Strata Critical Medical Acquires Keystone for $124 Million to Establish Integrated Organ Recovery Platform, Diversify into Other Med Services

(New York, New York) Strata Critical Medical, Inc. (NASDAQ: SRTA), formerly the medical transportation division of Blade Air Mobility, Inc. (NASDAQ: BLDE), announced this morning (Sept. 16) that it completed the acquisition of Keystone Perfusion Services LLC, one of the largest organ recovery and normothermic regional perfusion (NRP) service providers to the transplant industry, and an industry leader in perfusion and other critical medical solutions for hospitals in non-transplant surgeries worldwide, per Strata; the $124 million in upfront consideration paid by Strata consists of approximately 88% cash and 12% stock.

Photo courtesy of Strata Critical Medical, Inc..

The acquisition aims to create the only full-service organ transplant service provider offering surgical recovery, NRP services, air and ground logistics and organ placement services while supporting any preservation or machine perfusion provider a customer may choose, according to today’s press release from Strata.

The acquisition follows a multi-year partnership between Strata and Keystone whereby Keystone has successfully recovered hundreds of organs on behalf of Strata customers, per Strata.

Deal notes, per Strata:

• "Keystone is expected to generate approximately $65 million of revenue and approximately $13 million of Adjusted EBITDA(1) in the full-year 2025, with revenue expected to grow more than 50% in 2025 versus 2024.
• The $124 million acquisition represents an approximate 9x multiple of 2025 estimated Adjusted EBITDA
• Keystone’s go forward Free Cash Flow conversion is expected to be approximately 80%"

“Having partnered with Lou, Mike, Christie and the entire Keystone team for hundreds of successful organ recoveries using NRP, we’ve had a front-row seat to their unmatched skill coupled with leading tech-enabled communication and quality control,” said Strata Co-CEO Will Heyburn. “Like our acquisition of Trinity, this opportunity was born out of the mutual respect and trust we built through a successful commercial relationship, giving us the first-hand experience we need to offer Keystone’s services to our nationwide customer base with absolute confidence.”

Keystone Perfusion CEO Louis Verdetto said: “Clients are seeking a trusted partner that not only delivers clinical expertise and exceptional service but a comprehensive solution encompassing rapidly deployable surgical and perfusion teams, equipment, logistics support, disposables, and critical transportation. By joining Strata, Keystone becomes part of a platform built to do exactly that—across transplant services, perfusionist staffing for cardiac surgery, and the broader hospital sector.”

Additional transaction details, per Strata:

• "$124 million in upfront consideration consists of approximately 88% cash and 12% stock
• Stock consideration is subject to a minimum four-year lock-up, extended to seven years if Keystone management does not remain employed by Strata for a minimum of three years post-close
• Upfront consideration represents an approximate 9x multiple of 2025 estimated Adjusted EBITDA(1) of approximately $13 million; Keystone’s go forward Free Cash Flow(1) conversion is expected to be approximately 80%
• By achieving gross profit growth of approximately 25% in each of 2026, 2027, and 2028, Keystone management may receive up to $23 million in earn-outs, paid in cash or up to 50% stock at Strata’s option
• Founder and CEO Louis Verdetto, Michael Hancock and Christie Campbell all will remain in their current roles at Keystone post-closing and are eligible to participate in earn-out payments through 2028
• Additional information can be found in Strata’s acquisition presentation and 8-K, available at ir.srta.com"

Strata updated its 2025 financial guidance to reflect the Keystone acquisition; details can be found here.

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