Keystone Capital Announces Exit of VDA

CHICAGO, Oct. 5, 2026 /PRNewswire/ -- Keystone Capital Management, L.P. ("Keystone") announced today that funds managed by Keystone have completed the sale of VDA, Inc. ("VDA", or the "Company") to funds managed by Warren Equity Partners, LP ("Warren").

VDA is a national provider of inspection, program management, and design consulting services related to elevators, escalators and vertical transportation assets. VDA's clients include leading real estate firms, asset owners, and blue-chip multi-site operators across a variety of end markets.

Keystone initially invested in VDA in 2021 and has helped VDA scale to become a market leader in the vertical transportation inspection and advisory market. VDA's substantial headcount, revenue, and geographic footprint growth since 2021 has been driven by both organic and inorganic initiatives, including over 20 completed acquisitions during its partnership with Keystone.

"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," said Jason Van Zant, Managing Director of Keystone. "We wish the VDA team the best on their next chapter of growth and have no doubt their future is bright."

VDA's CEO, Gavin Campbell, and management team will continue to lead the Company.

"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," Campbell said. "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."

Terms of the transaction were not disclosed. Houlihan Lokey and Citizens M&A Advisory served as financial advisors and DLA Piper served as legal advisor to VDA and Keystone Capital.

About VDA

VDA, Inc. is a leading elevator and escalator consulting and inspection firm in the US, Canada, and the UK, offering comprehensive services in vertical transportation systems since 1980. With offices across the United States and approximately 600 professionals, VDA has built a reputation for excellence through its technical expertise, innovation, and unwavering focus on client success. The firm provides vertical transportation services across all phases of a building's life cycle, including design, inspections, modernizations, and maintenance evaluations. VDA's mission is to provide excellence in vertical transportation consulting and inspection services, leveraging the collective expertise of our people while advocating for our clients to achieve the safest and most efficient solutions possible. For more information, please visit www.vdassoc.com

About Keystone Capital

Keystone was founded in 1994 with the objective of investing the personal capital of its partners in high-quality businesses; patiently building long-term value alongside management through organic growth and strategic acquisitions. Keystone currently manages over $1 billion in capital commitments across two funds. To maintain consistency with its historical investment strategy and align interest across all stakeholders, the principals of Keystone collectively represent the largest single investor in both of these funds, which have been structured with an extended life to support Keystone's belief in investment period flexibility. Over the course of its history, Keystone has completed over 50 platform investments and more than 200 total acquisitions with a focus on commercial & industrial services, food & beverage, industrial technology, professional services, and technical services. For more information, please visit www.keystonecapital.com.

About Warren Equity Partners

Warren Equity Partners is a private equity firm investing in companies providing mission-critical products and services supporting infrastructure and the built environment. The firm invests in middle market businesses across target sectors including power and utilities, water and wastewater, transportation, waste, digital infrastructure, and buildings and facilities. Founded in 2015, WEP has completed over 215 transactions to date and manages $9.6 billion in assets. WEP has offices in Jacksonville Beach, FL; New York; Houston; and London. For more information, please visit www.warrenequity.com.

Keystone Contact:
Katie Perry, [email protected]

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SOURCE Keystone Capital Management