Keystone Capital Update: Capsa Solutions, LLC Announcement
September 2011

Capsa Solutions, LLC (“Capsa”), a portfolio company of Keystone Capital, Inc. (“Keystone”), recently completed the sale of its Retail Division to Pipp Mobile Storage Systems, a portfolio company of Prospect Partners. The Retail Division of Capsa, which operates as International Retail Services Group (“IRSG”), is the industry leader in hanger-management systems, inventory transfer racks, tables, and carts provided to leading national apparel retailers.

Keystone Capital originally partnered with the management team of IRSG to purchase the Company from Avista Corporation in December 2000. For the first seven years of Keystone’s ownership, IRSG operated as a standalone investment supplying the apparel retail and healthcare markets with its innovative inventory management and transportation products. In April 2008, IRSG merged with MMI Med Carts, a family-owned leader in the long-term care medication storage cart industry, giving IRSG a significant entry into the healthcare industry. Subsequent to the MMI merger, the combined business was renamed Capsa Solutions and operated as the Retail Division (IRSG) and the Healthcare Division (MMI). In November 2009, Capsa acquired Artromick International, the market leader in medication carts and an emerging leader in acute care technology carts, an acquisition which added an Acute Care and International division to Capsa and culminated in an enterprise which was predominantly healthcare oriented.

“The IRSG and Capsa story is a terrific example of the long-term investment strategy Keystone pursues,” remarked Scott Gwilliam, Managing Director of Keystone Capital. “We valued our ten year relationship with IRSG and its great people, and both will be missed. However, we believe IRSG has found a strategic new retail-focused partner in Pipp, and we are looking forward to continue building the new healthcare-focused Capsa. We are in a strong position to execute Capsa’s growth plan both organically as well as through selected add-on acquisitions.”

Keystone Capital and Capsa Solutions are actively seeking acquisitions of businesses supplying products and technologies to the healthcare industry. Capsa’s strategy is to be a market leader within multiple durable healthcare product segments, including (but not limited to) storage, transport, and technology/information management products used “in and around the patient room.” Please contact one of the Keystone team members below with any acquisition or partnership opportunities that might be a fit with this strategy.

Contact Information

Scott Gwilliam
(847) 236-5351
sgwilliam@keystonecapital.com

Jason Van Zant
(847) 236-5354
jvanzant@keystonecapital.com

Eric Holter
(847) 236-5353
eholter@keystonecapital.com

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