Keystone Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Keystone Capital has acquired 3 companies. It has also invested in 2 others.

Keystone Capital’s most common sectors for investment are engineering (16%) and manufacturing (16%). The Firm’s most common investment types include divestiture (27%) and recapitalization (24%). In total, Keystone Capital has invested in 16 US states. Its largest (disclosed) acquisition occurred in 1999 when it acquired Polymicro Technologies for $15M.

In the last 3 years, Keystone Capital has exited 7 companies. The Firm’s most common exit type is trade sale (57%). 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 Activity42
    • M&A Buy Activity26
    • M&A Sell Activity16
  • Total Sectors Invested 15
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 19
  • M&A Advisors 4

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 US based businesses valued from $10 to $100 million and with minimum operating profits of $4 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 Deerfield, Illinois.


Investment Criteria

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

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Recapitalization, Special Situations/Distressed

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

Transaction Criteria Min Max
Target Revenue 10 100
Target EBITDA 4 -
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 18 3 - 2 2 1 26
vol $15M $15M
Sell (1.6/yr) # 8 1 3 - 3 1 16
vol $185M $185M
  42

Most Recent M&A

Company Date Value Type
Arbour Group LLC 2020-02-10 - Add-on Acquisition
Oakbrook Terrace, Illinois · www.arbourgroup.com
Foundation Dental Partners 2020-01-01 - Buyout (LBO, MBO, MBI)
Alpharetta, Georgia · www.foundationdentalpartners.com
The Greeley Co. Inc. 2019-12-09 - Add-on Acquisition
Danvers, Massachusetts · www.greeley.com
Hometown Foods USA 2019-08-27 - Growth Capital
Medley, Florida · www.hometownfoodsusa.com
Avalon Precision Metalsmiths 2019-08-20 - Add-on Acquisition
Cleveland, Ohio · www.avalon-castings.com
CONSOR Engineers 2019-01-05 - Consolidation
Houston, Texas · www.consoreng.com
Target Engineering Group, Inc. 2019-01-05 - Merger
Coral Gables, Florida · www.targetengineering.com
MERGE 2018-12-17 - Divestiture
Chicago, Illinois · www.mergeworld.com
Arbour Group LLC 2018-01-09 - Growth Capital
Oakbrook Terrace, Illinois · www.arbourgroup.com
The Rocore Group 2017-10-23 - Secondary Buyout
Indianapolis, Indiana · www.rocore.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
MERGE 2018-12-17 Sandbox Group LLC 2020-03-03 2
Chicago, Illinois · www.mergeworld.com Chicago, Illinois · www.sandboxww.com
CONSOR Engineers 2019-01-05 TKW Consulting Engineers LLC 2019-10-11 5
Houston, Texas · www.consoreng.com Fort Myers, Florida · www.tkwonline.com
Cherry Hill Photo Enterprises, Inc. 2015-12-04 Photogenic 2019-06-18 1
Cherry Hill, New Jersey · www.eventsbycherryhillphoto.com Chicago, Illinois · www.photogenicinc.com
MERGE 2018-12-17 BEAM Interactive 2019-04-25 1
Chicago, Illinois · www.mergeworld.com Boston, Massachusetts · www.beamland.com
CONSOR Engineers 2019-01-05 Johnson-Adams & Associates LLC 2019-01-05 4
Houston, Texas · www.consoreng.com , Florida
CONSOR Engineers 2019-01-05 Infrastructure Engineers LLC 2019-01-05 3
Houston, Texas · www.consoreng.com Saint Cloud, Florida · www.infrastructureengineers.com
CONSOR Engineers 2019-01-05 Target Engineering Group, Inc. 2019-01-05 2
Houston, Texas · www.consoreng.com Coral Gables, Florida · www.targetengineering.com
CONSOR Engineers 2019-01-05 AIA Engineers LLC 2019-01-05 1
Houston, Texas · www.consoreng.com Mississauga, Ontario · www.aiainc.com
Peak-Ryzex, Inc. 2011-11-07 The M-Netics Group 2015-12-02 3
Columbia, Maryland · www.peak-ryzex.com Bucks, United Kingdom · www.mnetics.co.uk
Peak-Ryzex, Inc. 2011-11-07 Manage Mobility LLC 2015-08-03 2
Columbia, Maryland · www.peak-ryzex.com Alpharetta, Georgia · www.managemobility.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 1 (8%) - 4 (15%) 15M (100%)
Engineering 1 (8%) - 4 (15%) -
Business Services 2 (17%) - 3 (12%) -
Food 2 (17%) - 3 (12%) -
Healthcare Services 1 (8%) - 2 (8%) -
Apparel/Textiles 1 (8%) - 1 (4%) -
Consumer Products - - 1 (4%) -
Consumer Services 1 (8%) - 1 (4%) -
Digital Media 1 (8%) - 1 (4%) -
Information Technology - - 1 (4%) -
Medical Products 1 (8%) - 1 (4%) -
Metals/Mining - - 1 (4%) -
Packaging - - 1 (4%) -
Safety/Security 1 (8%) - 1 (4%) -
Test/Measurement Equipment - - 1 (4%) -
Total 12 - 26 $15M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (100%) - 26 (100%) 15M (100%)
  New Jersey 3 (25%) - 3 (12%) -
  Illinois 1 (8%) - 3 (12%) -
  Texas 1 (8%) - 2 (8%) -
  Pennsylvania 1 (8%) - 2 (8%) -
  Georgia 1 (8%) - 2 (8%) -
  Florida 1 (8%) - 2 (8%) -
  Wisconsin - - 2 (8%) -
  Indiana - - 2 (8%) -
  Vermont 1 (8%) - 1 (4%) -
  Oregon 1 (8%) - 1 (4%) -
  Michigan 1 (8%) - 1 (4%) -
  Maryland 1 (8%) - 1 (4%) -
  Arizona - - 1 (4%) 15M (100%)
  New York - - 1 (4%) -
  New Hampshire - - 1 (4%) -
  Massachusetts - - 1 (4%) -
Total 12 - 26 $15M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 3 (25%) - 7 (27%) 15M (100%)
Recapitalization 3 (25%) - 6 (23%) -
Buyout (LBO, MBO, MBI) 2 (17%) - 4 (15%) -
Growth Capital 1 (8%) - 3 (12%) -
Special Situations/Distressed - - 3 (12%) -
Secondary Buyout 2 (17%) - 2 (8%) -
Consolidation 1 (8%) - 1 (4%) -
Total 12 - 26 $15M

Exits by Deal Type

Type Total # Value
Trade Sale 7 (44%) -
Secondary Sale 5 (31%) -
Trade Sale - Public Company 2 (13%) 185M (100%)
Merger 2 (13%) -
Total 16 $185M

Top M&A Advisors

Financial Deals
Fairmount Partners LLC
1
Legal Deals
Honigman Miller Schwartz and Cohn LLP
6
Kirkland & Ellis LLP
2
CohnReznick LLP
1

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
PE Firm(s)
25%
2 25%
Strategic(s)
75%
6 75%
Exited to
PE Firm(s)
35%
6 35%
Strategic(s)
65%
11 65%

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