M&A Deal Summary

Keensight Capital Acquires Isto Biologics

On September 17, 2025, private equity firm Keensight Capital acquired medical products company Isto Biologics from Thompson Street Capital Partners

Acquisition Highlights
  • This is Keensight Capital’s 5th transaction in the Medical Products sector.
  • This is Keensight Capital’s 1st transaction in the United States.
  • This is Keensight Capital’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2025-09-17
Target Isto Biologics
Sector Medical Products
Buyer(s) Keensight Capital
Sellers(s) Thompson Street Capital Partners
Deal Type Secondary Buyout

Target

Isto Biologics

Hopkinton, Massachusetts, United States
Isto Biologics is an orthobiologics company providing advanced solutions for the spine and orthopedics markets. Isto Biologics offers an innovative portfolio of products, including InQu Bone Graft Extender & Substitute, Influx Trabecular Bone Graft, and CellPoint Concentrated Bone Marrow Aspirate System. Isto Biologics was founded in 2016 and is based in Hopkinton, Massachusetts.

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Buyer(S) 1

Buyer

Keensight Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 5.5B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Keensight Capital is a private equity investment firm focused on majority and minority growth capital investments in Western European companies. Keensight makes equity investments in a number of situations including the provision of capital to finance growth, either organically or through acquisitions, or the buying out of existing shareholders. The Firm looks to invest €10 to €600 million and will consider business with up to €400 million in revenue. Keensight Capital was formed in 2000 and is based in Paris.


DEAL STATS #
Overall 51 of 53
Sector: Medical Products M&A 5 of 5
Type: Secondary Buyout M&A Deals 12 of 13
State: Massachusetts M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-05 SoftCo

Dublin, Ireland

SoftCo is a developer of best-of breed Accounts Payable Automation software, as well as adjacent modules in the Procure-to-Pay value chain, including Document Management, eProcurement, Vendor Management, Contract Compliance and Payments. SoftCo’s solutions streamline financial processes, deliver greater control and visibility over spend and reduce the need for manual intervention. Soft was founded in 1990 and is based in Dublin, Ireland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-22 Decision Focus

Birkeroed, Denmark

Decision Focus is a GRC solution provider delivering a SaaS platform for medium to large enterprises. The GRC solution is delivered on a no-code, modular platform, enabling a one-stop-shop for most audit, risk, compliance, and governance business needs. Decision Focus was founded in 2004 and is based in Birkeroed, Denmark.

Buy -

Seller(S) 1

SELLER

Thompson Street Capital Partners

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Thompson Street Capital Partners is a private equity firm that targets control stakes in profitable, mid-sized North American companies with $5 to $20 million of EBITDA. Thompson Street looks for family businesses, private companies seeking liquidity, corporate divestitures, and public companies going private. Areas of interest include healthcare services, business services, electronics, information technology, and engineered products companies. Thompson Street will not consider investments in start-ups, early stage companies, or real estate. Thompson Street Capital was founded in 2000 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 49 of 49
Sector: Medical Products M&A 3 of 3
Type: Secondary Buyout M&A Deals 19 of 19
State: Massachusetts M&A 1 of 1
Country: United States M&A 49 of 49
Year: 2025 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-04 Freddy’s Frozen Custard & Steakburgers

Wichita, Kansas, United States

Freddy’s Frozen Custard & Steakburgers is a franchisor of fast-casual restaurants. Freddy’s fast-casual restaurants feature steakburgers, shoestring fries, and freshly churned frozen custard. The Company’s family-friendly restaurants focus on premium quality ingredients, cooked-to-order food, and best-in-class hospitality. Freddy’s Frozen Custard & Steakburgers was founded in 2002 and is based in Wichita, Kansas.

Sell -