Keystone Capital, Inc. (“Keystone”), a Chicago-based private investment firm, is pleased to announce that its portfolio company Capsa Solutions, LLC (d/b/a Capsa Healthcare or “Capsa”) has been acquired by Levine Leichtman Capital Partners (“LLCP”). Terms of the transaction have not been disclosed.
Capsa is a leading provider of mobile workstations, medication management products, and pharmacy automation solutions for healthcare settings worldwide. The Company’s workflow solutions improve efficiency and effectiveness for over 3,000 customers, including leading health systems, senior care communities, and major retail and institutional pharmacies. Capsa is headquartered in Portland, Oregon and has additional production facilities in Columbus, Ohio and Agua Prieta, Mexico.
“Keystone’s success partnering with Capsa’s management team to build a market leading healthcare technology and equipment company is another terrific example of Keystone’s patient, long-term investment philosophy at work,” commented Scott Gwilliam, Managing Partner of Keystone Capital. “We wish the management team and Levine Leichtman the best with the business and are proud to have been partnered with Capsa for the past 17 years.”
Capsa was the culmination of a 17-year investment horizon for Keystone, during which sales and EBITDA increased 13-fold through a combination of organic growth and add-on acquisitions. The business originally began with Keystone’s purchase of IRSG Holdings in 2000, followed by the acquisitions of MMI Med Carts (2008), Artromick International (2009), Kirby Lester (2014), and Rubbermaid Healthcare (2015). Capsa is led by CEO Andrew Sherrill and a talented management team across the business who will continue to lead Capsa moving forward.
“The success we’ve experienced at Capsa would not have been possible without Keystone’s unwavering support of our team as we sought to build Capsa with an eye always towards our long-term goals,” remarked Sherrill. “The alignment of interest Keystone’s investment approach created with management made Keystone an ideal partner for us during this phase of our growth.”
Capsa was represented by Harris Williams & Co. in the sale of the business. Legal advice was provided by Kirkland & Ellis LLP and Honigman Miller Schwartz & Cohn LLP.
About Keystone Capital
Keystone Capital is a private investment firm which operates with the goal of acquiring high quality, market-leading niche businesses and partnering with these businesses over a long-term horizon, where appropriate. Unlike a traditional private equity firm utilizing a fund-based investment model, Keystone utilizes the personal capital of its partners rather than outside third-party capital, capitalizes its investments with conservative capital structures, and engages actively in supporting the management teams of its portfolio companies. Keystone has completed over 25 platform investments in its history, supported by over 70 add-on acquisitions. Keystone’s primary offices are located in Chicago, Illinois. More information can be obtained from our website at www.keystonecapital.com.