Tracked deals
29
29 tracked deals across 2018-2026.
Private Equity Firm
Business Services
Keystone Capital
Chicago, Illinois, United States
Keystone was founded in 1994 to invest partners’ personal capital in high-quality businesses and build long-term value alongside management through organic growth and strategic acquisitions. Keystone manages over $1.5B and invests across Technical Services, Professional & Technology-Enabled Services, Commercial & Industrial Services, Food & Beverage, Healthcare Service, and Industrial Technology.
- Focus Areas
- Technical Services, Professional & Technology-Enabled Services, Commercial & Industrial Services
- Website
- keystonecapital.com
Recent pace
1
1 tracked deal announced in the last 12 months.
Deal mix
Addon
16 addon · 7 buyout · 6 growth capital
Keystone Capital Acquisition Volume by Year
Last 9 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
Showing the 12 most recent of 29 tracked deals for Keystone Capital.
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January 21, 2026
- Buyer
- Gillson Sciences, Keystone Capital Management, L.P.
- Target
- SanAir Technologies Laboratory, Inc.
- Industry
- Environmental Services
- Location
- Virginia, United States
- Type
- Addon
Gillson Sciences, a Chicago-based laboratory testing and scientific solutions provider and portfolio company of Keystone Capital Management, has acquired SanAir Technologies Laboratory, an accredited environmental and industrial hygiene testing laboratory headquartered in Richmond, Virginia. The add-on expands Gillson's capabilities into environmental testing (air, asbestos, Legionella, lead/metals, industrial hygiene) and broadens its service offering across environmental and industrial end markets.
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August 6, 2025
- Buyer
- Keystone Capital Management, L.P.
- Target
- Azzur Labs, Micro Measurement Laboratories
- Industry
- Healthcare Services
- Location
- Illinois, United States
- Type
- Buyout
Keystone Capital Management has formed Gillson Sciences, a laboratory testing, monitoring and advisory platform focused on pharmaceuticals, biopharma, medical devices, healthcare and environmental sciences, by acquiring Azzur Labs (now Gillson Testing) and Micro Measurement Laboratories. Jason Fischer has been named CEO to lead the build-up strategy; terms were not disclosed.
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- Buyer
- Keystone Capital Management, L.P.
- Target
- Penta Fine Ingredients, Inc.
- Industry
- Manufacturing
- Location
- New Jersey, United States
- Type
- Buyout
Keystone Capital Management has announced an investment partnership with Penta Fine Ingredients, a specialty chemicals and ingredient distributor/manufacturer headquartered in West Caldwell, New Jersey. As part of the transaction Keystone welcomes industry veteran Mike Size as Penta's CEO and intends to support Penta's growth and pursue add-on acquisition opportunities.
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Integra Testing Services Acquires Controlled Environment Certification Services Business from STERISJune 12, 2024
- Buyer
- Integra Testing Services, LLC, Keystone Capital, Midwest Mezzanine Funds
- Target
- Controlled Environment Certification Services (CE Services) (business of STERIS)
- Seller
- STERIS
- Industry
- Environmental Services
- Location
- United States
- Type
- Addon
Integra Testing Services, a Keystone Capital portfolio company, has acquired the Controlled Environment Certification Services ("CE Services") business from STERIS. Midwest Mezzanine provided subordinated debt to support the transaction, which expands Integra's cleanroom and controlled-environment certification, service/repair and environmental monitoring capabilities for the life sciences market.
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- Buyer
- BarkleyOKRP, Keystone Capital Management, L.P.
- Target
- Adlucent
- Seller
- Advantage Solutions Inc.
- Industry
- Marketing & Advertising
- Location
- Texas, United States
- Type
- Addon
BarkleyOKRP (a Keystone Capital portfolio company) has acquired digital performance marketing agency Adlucent from Advantage Solutions. The add-on expands BarkleyOKRP's e-commerce, retail media and performance marketing capabilities and brings Adlucent's ~180 employees and proprietary technology into the combined agency.
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October 27, 2023
- Buyer
- Keystone Capital Management, L.P.
