In January 2003, Keystone acquired Atlas Die, Inc. ("Atlas"). Atlas is the market-leading manufacturer of custom-designed steel rule dies and chemically etched rotary dies and related tooling sold into the folding carton, label, business form, and crafts industries. In 2004, Keystone assisted Atlas in the acquisition of SDC International, the second largest steel rule die maker serving the packaging industry. In 2006, Atlas acquired Gardall Manufacturing Corp., which extended Atlas’s product offering into solid tooling.

In December 2000, Keystone acquired International Retail Services Group, Inc. ("IRSG"), an orphan subsidiary of the Avista Corporation. IRSG is a leading designer and producer of merchandise handling equipment for the apparel retail and commercial/light manufacturing industries. In 2008, Keystone assisted IRSG in the acquisition of MMI Medication Carts ("MMI"), a manufacturer of medication carts, dispensing systems and technology sold to long-term and acute healthcare customers. IRSG and MMI subsequently integrated to become Capsa Solutions, with the goal of becoming a leading provider of mobility and material handling solutions in diverse end markets. In November 2009, Keystone assisted Capsa Solutions in the acquisition of Artromick International, a leading manufacturer of medication carts, medical carts, and technology mobility solutions to the long-term care and acute care industries. Capsa Solutions is now positioned as a market leader in several niche markets, and is seeking continued growth through acquisitions of other mobility and material handling solutions.

In April 2005, Keystone acquired Controlled Products, Inc., a privately held family business. Controlled Products is a leading manufacturer of high quality synthetic turf products serving the athletic field, golf, tennis, and landscaping markets. After the acquisition, the founding family continues to be a meaningful shareholder of the new entity and remains in active management positions. In 2008, Controlled Products acquired Evergreen Synthetic Turf and Synthetic Turf International, making it one of the largest manufacturers of artificial turf products in North America.

Craft Cast Company, Inc. is a full service supplier of investment castings using a variety of ferrous and non-ferrous alloys. Craft Cast offers complete engineering support to its network of blue-chip customers, as well as value-added machining and assembly services. Craft Cast is pursuing acquisitions in the investment, sand and die-cast foundries as well as value-added machining and service capabilities.

In October 2006, Keystone partnered with the principals of Israel Berger & Associates ("IBA") to recapitalize the company. IBA is a leading building envelope consulting firm advising architects, developers, construction managers and property owners. IBA's highly trained staff of architects and engineers assists their clients around the world at all stages of construction, from conception to completion. In addition, IBA conducts investigations and evaluations of building envelopes on existing structures.

In January 2001, Keystone acquired Freed’s Bakery, Inc. ("Freed’s"), a privately held family business. Freed’s is a leading, nationwide supplier of cupcakes to grocery chain in-store bakeries. In July 2006, Keystone assisted Freed’s in the acquisition of Granny’s Kitchens, LTD, a leading supplier of donuts. In September 2009, Keystone assisted in the acquisition of Heartland Baking, LLC, a specialty supplier of thaw and serve cookies for the in-store bakery channel. The three companies are now operated collectively as Keystone Bakery Holdings.

In October 2008, Keystone acquired Rocore Holdings ("Rocore"), a leading designer and manufacturer of heat transfer products serving a diverse range of industry verticals, including power generation, heavy truck and transportation, industrial, construction and marine. Rocore is headquartered in Indianapolis, Indiana with multiple production facilities across the U.S.

In June 2004, Keystone acquired Vista International Packaging ("Vista"), an orphan subsidiary of Hormel Foods Corporation. Vista is a leading provider of artificial casings and film packaging products to a variety of specialty and broad-line food customers in the meat processing industry.

In March 2000, Keystone acquired Judson Infrared, an orphan division of PerkinElmer Incorporated. Renamed Judson Technologies, LLC, the Company is a leading manufacturer of detectors, sensors and related cooling packages and electronics for military, space satellite, telecommunication, industrial process control, and medical applications. Judson Technologies was sold to Teledyne Technologies in 2008.

In June 1999, Keystone acquired Polymicro Technologies, LLC ("Polymicro"). Polymicro is a leading manufacturer of glass capillary tubing, specialty optical fiber, related assemblies and precision glass pieces primarily used in analytical instrument, medical and telecommunication applications. Polymicro was sold to Molex Incorporated in 2007.

Keystone's professionals have an investment relationship with HMA (NYSE: HMA) that spans over twenty five years. In the late 1970s this relationship involved providing growth capital, in the late 1980s it involved providing leveraged buyout capital and in the late 1990s it involved opportunistically buying more of the company's publicly traded stock. HMA is the nation's leading owner and operator of acute care medical surgical hospitals in rural markets with 60 facilities, having grown from under $10 million to over $4 billion in revenues during the time of Keystone's relationship. Keystone continues to support the management of HMA as an active member of its board of directors.

In early 1995, Keystone simultaneously acquired four Record Masters businesses to serve as a platform for an industry consolidation in the medical records storage and retrieval market. By acquiring eight additional businesses over the next two and one-half years, Keystone built Record Masters into the nation's leading health care records management company providing outsourcing services to over 350 major hospitals in thirteen cities nationally. Keystone's professionals played an active day-to-day leadership role in building the Record Masters business through acquisition, start-up of new services, and aggressive internal growth. In order to both solidify and accelerate Record Masters' growth plans, Keystone merged it in late 1997 into Iron Mountain Incorporated (NYSE: IRM), the world's largest commercial records management company. Keystone continues to support the management of Iron Mountain as an active member of its board of directors.