Houlihan Lokey Advises VDA

Houlihan Lokey is pleased to announce that VDA, Inc., a portfolio company of Keystone Capital Management, LP (Keystone), has been acquired by funds managed by Warren Equity Partners, LP (Warren).

VDA is a leading elevator and escalator consulting and inspection firm in the United States, Canada, and the United Kingdom, 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 lifecycle, 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.

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 more than $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 and industrial services, food and beverage, industrial technology, professional services, and technical services.

Warren 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, Warren has completed more than 215 transactions to date and manages $9.6 billion in assets. Warren has offices in Jacksonville Beach, Florida; New York; Houston; and London.

Houlihan Lokey served as the lead financial advisor and assisted in marketing, structuring, and negotiating the transaction on behalf of VDA and Keystone. This transaction exemplifies Houlihan Lokey’s unique combination of expertise across a nexus of engineering and consulting, testing, inspection, certification, and compliance, and facility services disciplines.

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