- Target
- Baily International
- Industry
- Food & Beverage
- Location
- Illinois, United States
- Type
- Growth capital
Keystone Capital Management, L.P. has entered an investment partnership with Baily International, a Granite City, Illinois-based producer of Asian appetizer products. Keystone will partner with CEO Steve Cameron (who remains in place) to support growth and pursue add-on acquisition opportunities; terms were not disclosed and senior debt was provided by CIBC Bank USA and Siemens Financial Services.
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August 1, 2023
- Buyer
- Keystone Capital Management, L.P.
- Target
- Identiti Resources, LLC
- Seller
- Sicher family, Michael Sicher, Zachary Sicher
- Industry
- Industrial Services
- Location
- Illinois, United States
- Type
- Growth capital
Keystone Capital Management completed an investment partnership with Identiti Resources, a national signage program management and facility services provider headquartered in Schaumburg, Illinois. The Sicher family (including Michael and Zachary Sicher) retained a significant ownership stake and will continue to lead the business while Keystone positions Identiti as a platform for buy-and-build growth in the signage and facilities services market.
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- Buyer
- Midwest Mezzanine Funds, Keystone Capital
- Target
- Foundation Dental Partners
- Industry
- Dental
- Location
- Georgia, United States
- Type
- Growth capital
Midwest Mezzanine Funds provided subordinated debt to Foundation Dental Partners, a Keystone Capital portfolio company, to support Foundation's acquisition of 10 dental practices in Tennessee and Kentucky. Keystone Capital remains the private equity sponsor and Foundation continues expanding its DSO platform in the Southeastern United States.
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May 10, 2023
- Buyer
- Pinchin Ltd., Keystone Capital Management, L.P.
- Target
- Ransom Consulting, LLC
- Industry
- Environmental Services
- Location
- New Hampshire, United States
- Type
- Addon
Pinchin Ltd., a Keystone Capital Management portfolio company, has acquired Ransom Consulting, LLC, a multi-disciplinary environmental consulting and engineering firm with six offices across the Northeastern United States. The acquisition expands Pinchin's U.S. footprint into the Northeast and strengthens its capabilities in site remediation and environmental due diligence.
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October 2, 2022
- Buyer
- Integra Testing Services, LLC, Keystone Capital Management, L.P.
- Target
- RSAnalysis and RSACx (collectively "RSA")
- Industry
- HVAC & Mechanical
- Location
- California, United States
- Type
- Addon
Integra Testing Services, a Keystone Capital portfolio company, has completed the acquisition of RSAnalysis and RSACx (collectively “RSA”), expanding Integra’s national footprint. The deal adds approximately 60 employees and five locations, bolstering Integra’s position as a leading independent HVAC testing, adjusting, and balancing (TAB) and building commissioning services provider.
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August 16, 2022
- Buyer
- Keystone Capital Management, L.P.
- Target
- Novatio Solutions
- Industry
- IT Services
- Location
- Florida, United States
- Type
- Growth capital
Keystone Capital Management completed a growth investment in Novatio Solutions, a hyperautomation consultancy that provides RPA and intelligent automation strategy, implementation, and managed services. The partnership will help Novatio scale its delivery capabilities across enterprise, healthcare, and SLED clients; terms were not disclosed.
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April 30, 2022
- Buyer
- VDA, Inc., Keystone Capital Management, L.P.
- Target
- Sierra Consulting Group
- Industry
- Engineering Services
- Location
- New York, United States
- Type
- Addon
Keystone Capital Management’s portfolio company VDA, Inc. acquired Sierra Consulting Group in an add-on deal completed in November 2021 and announced in April 2022. The acquisition expands VDA’s mandated inspection and modernization consulting capabilities in the vertical transportation (elevator/escalator) market and brings Sierra founder Joseph Caracappa and his team into VDA’s leadership.
Related Acquisition Pages
Environmental Services Buyers & Acquisitions
4 tracked deals by Keystone Capital.
Food & Beverage Buyers & Acquisitions
4 tracked deals by Keystone Capital.
Marketing & Advertising Buyers & Acquisitions
4 tracked deals by Keystone Capital.
Building Products Buyers & Acquisitions
3 tracked deals by Keystone Capital.
Acquisitions in Illinois
6 tracked deals by Keystone Capital.
Acquisitions in New Jersey
4 tracked deals by Keystone Capital.
Acquisitions in Texas
3 tracked deals by Keystone Capital.
Acquisitions in Colorado
2 tracked deals by Keystone Capital.
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