Strata Acquires Keystone Perfusion (~9.5x EBITDA)
- Will Hamilton
- Sep 17, 2025
- 2 min read
Updated: 1 day ago
On September 16, 2025, Strata Critical Medical, Inc. (Nasdaq: SRTA) announced the acquisition of Keystone Perfusion Services LLC, a leading provider of organ recovery and normothermic regional perfusion (NRP) services, in a transaction valued at approximately $124 million in upfront consideration. The purchase price was paid roughly 88 % in cash and 12 % in Strata common stock, and Strata agreed to additional contingent earn‑outs of up to $23 million tied to future gross profit growth through 2028. Keystone’s senior management will remain with Strata post‑close, aligning leadership continuity with execution of the growth strategy.
The acquisition expands Strata’s capabilities by integrating Keystone’s perfusion and recovery services with Strata’s existing air and ground logistics and organ placement platform through its Trinity Medical Solutions subsidiary, effectively creating a vertically integrated organ transplant and critical medical services provider. Beyond the transplant market, Keystone’s non‑transplant perfusion and cardiovascular services, which account for more than half of its revenue, provide Strata with access to broader hospital service lines and a diversified addressable market. The strategic combination positions Strata to offer a unique end‑to‑end solution for transplant centers, organ procurement organizations, and cardiovascular care providers while driving organic growth and future M&A opportunities in a fragmented clinical services landscape.
Outsourced Services EBITDA Multiples
Keystone is expected to generate about $65 million in revenue and $13 million in adjusted EBITDA in 2025, with revenue projected to grow more than 50 % year‑over‑year, with strong anticipated free cash flow conversion. The multiples work out to approximately 1.9x revenue and 9.5x EBITDA.
Healthcare Outsourced Services M&A Deal Volume
The number of announced provider outsourced services deals increased slightly in 2025 breaking a two consecutive year trend of small declines. Volume averaged 64 per quarter in 2025, up from 62 per quarter in 2024. The billing / revenue cycle sub-segment was the best performer, with most other segments posting results that approximated the prior year.
Other Outsourced Services Deals
Read Scope Research's take on other outsourced services to the healthcare industry M&A transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 283 outsourced services deals, segmented by type, including 219 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.