Audax Private Equity recapitalizes Keystone

● PLATFORM | OTHER

JANUARY 15, 2026

Audax Private Equity recapitalizes Keystone

TARGET

Keystone provides economics, strategy, and technology advisory consulting to global technology enterprises, law firms, and regulators on competition, litigation, and regulatory matters.

Ownership	PE-backed
Prior owner	RLH Equity Partners
Investors	RLH Equity Partners
Capital raised	$100 million
Headcount	456 FTEs
Headquarters	San Francisco, California
Leadership	Jeff Marowits, CEO Greg Richards, former Keystone CEO and CEO of Keystone.AI (Keystone.AI)
Sell-side leads	Kevin Cantrell, Managing Director (RLH Equity Partners)
Sell-side advisor	Guggenheim Securities; Goldman Sachs & Co.

ACQUIRER

Audax Private Equity

Ownership	—
Buy-side advisor	—

Share deal Copy details View press release ↗

Audax Private Equity -> Keystone  (2026-09-11)
recapitalization | Other | announced
Target: Keystone provides economics, strategy, and technology advisory consulting to global technology enterprises, law firms, and regulators on competition, litigation, and regulatory matters.
Website: keystone.com | Buyer site: audaxprivateequity.com
HQ: San Francisco, California | Ownership: pe-backed | Seller: RLH Equity Partners
Advisors - Sell-side: Guggenheim Securities; Goldman Sachs & Co.
Source: Thematic - https://thematichq.com/software/d/audax-private-equity-keystone.html

Spotted an error or advised on this transaction? Claim credit or send a correction

MORE IN OTHER

Epiris takes Gamma Communications private

£1.079bn Enterprise Value — UCaaS and contact-centre-as-a-service platform delivering hosted telephony, SIP trunking, connectivity and cloud PBX to UK and European B2B customers via channel partners and direct

SenseNet acquires N5 Sensors' Wildfire Business

IoT sensor network and AI cloud platform (N5SHIELD) for early wildfire detection, serving fire departments, federal agencies, utilities, and municipalities across the U.S

EQT Consortium (BPEA Private Equity Fund IX) (EQT) takes Kakaku.com private

Est. ¥706B (~$4.5B) Deal Value — Japanese internet marketplace operator running price comparison platform Kakaku.com, restaurant discovery and reservation service Tabelog, and job search platform Kyujin Box

VALD (FTV Capital) acquires BridgeAthletic

Strength and conditioning software for coaches and trainers at professional teams, collegiate programs, and personal training facilities to design, deliver, and track custom training programs

SCP Standard Capital Partners AG (Blackmars Capital GmbH) acquires Vanea Technologies GmbH and Nocturne Technologies GmbH

Vanea Technologies develops autonomous-warfare defence solutions; Nocturne Technologies (Nocturne Defence) develops civilian and military counter-UAS drone defence systems for security and military customers

Geoxyz (Virya Energy) acquires DotOcean

Autonomous vessel control and situational awareness software for maritime operators, port authorities, survey and dredging companies, and defence organisations

Browse the full register →

PAST ISSUES CONTACT

Thematic is a news publication, not an investment adviser. Nothing here is investment advice or a recommendation to buy or sell any security. Researched and compiled by Thematic; accuracy and completeness are not guaranteed.