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Keystone Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Keystone Capital has acquired 3 companies. It has also invested in 5 others.

Keystone Capital’s most common sectors for investment arefood (15%) and business services (15%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (23%) and divestiture (15%). In total, Keystone Capital has invested in 19 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 1999 when it acquired Polymicro Technologies for $15M.

In the last 3 years, Keystone Capital has exited 4 companies. The Firm’s most common exit type is trade sale (56%). Keystone Capital’s largest (disclosed) exit occurred in 2010 when it sold Keystone Bakery Holdings for $185M.

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M&A Summary

  • M&A Total Activity65
    • M&A Buy Activity40
    • M&A Sell Activity25
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 23
  • M&A Advisors 7

Keystone Capital

Keystone Capital

155 N. Wacker Dr. Suite 4150,
Chicago, Illinois 60606
United States
(312) 219-7900
www.keystonecapitalinc.com
info@keystonecapital.com

Keystone Capital is a private equity firm focused on acquiring family businesses, corporate divestitures, industry consolidations, and special situations. Keystone prefers lower middle-market, US-based businesses with EBITDA of $5 to $20 million. Target sectors include specialty manufacturing, business services/outsourcing, food processing and ingredients, publishing, instrumentation, optical components, and healthcare products/services. Keystone will not invest in start-ups, turnarounds, commodities, defense/government contractors, retail stores, or restaurants. Keystone Capital was formed in 1994 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Beverages, Business Services, Construction, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Electronics, Engineering, Environmental, Food, Healthcare Services, Information Technology, Internet Software and Services, Manufacturing, Marketing, Medical Products, Metals/Mining, Packaging, Safety/Security, Software, Staffing

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 20
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (2.4/yr) # 28 4 3 3 2 - 40
vol $15M $15M
Sell (1.2/yr) # 19 2 2 1 1 - 25
vol $185M $185M
  65

