Strata completes acquisition of Keystone Perfusion

Strata Critical Medical (SRTA), formerly known as Blade Air Mobility (BLDE), announced that it has completed the acquisition of Keystone Perfusion Services, one of the largest organ recovery and normothermic regional perfusion service providers to the transplant industry. Transaction Details: $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 of approximately $13 million; Keystone’s go forward Free Cash Flow 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.