Capstone Partners advised Keystone Perfusion Services (Keystone)—a leading provider of outsourced cardiac perfusion, organ recovery, normothermic regional perfusion (NRP), and related cardiovascular solutions including extracorporeal membrane oxygenation (ECMO) and autotransfusion services to hospitals, transplant centers and organ procurement organizations (OPOs)—on its acquisition by Strata Critical Medical, Inc. (Nasdaq: SRTA), formerly known as Blade Air Mobility, Inc. (Nasdaq: BLDE).
Joint Commission and AABB accredited, Keystone has garnered a sterling reputation for clinical expertise, exceptional service and support, and patient-centric approach and grown nationally to become not only one of the largest organ recovery/NRP and outsourced perfusion providers, but one of the most respected. Keystone has differentiated itself from its competitors with a superb staff of highly skilled surgeons, perfusionists and autotransfusionists, and a management team dedicated to clinical excellence, sharing of best practices, and quality benchmarking.
Keystone delivers turnkey outsourced cardiac perfusion services—including perfusion, autotransfusion, ECMO, blood management, disposables, and clinical engineering to over 200 hospital partners across 30 states, supporting non-transplant surgical procedures. Perfusionists play a vital role in open-heart surgeries by operating heart and lung machines to sustain continuous circulation of oxygen-rich blood to the body when the heart is temporarily stopped during these operations.
We spoke with several investment banks, but Capstone clearly stood out for their deep expertise in healthcare services, track record of success, and ability to grasp the nuances of both perfusion and organ recovery. From our very first conversation with Capstone, it was clear they were different from other firms. They not only clearly understood our mission and transaction objectives but showed throughout the process that they truly cared about the people behind it. They didn’t just advise us—they listened, they understood, and they guided us with integrity and insight. Their commitment never wavered, and thanks to their thoughtful approach, we found the right partner to help accelerate Keystone’s growth while staying true to our core values of clinical excellence.
Lou Verdetto, who founded Keystone in 2012 to address an acute need for dependable, high-quality perfusion services in the cardiovascular field, noted, “Clients are seeking a trusted partner that not only delivers clinical expertise and exceptional service but a comprehensive solution encompassing rapidly deployable surgical and perfusion teams, equipment, logistics support, disposables, and critical transportation. By joining Strata, Keystone becomes part of a platform built to do exactly that—across transplant services, perfusionist staffing for cardiac surgery, and the broader hospital sector.”
For OPOs and transplant facilities, Keystone is a sought offer partner providing organ/surgical recovery, NRP, and related logistics, disposables, and point of care testing services. NRP is being increasingly utilized due to critical clinical and economic benefits including enhanced patient outcomes, improved organ functioning post transplantation, expansion of organ pool, and reduction in long-term healthcare costs. “Lou, Mike, Christie, and the rest of the Keystone management team have built an outstanding organization dedicated to clinical quality and improving lives through better patient care. Keystone and Strata share a long-standing history of working together, having jointly executed hundreds of successful organ recoveries, and this transformative deal brings together complementary capabilities and specialized expertise to better serve a rapidly growing and mission-critical market. Now with scaled infrastructure, sophisticated logistics, and streamlined transportation capabilities, Keystone is well positioned to accelerate its growth trajectory,” commented Eric Williams, Head of Capstone’s Healthcare Investment Banking Group.
Strata Critical Medical provides time critical logistics solutions and specialized medical services to healthcare providers across the United States, strategically expanding its portfolio of services through acquisition and organic growth. Strata’s subsidiary, Trinity Medical Solutions, is an industry leader in air and ground transportation of human organs for transplant, leveraging Strata’s asset-light platform to reliably and efficiently deliver logistics solutions to its customers across the United States.
“Keystone has demonstrated strong growth and is well-positioned to sustain that momentum through a robust pipeline of organic and acquisition-driven initiatives. As a proven acquirer with five completed transactions since February 2021, Keystone is uniquely equipped to capitalize on favorable industry trends including rising prevalence of cardiovascular disease, increased demand for perfusion services, and a fragmented market primed for consolidation. With hospitals facing clinician shortages and growing procedural volumes, outsourced perfusion support has become essential. We’re excited about the future for both Keystone and Strata,” remarked Mark Surowiak, Director at Capstone.
Capstone Partners has deep experience in the healthcare services outsourcing sector, previously representing EBS Healthcare, SafePassage, Nyman Associates, Aequor, SPG, Phillips, DiPisa & Associates and Leaders for Today, and Accurate Neuromonitoring.
The investment banking professionals on Capstone Partners’ Healthcare Team work with leading middle market companies operating in the healthcare services market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing, to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Healthcare Investment Banking Team, contact us here.
