Strata Critical Medical acquires Keystone Perfusion for $124 million

Strata Critical Medical Inc. (NASDAQ: SRTA) completed the acquisition of Keystone Perfusion Services LLC for $124 million, the company announced. The acquisition consists of approximately 88% cash and 12% stock consideration.

Keystone Perfusion provides organ recovery and normothermic regional perfusion services to the transplant industry, as well as perfusion services for non-transplant hospital surgeries. The company is expected to generate approximately $65 million in revenue and $13 million in adjusted EBITDA for 2025, with revenue projected to grow more than 50% compared to 2024.

The acquisition represents approximately 9 times Keystone's estimated 2025 adjusted EBITDA. Keystone's management team, including founder and CEO Louis Verdetto, will remain in their current roles following the transaction.

The deal includes potential earn-out payments of up to $23 million through 2028, contingent on achieving approximately 25% gross profit growth annually in 2026, 2027, and 2028. Stock consideration is subject to a minimum four-year lock-up period.

Strata updated its 2025 financial guidance to reflect the acquisition impact from the closing date forward. The company projects revenue of $180 million to $190 million and adjusted EBITDA of $13 million to $14 million for 2025.

More than half of Keystone's revenue comes from non-transplant-related services, representing an expansion into new healthcare markets for Strata. The acquisition follows a multi-year partnership between the companies during which Keystone recovered hundreds of organs for Strata customers.

Strata, formerly known as Blade Air Mobility Inc., divested its passenger business and now focuses on medical logistics and specialized healthcare services through subsidiaries including Trinity Medical Solutions.

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