Kelso Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Kelso has acquired 7 companies. It has also invested in 2 others.

Kelso’s most common sectors for investment arebusiness services (12%) and financial services (8%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (38%) and secondary buyout (28%). In total, Kelso has invested in 22 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2007 when it acquired Tervita for $3.5B.

In the last 3 years, Kelso has exited 9 companies. The Firm’s most common exit type is trade sale (46%). Kelso’s largest (disclosed) exit occurred in 2014 when it sold Wilton Re Holdings for $1.8B.

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M&A Summary

  • M&A Total Activity134
    • M&A Buy Activity81
    • M&A Sell Activity53
  • Total Sectors Invested 31
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 55
  • M&A Advisors 16

Kelso

Kelso & Co.

299 Park Avenue, 30th Floor,
New York, New York 10171
United States
(212) 350-7700
www.kelso.com

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Defense, Distribution, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Insurance, Manufacturing, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Publishing, Restaurants, Retail, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Going Private, Recapitalization, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.4/yr) # 69 3 3 3 2 1 81
vol $6.6B $6.6B
Sell (2.2/yr) # 42 2 5 2 - 2 53
vol $6.2B $372M $6.6B
  134

Most Recent M&A

Company Date Value Type
Bridgenext, Inc. 2024-02-01 - Buyout (LBO, MBO, MBI)
Jacksonville, Florida · www.bridgenext.com
Emtec, Inc. 2024-02-01 - Merger
Jacksonville, Florida · www.emtecinc.com
Augusta Sportswear, Inc. 2024-01-09 - Secondary Sale
Grovetown, Georgia · www.augustasportswear.com
Armada Materials LLC 2023-10-03 - Growth Capital
Tampa, Florida · www.armadamaterials.com
Valenz Health 2023-06-21 - Secondary Buyout
Phoenix, Arizona · www.valenzhealth.com
Emtec, Inc. 2022-09-06 - Secondary Buyout
Jacksonville, Florida · www.emtecinc.com
WilliamsMarston LLC 2022-08-11 - Growth Capital
Boston, Massachusetts · www.williamsmarston.com
PE GI Solutions 2022-06-01 - Trade Sale
Jamison, Pennsylvania · www.pegisolutions.com
Inovar Packaging Group LLC 2022-05-24 - Secondary Buyout
Dallas, Texas · www.inovarpackaging.com
Refresh Management LLC 2022-03-24 - Trade Sale
Jacksonville Beach, Florida · www.refreshmh.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Ferraro Foods, Inc. 2021-04-06 Botticelli Food Service 2024-10-09 2
Piscataway, New Jersey · www.ferrarofoods.com Commack, New York
Valenz Health 2023-06-21 Healthcare Bluebook, Inc. 2024-07-11 2
Phoenix, Arizona · www.valenzhealth.com Nashville, Tennessee · www.healthcarebluebook.com
Bridgenext, Inc. 2024-02-01 Emtec, Inc. 2024-02-01 2
Jacksonville, Florida · www.bridgenext.com Jacksonville, Florida · www.emtecinc.com
Risk Strategies Co., Inc. 2015-10-20 InterWest Insurance Services - Business Unit 2023-10-24 103
Boston, Massachusetts · www.risk-strategies.com , United States
Risk Strategies Co., Inc. 2015-10-20 First Insurance Group Ohio 2023-06-30 102
Boston, Massachusetts · www.risk-strategies.com Archbold, Ohio · www.firstinsurancegrp.com
Risk Strategies Co., Inc. 2015-10-20 Johnson Insurance Services LLC 2023-04-26 101
Boston, Massachusetts · www.risk-strategies.com , Wisconsin
Novvia Group 2021-09-09 J.F. Shelton Co. 2023-01-04 18
Atlanta, Georgia · www.novviagroup.com Kent, Washington · www.jfshelton.com
Risk Strategies Co., Inc. 2015-10-20 Relation Education Services 2022-10-17 100
Boston, Massachusetts · www.risk-strategies.com Walnut Creek, California
Eagle Family Foods Group LLC 2015-11-02 General Mills, Inc. - Helper and Suddenly Salad Brands 2022-05-25 3
Orrville, Ohio · www.eaglefoods.com Minneapolis, Minnesota
J.S. Held LLC 2019-05-20 Ocean Tomo LLC 2022-03-30 15
Jericho, New York · www.jsheld.com Chicago, Illinois · www.oceantomo.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (22%) - 9 (11%) 413M (6%)
Oil/Gas Exploration 1 (6%) - 6 (7%) 625M (10%)
Financial Services 2 (11%) - 6 (7%) 600M (9%)
Energy Services and Equipment - - 6 (7%) -
Insurance 3 (17%) 510M (100%) 5 (6%) 510M (8%)
Distribution 1 (6%) - 5 (6%) -
Information Technology 1 (6%) - 5 (6%) -
Packaging 2 (11%) - 4 (5%) 330M (5%)
Automotive - - 3 (4%) -
Healthcare Services - - 3 (4%) -
Environmental - - 2 (2%) 3.5B (53%)
Construction - - 2 (2%) 380M (6%)
Apparel/Textiles - - 2 (2%) -
Building Materials 1 (6%) - 2 (2%) -
Food 1 (6%) - 2 (2%) -
Manufacturing - - 2 (2%) -
Media - - 2 (2%) -
Medical Products 1 (6%) - 2 (2%) -
Forest Products - - 1 (1%) 218M (3%)
Beverages - - 1 (1%) -
Consumer Products - - 1 (1%) -
Consumer Services 1 (6%) - 1 (1%) -
Defense - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Engineering - - 1 (1%) -
Metals/Mining - - 1 (1%) -
Publishing - - 1 (1%) -
Restaurants - - 1 (1%) -
Software - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Transportation - - 1 (1%) -
Total 18 $510M 81 $6.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 16 (89%) - 70 (86%) 1.7B (26%)
  Texas 3 (17%) - 11 (14%) 600M (9%)
  Georgia 1 (6%) - 10 (12%) 330M (5%)
  Florida 2 (11%) - 9 (11%) -
  New York 2 (11%) - 9 (11%) -
  California - - 6 (7%) -
  New Jersey 2 (11%) - 4 (5%) -
  Massachusetts 2 (11%) - 2 (2%) -
  Illinois 1 (6%) - 2 (2%) 413M (6%)
  Pennsylvania 1 (6%) - 2 (2%) -
  Ohio 1 (6%) - 2 (2%) -
  Connecticut - - 2 (2%) -
  Arizona 1 (6%) - 1 (1%) -
  Louisiana - - 1 (1%) 380M (6%)
  Kansas - - 1 (1%) -
  Indiana - - 1 (1%) -
  Colorado - - 1 (1%) -
  West Virginia - - 1 (1%) -
  Tennessee - - 1 (1%) -
  Oklahoma - - 1 (1%) -
  North Dakota - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Nebraska - - 1 (1%) -
Canada - - 6 (7%) 4.3B (66%)
  Alberta - - 3 (4%) 4.1B (63%)
  Quebec - - 1 (1%) 218M (3%)
  Ontario - - 1 (1%) -
  British Columbia - - 1 (1%) -
Bermuda 2 (11%) 510M (100%) 3 (4%) 510M (8%)
Luxembourg - - 2 (2%) -
Domestic 16 (89%) - 70 (86%) 1.7B (26%)
Cross-border 2 (11%) 510M (100%) 11 (14%) 4.9B (74%)
Total 18 $510M 81 $6.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (17%) 510M (100%) 30 (37%) 1.5B (24%)
Secondary Buyout 6 (33%) - 22 (27%) 980M (15%)
Growth Capital 6 (33%) - 11 (14%) -
Going Private 1 (6%) - 4 (5%) 4.0B (62%)
Stake Purchase - - 4 (5%) -
Divestiture 1 (6%) - 3 (4%) -
PIPE - - 2 (2%) -
Recapitalization - - 2 (2%) -
Consolidation 1 (6%) - 1 (1%) -
Joint Venture - - 1 (1%) -
Venture - - 1 (1%) -
Total 18 $510M 81 $6.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 16 (30%) 4.5B (69%)
Secondary Sale 12 (23%) 1.8B (27%)
Trade Sale 10 (19%) 254M (4%)
IPO 7 (13%) -
Merger 5 (9%) -
Bankruptcy 2 (4%) -
Shut Down 1 (2%) -
Total 53 $6.6B

