Keystone Capital Management has completed the sale of VDA to funds managed by Warren Equity Partners, ending an investment partnership that began in 2021. Financial terms of the transaction were not disclosed.
VDA provides inspection, program management and design consulting services for elevators, escalators and other vertical transportation assets.
The company’s customers include major real estate firms, asset owners and multi-site operators across a variety of end markets.
Keystone initially invested in VDA in 2021 and supported the company’s expansion through a combination of organic growth and acquisitions.
During Keystone’s ownership, VDA completed more than 20 acquisitions while increasing its headcount, revenue and geographic footprint.
VDA has grown into a national vertical transportation inspection and advisory business with operations in the U.S., Canada and the U.K.
The company employs approximately 600 professionals and provides services across the building lifecycle, including design, inspections, modernization projects and maintenance evaluations.
VDA CEO Gavin Campbell and the existing management team will continue leading the company under Warren Equity Partners’ ownership.
Warren focuses on middle-market companies providing mission-critical products and services supporting infrastructure and the built environment. The firm manages $9.6 billion in assets and has completed more than 215 transactions since its founding in 2015.
Houlihan Lokey and Citizens M&A Advisory served as financial advisers, while DLA Piper served as legal adviser to VDA and Keystone Capital.
KEY QUOTES:
“Keystone is incredibly proud to have partnered with Mike Smith, Rob Cuzzi, and the other business owners and leaders who joined us in the VDA journey over the past five years. We wish the VDA team the best on their next chapter of growth and have no doubt their future is bright.”
Jason Van Zant, Managing Director of Keystone Capital
“Over the past three years, VDA has grown into the clear leader in the vertical transportation space, and Keystone has been an incredibly supportive partner during that time. The accelerated growth trajectory of VDA over the last five years was the direct result of the hands-on partnership between Keystone and our management team.”
Gavin Campbell, CEO of VDA
