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Footprint Capital Advises Keystone Compliance in Sale to Applus+, a Global Leader in Testing, Inspection, and Certification

Columbus, Ohio, November 18, 2024 – Keystone Compliance, LLC (“Keystone”) has been acquired by Applus+ Laboratories (“Applus”). Footprint Capital, LLC (“Footprint”) acted as the exclusive sell-side advisor in the transaction.

Founded in 2007, Keystone is a full-service regulatory compliance laboratory offering solutions for EMC / EMI, Environmental / Mechanical, and Package testing requirements with expertise spanning across various industries including electronics, medical devices, aerospace and defense, and energy. Keystone holds several accreditations including, but not limited to, ISO 17025 through the ANSI National Accreditation Board and package testing through the International Safe Transit Association. Keystone is based in New Castle, Pennsylvania with an additional location in Durham, North Carolina.

“From the first meeting, Footprint demonstrated an exceptional commitment to customizing the process to align with our goals of maintaining confidentiality, identifying a buyer who shared our values, and safeguarding the legacy of our company. Their team was indispensable throughout the entire process, not only leading the negotiations with prospective buyers but also collaborating closely with our internal team and our external advisors. We could not have achieved a successful transaction without their expertise and dedication”, said Tony Masone, Founder and Owner of Keystone.

Sam Mastovich, General Manager of Keystone Compliance, stated: “Working with the Footprint team was a great experience. They offered outstanding advice and timely communication throughout the entire process. Their seamless collaboration with me kept the process running smoothly and alleviated a lot of stress. Their professionalism is top-notch, and I would absolutely choose to work with them again."

This acquisition significantly enhances Applus’ presence in the United States, offering a full range of services for manufacturers seeking to meet product safety and reliability requirements for both North American and European markets.

Mauricio Úbeda, EVP of Applus+ Laboratories, commented: "The acquisition of Keystone Compliance signifies a continued bet on our US expansion strategy. By combining our existing capabilities with their expertise, we can now offer our clients a one-stop-shop service, further solidifying our position as a leading provider of testing and certification solutions in the American market."

Tucker Arensberg, P.C. served as Keystone’s primary legal counsel during the transaction.

ABOUT FOOTPRINT CAPITAL
Footprint Capital is a middle market investment bank with locations in Columbus, Ohio and Pittsburgh, Pennsylvania focused on advising owners and operators of privately held companies in the middle market. Footprint Capital’s services include sell-side and buy-side merger and acquisition advisory, private equity and family office deal origination services, ownership transition planning, debt advisory, and strategic management consulting. For more information, visit: www.footprintcapital.com. 

ABOUT APPLUS+
Applus+, based in Barcelona, Spain, is a global leader in testing, inspection, and certification generating over $2B in annual revenue and operating in over 70 countries with more than 26,000 employees. For more information, visit: www.applus.com.