Most Recent M&A

Company Date Value Type
Om Trading 2024-09-04 - Buyout (LBO, MBO, MBI)
Irving, Texas · www.omproduce.com
Citizen Inside 2024-07-01 - Buyout (LBO, MBO, MBI)
Minneapolis, Minnesota · www.citizeninside.com
Consor Holdings LLC 2024-06-03 - Secondary Sale
Chicago, Illinois · www.consoreng.com
Baily International Foods 2023-10-01 - Growth Capital
Granite City, Illinois · www.bailyfoods.com
BarkleyOKRP 2023-10-01 - Growth Capital
Kansas City, Missouri · www.barkleyokrp.com
Identiti Resources LLC 2023-08-01 - Growth Capital
Hoffman Estates, Illinois · www.identiti.net
Lane Power & Energy Solutions, Inc. 2023-07-01 - Trade Sale
Houston, Texas · www.lanepes.com
Environments for Health, LLC 2022-10-18 - Trade Sale
Williston, Vermont · www.e4harchitecture.com
Keystone Natural Holdings LLC 2022-09-16 - Trade Sale
Folcroft, Pennsylvania · www.keystonenatural.com
Novatio Solutions 2022-08-16 - Stake Purchase
Orlando, Florida · www.novatiosolutions.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Tribute Baking Company 2021-12-13 Hometown Foods USA 2021-12-13 1
Bohemia, New York · www.tributebaking.com Medley, Florida · www.hometownfoodsusa.com
MERGE 2018-12-17 Sandbox Group LLC 2020-03-03 5
Chicago, Illinois · www.mergeworld.com Chicago, Illinois · www.sandboxww.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (24%) - 6 (15%) -
Food 2 (12%) - 6 (15%) -
Engineering - - 5 (13%) -
Manufacturing - - 3 (8%) 15M (100%)
Marketing 3 (18%) - 3 (8%) -
Apparel/Textiles 1 (6%) - 2 (5%) -
Distribution 2 (12%) - 2 (5%) -
Environmental 2 (12%) - 2 (5%) -
Healthcare Services 1 (6%) - 2 (5%) -
Information Technology 1 (6%) - 2 (5%) -
Consumer Products - - 1 (3%) -
Consumer Services 1 (6%) - 1 (3%) -
Energy Services and Equipment - - 1 (3%) -
Metals/Mining - - 1 (3%) -
Packaging - - 1 (3%) -
Safety/Security - - 1 (3%) -
Test/Measurement Equipment - - 1 (3%) -
Total 17 - 40 $15M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (94%) - 39 (98%) 15M (100%)
  Illinois 4 (24%) - 7 (18%) -
  New Jersey 2 (12%) - 4 (10%) -
  Florida 1 (6%) - 3 (8%) -
  Texas 1 (6%) - 3 (8%) -
  Pennsylvania - - 3 (8%) -
  Minnesota 2 (12%) - 2 (5%) -
  Georgia 1 (6%) - 2 (5%) -
  New York 1 (6%) - 2 (5%) -
  Indiana - - 2 (5%) -
  Wisconsin - - 2 (5%) -
  Missouri 1 (6%) - 1 (3%) -
  Michigan 1 (6%) - 1 (3%) -
  South Carolina 1 (6%) - 1 (3%) -
  Ohio 1 (6%) - 1 (3%) -
  Arizona - - 1 (3%) 15M (100%)
  Massachusetts - - 1 (3%) -
  Maryland - - 1 (3%) -
  Vermont - - 1 (3%) -
  New Hampshire - - 1 (3%) -
Canada 1 (6%) - 1 (3%) -
  Ontario 1 (6%) - 1 (3%) -
Domestic 16 (94%) - 39 (98%) 15M (100%)
Cross-border 1 (6%) - 1 (3%) -
Total 17 - 40 $15M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (35%) - 9 (23%) -
Divestiture 1 (6%) - 6 (15%) 15M (100%)
Growth Capital 3 (18%) - 6 (15%) -
Recapitalization 1 (6%) - 6 (15%) -
Consolidation 2 (12%) - 4 (10%) -
Stake Purchase 3 (18%) - 4 (10%) -
Special Situations/Distressed - - 3 (8%) -
Secondary Buyout 1 (6%) - 2 (5%) -
Total 17 - 40 $15M

Exits by Deal Type

Type Total # Value
Trade Sale 12 (48%) -
Secondary Sale 7 (28%) -
Trade Sale - Public Company 3 (12%) 185M (100%)
Merger 2 (8%) -
Unknown 1 (4%) -
Total 25 $185M

Top M&A Advisors

Financial Deals
Harris Williams
 1
Houlihan Lokey
 1
Fairmount Partners
 1
Legal Deals
Honigman
 7
DLA Piper
 5
Kirkland & Ellis
 2

Deal Values

buy # Total
< $100M 1 $15M
TOTAL $15M
Largest Polymicro Technologies, Inc.
$15M (1999-07-06)
sell # Total
$100M to $1B 1 $185M
TOTAL $185M
Largest Keystone Bakery Holdings, LLC
$185M (2010-09-24)

M&A Connections

Deals
Acquired from
Investor(s)
5%
2 (5%)
Strategic(s)
15%
6 (15%)
Exited to
Investor(s)
28%
7 (28%)
Strategic(s)
64%
16 (64%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

1.0B USD

Established

1994

Specialist/Generalist

Generalist

Leadership

Kent Dauten

Co-Founder & Chairman

Scott Gwilliam

Co-founder & Managing Partner

Bill Sommerschield

Managing Director

Chaoran Jin

Managing Director

Dennis Howe

Managing Director

FAQ

When was Keystone Capital founded?

Keystone Capital was founded in 1994.

What type of investor is Keystone Capital?

Keystone Capital is a private equity firm.

Where is Keystone Capital headquartered?

Keystone Capital is headquartered in Chicago, Illinois.

How much capital does Keystone Capital have under management?

Keystone Capital has 1.0B USD under management.

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