Keystone Capital Management Completes Successful Sale of VDA, Inc.

Keystone Capital Completes Sale of VDA, Inc.

On October 5, 2026, Keystone Capital Management, L.P. announced the successful exit from its investment in VDA, Inc., a prominent national provider of inspection and consulting services for elevators, escalators, and other vertical transportation systems. The sale was made to Warren Equity Partners, LP, a private equity firm known for its focus on infrastructure and the built environment.

VDA, which stands for Vertical Design Associates, has been instrumental in reshaping the vertical transportation landscape in the United States, Canada, and the UK. Established in 1980, the firm's expertise encompasses all aspects of vertical transportation services throughout a building's lifecycle, including design, inspections, modernizations, and maintenance evaluations. This extensive experience has garnered a diverse clientele, ranging from major real estate developers to leading multi-site operators, who rely on VDA for its unparalleled technical knowledge and commitment to client success.

Keystone initially invested in VDA back in 2021, supporting its strategic initiatives aimed at scaling the business and establishing it as a market leader in its field. Since then, VDA has experienced remarkable growth, expanding its workforce, revenues, and geographical footprint, primarily through both organic growth and strategic acquisitions—over 20 transactions were completed during Keystone’s partnership.

Jason Van Zant, the Managing Director of Keystone, expressed pride in the partnership formed with VDA, stating, "Keystone is incredibly proud to have partnered with Mike Smith, Rob Cuzzi, and the other business 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."

The leadership team at VDA, including CEO Gavin Campbell, will remain at the helm following the acquisition, ensuring continuity in the company's operational strategy and vision. Campbell remarked on the successful partnership with Keystone, noting, "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."

Details regarding the specific terms of the sale have not been disclosed, but the transaction was facilitated with the support of financial advisors Houlihan Lokey and Citizens MA Advisory, while legal counsel was provided by DLA Piper.

As VDA embarks on this new phase under Warren Equity Partners, the company is poised to continue its commitment to delivering excellence in vertical transportation consulting and inspection services. VDA takes pride in leveraging the collective expertise of its approximately 600 professionals to advocate for clients and ensure the safest, most efficient vertical transportation solutions.

About VDA

VDA stands out as a leading consulting and inspection firm for elevators and escalators, offering a comprehensive suite of services since its inception. With its legacy of excellence and innovation, VDA has positioned itself as a go-to partner for businesses navigating the complexities of vertical transportation systems. Through extensive collaboration and a client-centric focus, VDA continues to set the standard in the industry, ensuring safety and efficiency across diverse end markets.

About Keystone Capital

Founded in 1994, Keystone Capital specializes in investing personal capital into high-quality businesses with a long-term growth strategy. Currently managing over $1 billion in assets across two funds, Keystone remains dedicated to building partnerships that deliver substantial growth and value. With a history of over 50 platform investments and more than 200 completed acquisitions, Keystone is committed to supporting its portfolio companies in the commercial industrial services and technical services sectors, among others.

About Warren Equity Partners

Warren Equity Partners, established in 2015, focuses on investing in companies that provide crucial products and services in infrastructure and the built environment. With a diverse portfolio, the firm has completed over 215 transactions and manages $9.6 billion in assets. With offices spanning several major cities, Warren is well-positioned to continue its mission of supporting middle-market businesses.

For more information about VDA, visit www.vdassoc.com. To learn more about Keystone Capital, go to www.keystonecapital.com. More on Warren can be found at www.warrenequity.com.