Keystone Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Keystone Capital has acquired 4 companies. It has also invested in 3 others.

Keystone Capital’s most common sectors for investment arebusiness services (18%) and engineering (15%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (20%) and divestiture (18%). In total, Keystone Capital has invested in 18 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 (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 Activity58
    • M&A Buy Activity35
    • M&A Sell Activity23
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 22
  • M&A Advisors 5

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 $3 to $15 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, 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 - -
Target EBITDA 3 15
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.6/yr) # 27 1 4 3 - - 35
vol $15M $15M
Sell (1.2/yr) # 17 2 2 2 - - 23
vol $185M $185M
  58

Most Recent M&A

Company Date Value Type
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
Chicago, Illinois · www.novatiosolutions.com
Pinchin Ltd. 2022-02-07 - Stake Purchase
Mississauga, Ontario · www.pinchin.com
Integra Testing Services 2022-02-01 - Consolidation
Mentor, Ohio · www.integratesting.com
Tribute Baking Company 2021-12-13 - Consolidation
Bohemia, New York · www.tributebaking.com
Hometown Foods USA 2021-12-13 - Trade Sale
Medley, Florida · www.hometownfoodsusa.com
VDA, Inc. 2021-12-01 - Buyout (LBO, MBO, MBI)
East Hanover, New Jersey · www.vdassoc.com
Peak Technologies, Inc. 2021-04-09 - Secondary Sale
Linthicum Heights, Maryland · www.peaktech.com
ClearWater Solutions (CWS) 2021-03-01 - Buyout (LBO, MBO, MBI)
Auburn, Alabama · www.clearwatersol.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
CONSOR Engineers 2019-01-05 U.S. Underwater Services LLC 2020-08-03 6
Chicago, Illinois · www.consoreng.com Mansfield, Texas · www.usunderwaterservices.com
MERGE 2018-12-17 Sandbox Group LLC 2020-03-03 4
Chicago, Illinois · www.mergeworld.com Chicago, Illinois · www.sandboxww.com
CONSOR Engineers 2019-01-05 Target Engineering Group, Inc. 2019-01-05 5
Chicago, Illinois · www.consoreng.com Coral Gables, Florida · www.targetengineering.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (29%) - 6 (17%) -
Engineering 1 (7%) - 5 (14%) -
Food 1 (7%) - 5 (14%) -
Manufacturing - - 3 (9%) 15M (100%)
Apparel/Textiles 1 (7%) - 2 (6%) -
Environmental 2 (14%) - 2 (6%) -
Healthcare Services 1 (7%) - 2 (6%) -
Consumer Products - - 1 (3%) -
Consumer Services 1 (7%) - 1 (3%) -
Distribution 1 (7%) - 1 (3%) -
Energy Services and Equipment 1 (7%) - 1 (3%) -
Information Technology - - 1 (3%) -
Marketing 1 (7%) - 1 (3%) -
Metals/Mining - - 1 (3%) -
Packaging - - 1 (3%) -
Safety/Security - - 1 (3%) -
Test/Measurement Equipment - - 1 (3%) -
Total 14 - 35 $15M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (93%) - 34 (97%) 15M (100%)
  Illinois 4 (29%) - 6 (17%) -
  New Jersey 2 (14%) - 4 (11%) -
  Pennsylvania - - 3 (9%) -
  Texas 1 (7%) - 2 (6%) -
  New York 1 (7%) - 2 (6%) -
  Georgia 1 (7%) - 2 (6%) -
  Wisconsin - - 2 (6%) -
  Indiana - - 2 (6%) -
  Florida - - 2 (6%) -
  Ohio 1 (7%) - 1 (3%) -
  Minnesota 1 (7%) - 1 (3%) -
  Michigan 1 (7%) - 1 (3%) -
  Alabama 1 (7%) - 1 (3%) -
  Arizona - - 1 (3%) 15M (100%)
  Vermont - - 1 (3%) -
  New Hampshire - - 1 (3%) -
  Massachusetts - - 1 (3%) -
  Maryland - - 1 (3%) -
Canada 1 (7%) - 1 (3%) -
  Ontario 1 (7%) - 1 (3%) -
Domestic 13 (93%) - 34 (97%) 15M (100%)
Cross-border 1 (7%) - 1 (3%) -
Total 14 - 35 $15M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (36%) - 7 (20%) -
Divestiture 1 (7%) - 6 (17%) 15M (100%)
Recapitalization 1 (7%) - 6 (17%) -
Consolidation 3 (21%) - 4 (11%) -
Stake Purchase 3 (21%) - 4 (11%) -
Growth Capital - - 3 (9%) -
Special Situations/Distressed - - 3 (9%) -
Secondary Buyout 1 (7%) - 2 (6%) -
Total 14 - 35 $15M

Exits by Deal Type

Type Total # Value
Trade Sale 11 (48%) -
Secondary Sale 6 (26%) -
Trade Sale - Public Company 3 (13%) 185M (100%)
Merger 2 (9%) -
Unknown 1 (4%) -
Total 23 $185M

Top M&A Advisors

Financial Deals
CohnReznick LLP
1
Fairmount Partners
1
Legal Deals
Honigman
7
Kirkland & Ellis
2
DLA Piper
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)
6%
2 (6%)
Strategic(s)
17%
6 (17%)
Exited to
Investor(s)
26%
6 (26%)
Strategic(s)
65%
15 (65%)

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 420M USD under management.

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