Keensight Capital Takes Majority Ownership in Orthobiologics Firm Isto Biologics

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

Isto Biologics, founded in 2016, develops and manufactures orthobiologic products used in bone repair procedures, particularly in the spine. The company’s product lineup spans six areas of bone graft solutions, including allografts (donor tissue grafts), and is currently used in over 15,000 surgical procedures each month at more than 400 hospitals and clinics, primarily in the United States.

With TSCP’s backing, Isto expanded its product range and customer base both organically and through acquisitions, such as the purchase of Advanced Biologics in 2023.

Keensight plans to help accelerate Isto’s growth strategy both organically and through additional acquisitions, leveraging its international network and the Keensight Performance team.

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

Amit Karna and David Piccoli, Partners at Keensight Capital, added:
“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 5 years. 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.”

Jesse Klein, Managing Director at Thompson Street Capital Partners, concluded:
“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. We have been fortunate to partner with the Isto team and are delighted to be continuing our relationship, alongside Keensight, in this exciting next stage of growth.”

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