In January of 2003, Keystone acquired the assets of Atlas Die, Inc. 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 January 2004, Keystone assisted Atlas in the acquisition of SDC International, the second largest steel rule die maker serving the packaging industry.

In April of 2005, Keystone acquired Controlled Products, Inc., a privately held family business. Controlled Products has been a leading manufacturer of high quality synthetic turf products since 1990 serving the athletic field, golf, tennis, and landscaping markets. After the acquisition, the founding family continues to be meaningful shareholders of the new entity and remains in active management positions.

In January of 2001, Keystone acquired Freed's Bakery, Inc., a privately held family business. Freed's is a leading, nationwide supplier of niche wholesale baked goods 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 wholesale baked goods. The two companies are operated jointly under the umbrella of Keystone Bakery Holdings.

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, they conduct investigations and evaluations of building envelopes on existing structures.

In December of 2000, Keystone acquired International Retail Services Group, Inc., an orphan subsidiary of the Avista Corporation. IRSG is a leading designer and producer of merchandise handling equipment for the retail apparel and health care industries. In April 2006, Keystone assisted IRSG in the acquisition of Richmark Technologies, LLC a manufacturer of proprietary material handling equipment for the health care industry.

In March of 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.

In February of 2006, Keystone Directories, LLC was established by the acquisition and combination of Bayou Pages, LLC and Gulfstream Directories, LLC. Keystone Directories is a leading publisher of high quality independent yellow pages and serves as an active investment platform for further industry acquisitions.

In June 2004, Keystone acquired the assets of Vista International Packaging, 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.

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.