Keensight Capital (Keensight) is acquiring a majority stake in Isto Biologics (Isto) from Thompson Street Capital Partners (TSCP). TSCP will retain a minority stake, alongside Isto Biologics’ management team.

Neither Keensight nor TSCP disclosed the sale’s financial terms.

“Building on our successful collaboration with TSCP, we are looking forward to working with Keensight as we enter the next phase of our growth,” Isto Biologics CEO Don Brown and President Brian Barnes said. “Our focus is on helping patients heal faster, and we are excited to bring our solutions to more hospitals and patients. Keensight’s sector expertise and global platform will help us to pursue an ambitious strategy to increase our geographical reach and product offerings.”

Founded in 2016, Isto Biologics is a regenerative medtech company developing and manufacturing orthobiologic products. The firm’s product offering covers six functional areas of bone graft solutions, and includes a range of allografts that are used for spinal bone repair. Isto sells its products to more than 400 hospitals and clinics, which the institutions use in 15,000 surgical procedures per month, primarily in the United States.

With the support of TSCP, Isto has rapidly grown its product offerings and client base, both organically and through select M&A activity, including the purchase of Advanced Biologics in 2023.

“Our partnership with Isto has been extremely successful. Together, we have been able to grow Isto’s suite of products, both organically and through acquisitions, and better leverage the company’s commercial engine to expand the customer base,” TSCP Managing Director Jesse Klein stated. “We have been fortunate to partner with the Isto team and are delighted to be continuing our relationship, alongside Keensight, in this next stage of growth.”

Keensight has a solid track record of medtech investments, including in the spine, orthopedics and orthobiologics fields. Keensight will leverage its experience and expertise to further grow Isto into a global leader in biomaterials for tissue regeneration. Through its extensive international network and with the support of the Keensight Performance team, Keensight will contribute to accelerating Isto’s growth strategy, both organically and through acquisitions.

“We have been investors in the biomaterials, orthopedics, spine and bone repair segments for over 20 years, and have been tracking Isto specifically for more than five years,” Keensight Capital Partners Amit Karna and David Piccoli commented. “Isto is the perfect example of a Keensight healthcare investment: a company that offers proven technology which is improving patient lives, while delivering sustainable and profitable growth. We are very excited to support Isto with its continued domestic success and international expansion.”

Keensight Capital a European growth buyout firm that supports entrepreneurs as they implement their growth strategies. With more than 25 years of experience and €5.5 billion of assets under management, Keensight Capital’s professional team leverages its differentiated private equity experience to invest in profitably growing companies generating revenues in the range of €10 million to €400 million. Drawing on its expertise in the technology and healthcare sectors, Keensight identifies the best investment opportunities in Europe and works closely with management teams providing capital, strategic guidance, and operational support. Keensight operates in more than 90 countries globally with a presence in Paris, London, Boston, and Singapore.

Thompson Street Capital Partners is a middle-market private equity firm that helps transform businesses into market leaders. Based in St. Louis, Mo., TSCP invests globally in the life sciences and healthcare, software and technology, business and consumer services, and products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and through complementary acquisitions.

Isto Biologics is a biologics and cellular therapy company. Focused on Helping Patients Heal Faster through bone regeneration solutions and cell-based therapies, Isto provides innovative biologics offerings. From its inception around its flagship autologous cellular solution, the Magellan Autologous Platelet Separator, Isto has grown through developing complete bone grafting options touching all categories of bone grafts; InQu Bone Graft Extender and Substitute; Influx Advanced Allograft Technology including Fibrant Functional Allograft Constructs, SPARC Integrative Bone Matrix, and ProteiOS Allograft-Derived Proteins.