Keystone Capital exits Capsa and Atlas Die

Keystone Capital recently exited Capsa Healthcare and Atlas Die. No financial terms were disclosed. Earlier this month, Levine Leichtman Capital Partners acquired Portland, Oregon-based Capsa, a provider of mobile workstations, medication management products and pharmacy automation solutions for healthcare settings. And, in late August, Auxo Investment Partners acquired Elkhart, Indiana-based Atlas Die, a maker of steel rule and rotary dies for the packaging and folding carton industries.


Keystone Capital is pleased to announce that it has successfully exited two of its long-standing portfolio companies in the past several weeks.

Capsa Healthcare, a leading provider of mobile workstations, medication management products, and pharmacy automation solutions for healthcare settings worldwide, was acquired by Levine Leichtman Capital Partners on September 8th. Headquartered in Portland, Oregon, Capsa’s workflow solutions improve efficiency and effectiveness for over 3,000 customers, including leading health systems, senior care communities, and major retail and institutional pharmacies. Capsa was the culmination of a 17-year investment horizon for Keystone, during which sales and EBITDA increased 13-fold through a combination of organic growth and add-on acquisitions.

The business originally began with Keystone’s purchase of IRSG Holdings in 2000, followed by the acquisitions of MMI Med Carts (2008), Artromick International (2009), Kirby Lester (2014), and Rubbermaid Healthcare (2015).

“Keystone’s success partnering with Capsa’s management team to build a market leading healthcare technology and equipment company is another terrific example of Keystone’s patient, long-term investment philosophy at work,” commented Scott Gwilliam, Managing Partner of Keystone Capital. “We wish the management team and Levine Leichtman the best with the business and are proud to have been partnered with Capsa for the past 17 years.”

Atlas Die, a manufacturer of steel rule and rotary dies for the packaging and folding carton industries, was acquired by Auxo Investment Partners on August 21. Headquartered in Elkhart, Indiana, Atlas pioneered the use of lasers in die production and has a broad product offering targeted at various converting industries, such as paperboard, labels, business forms, flexible circuits, greeting cards, and gaskets. Atlas was originally acquired by Keystone and Atlas management in January 2003. During the course of our 14-year investment horizon, Keystone led the acquisition of several strategic add-ons for Atlas, including Southeastern Die (2004) and Bernal (2013).

“Atlas is a great example of Keystone’s long-term investment philosophy,” commented David Greer, Managing Director of Keystone Capital. “We enjoyed our time with Ken Smott and the Atlas team, but we know that the business is well-positioned for the future under new ownership.”