Kevin Overby

Kevin S. Overby is a Principal at Keystone Capital, a Chicago-based private equity firm founded in 1994 that invests in high-quality, market-leading lower-middle-market businesses. He joined Keystone in 2016 as an Associate, was promoted to Vice President in 2019, and now holds the title of Principal. Since joining, he has played a leadership role across three platform investments as well as several add-on acquisitions.

Before Keystone, Overby worked as an investment banking analyst in the Technology & Business Services group at Robert W. Baird & Co., where he focused on mergers and acquisitions, equity offerings, and other financial advisory services for public and private companies. Prior to Baird, he was an Investment Analyst at Aether Investment Partners in Denver.

Overby earned a B.A. in History from the University of North Carolina at Chapel Hill (2008–2012). He is based in the Greater Chicago area.

At Keystone, he has been closely involved in building out portfolio companies through buy-and-build strategies — most notably supporting the transformation of plant-based foods platform Keystone Natural Holdings through three add-on acquisitions and organic growth initiatives, and helping lead the firm's platform investment in KENDELL Doors & Hardware.

• Invests as a control/majority private equity investor in established, profitable lower-middle-market companies — not an angel or seed-stage investor.
• Targets businesses with approximately $3M–$20M of EBITDA, primarily privately held and U.S.-based.
• Focus sectors include specialty manufacturing, business services/outsourcing, food processing & ingredients, publishing, instrumentation, optical components, and healthcare products/services.
• Pursues a platform-plus-add-on "buy-and-build" strategy; Overby's own deals reflect this (multiple bolt-on acquisitions under Keystone Natural Holdings and KENDELL).
• Emphasizes "patient capital" with no artificial time horizon — Keystone states it is "single-mindedly focused on working together with business leaders to create long-term value," retaining and partnering with existing management ("existing management possesses inherent knowledge that is difficult if not impossible to replicate") and offering a "roll-up-our-sleeves" operating mentality.
• Known for speed and certainty of close — the firm markets its ability to close middle-market acquisitions in "30 days or less."
• Will not invest in start-ups, turnarounds, commodities, defense/government contractors, retail stores, or restaurants.