Keystone Capital Announces the Sale of Rocore Inc.
October 2017


Keystone Capital, Inc. (“Keystone”), a Chicago-based private investment firm, is pleased to announce that its portfolio company Rocore Inc. (“Rocore”) has been acquired by funds advised by Triton, a leading European private investment firm. Terms of the transaction have not been disclosed.

Rocore is a manufacturer of industrial heat exchangers and provider of heat exchanger repair services. The company’s products consist primarily of highly engineered radiators, heat exchangers and cooling products which are sold into a wide variety of markets including on/off highway, petrochemicals, rail, and power generation. Rocore represented Keystone’s fourth successful exit of a highly engineered industrial products business, following the prior exits of Polymicro Technologies (2007), Judson Technologies (2008), and Atlas Die (2017). For more information on Rocore, please visit

“The Keystone and Rocore teams partnered to expand the service offering and drive into new markets. We are pleased that our patient, long term investment approach has created such a positive outcome for us and our management partners,” commented David Greer, Managing Director at Keystone Capital. “We greatly enjoyed our time with the Rocore team and are excited for them in their next chapter with Triton.”

Over the course of Keystone’s investment in Rocore, substantial enhancements in segmentation, go-to-market strategy, and capital efficiency were completed. In addition, Keystone assisted Rocore with the acquisition of CTI Industries, a leader in shell and tube heat exchanger repair services, in 2015.

“It’s a bittersweet moment as Rocore leaves a nine year relationship with Keystone, who worked alongside us to build the successful business we have today but also sees us moving into a new and exciting chapter for the company,” remarked Stuart Eden, CEO of Rocore. “Businesses are built on people, and that’s something Keystone truly understands.”

Rocore and Keystone were represented by Lincoln International in the transaction. Legal advice was provided by Honigman Miller Schwartz & Cohn LLP.

About Keystone Capital

Keystone was founded in 1994 with the goal of acquiring high quality, market-leading niche businesses. Unlike a traditional private equity firm utilizing a fund-based investment model, Keystone operates more like an entrepreneurial holding company – utilizing the personal capital of its partners rather than outside third-party capital, capitalizing its investments with conservative capital structures, and with its principals actively involved in supporting the management teams of its portfolio companies. Keystone’s investments all share one thing in common – a mutual commitment by management and Keystone to thoughtfully and patiently build a sustainable, market-leading business. Our primary offices are located in Chicago, Illinois with a small office in Shanghai, China. More information can be obtained from our website at

Contact Information

David Greer
(312) 219-7972