Top M&A Advisors

Financial Deals
Jefferies
 2
Credit Suisse Investment Banking
 2
Goldman Sachs
 1
Legal Deals
Debevoise & Plimpton
 17
Gibson, Dunn & Crutcher
 1
Skadden, Arps, Slate, Meagher & Flom
 1

Deal Values

buy # Total
> $1B 1 $3.5B
$100M to $1B 7 $3.1B
TOTAL $6.6B
Largest Tervita Corp.
$3.5B (2007-11-19)
sell # Total
> $1B 3 $4.1B
$100M to $1B 7 $2.5B
TOTAL $6.6B
Largest Wilton Re Holdings Ltd.
$1.8B (2014-03-21)

M&A Connections

Deals
Acquired from
Investor(s)
30%
24 (30%)
Strategic(s)
4%
3 (4%)
Exited to
Investor(s)
28%
15 (28%)
Strategic(s)
55%
29 (55%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

15.0B USD

Established

1971

Specialist/Generalist

Generalist

Leadership

Frank Nickell

Senior Advisory Partner

Phil Berney

Chairman

Christopher Collins

Co-CEO

Frank Loverro

Co-CEO

Joe Kopilak

Partner & CFO

FAQ

When was Kelso founded?

Kelso was founded in 1971.

What type of investor is Kelso ?

Kelso is a private equity firm.

Where is Kelso headquartered?

Kelso is headquartered in New York, New York.

How much capital does Kelso have under management?

Kelso has 15.0B USD under management.

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