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Deals

Project Keystone

Engineered hydraulic components · Precision manufacturing · Minnesota

2 items in Review Queue
  1. Teaser
  2. NDA
  3. CIM review
  4. IC review
  5. IOI
  6. Management meetings
  7. LOI
  8. Diligence

Revenue

$57M

EBITDA

$8.3M

Margin

14.6%

Ownership

Family-owned

Owner

Tom Brennan

Received

6 Oct 2026

Deal-breaker screen Fail

  • Customer concentrationFailLargest customer is 70% of revenue (CIM p. 23)
  • Margin profilePass14–15% for 3 years
  • CyclicalityFlagConstruction equipment end market
  • Ownership / managementPassSecond-generation CEO staying

Banker

Larkspur Capital Markets

Ryan Sutter · rsutter@larkspurcm.example

Source inbox · tom.brennan@ · received 6 Oct 2026

Documents

  • Keystone CIM.pdf
  • Data room – 96 files

Process timeline

  1. 18 SepTeaser – pursued
  2. 29 SepNDA signed
  3. 6 OctCIM and data room received

Decision history

  1. 19 SepPursue · Claire Whitman