Keystone Capital Management has completed the sale of VDA, an East Hanover, New Jersey-based elevator and escalator inspection and consulting firm, to Warren Equity Partners, for undisclosed terms.
VDA has offered vertical transportation consulting and inspection services in the US, Canada and the UK since 1980. With approximately 600 professionals and offices across the US, it works across all phases of a building's life cycle, including design, inspections, modernizations and maintenance evaluations. Its clients include real estate firms, asset owners and multi-site operators across a range of end markets.
Keystone first invested in VDA in 2021. Since then, the company has grown its headcount, revenue and geographic footprint through both organic and inorganic initiatives, including more than 20 acquisitions during Keystone's ownership. Chief executive Gavin Campbell and the management team will continue to lead the company.
Warren Equity Partners invests in middle-market companies providing products and services that support infrastructure and the built environment. Founded in 2015, the firm has completed more than 215 transactions and manages $9.6 billion in assets. Keystone, founded in 1994, manages over $1 billion in capital commitments across two funds and has completed more than 50 platform investments. Houlihan Lokey and Citizens M&A Advisory served as financial advisers and DLA Piper as legal adviser to VDA and Keystone on the sale.
Source: PE Hub · Summarized by HeadlinesBriefing