsenide (InGaAs), as well as tactical dewar and
cooler assemblies and other specialized standard products for military, space,
industrial and scientific applications. After the closing, the acquired business
will operate under the name Teledyne Judson Technologies.
About Teledyne Technologies Incorporated
Teledyne Technologies is a leading provider of sophisticated electronic
subsystems, instrumentation and communication products, engineered systems,
aerospace engines, and energy and power generation systems. Teledyne
Technologies’ operations are primarily located in the United States, the United
Kingdom and Mexico.
http://keystonecapital.com/judson-technologies-llc-is-acquired-by-teledyne-scientific-imaging-llc/
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The most important key to success in this industry is having a partner that you
can trust. A team that you can rely on for support that has a disciplined
acquisition strategy and expertise in financial markets. And when this is
combined with Keystone’s strong financial foundation and an operating philosophy
and culture that is geared to long-term success, then you have a winning
combination.
Kevin McDonough
President, Keystone Bakery Holdings
CONTACT US
THANK YOU FOR YOUR INTEREST.
CONTACT US AND LET US KNOW HOW WE CAN HELP.
ADDRESS
155 N Wacker Dr. Suite 4150
Chicago, Illinois 60606
PHONE
1.312.219.7900
EMAIL
info@keystonecapital.com
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