Welsh Carson Anderson & Stowe Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Welsh Carson Anderson & Stowe has acquired 10 companies. It has also invested in 3 others.

Welsh Carson Anderson & Stowe’s most common sectors for investment arehealthcare services (34%) and information technology (16%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (41%) and secondary buyout (20%). In total, Welsh Carson Anderson & Stowe has invested in 30 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2002 when it acquired Dex Media for $7.1B.

In the last 3 years, Welsh Carson Anderson & Stowe has exited 10 companies. The Firm’s most common exit type is trade sale (59%). Welsh Carson Anderson & Stowe’s largest (disclosed) exit occurred in 2013 when it sold Bausch & Lomb for $8.7B.

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M&A Summary

M&A Total Activity176
- M&A Buy Activity101
- M&A Sell Activity75
Total Sectors Invested 17
Total Countries Invested 5
M&A Buy/Sell Connections 76
M&A Advisors 27

Welsh, Carson, Anderson & Stowe

599 Lexington Ave. Suite 1800,
New York, New York 10022
United States
(212) 893-9500
www.welshcarson.com

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

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (3.0/yr)	#	86	3	6	4	2	-	101
vol	$29.6B		$300M		$800M		$30.7B
Sell (2.4/yr)	#	63	2	5	3	-	2	75
vol	$37.0B						$37.0B
	176

Year

≤ '19

'20

'21

'22

'23

'24

Buy (3.0/yr)

101

vol

$29.6B

$300M

$800M

$30.7B

Sell (2.4/yr)

vol

$37.0B

176

Company	Date	Value	Type
Revel Systems, Inc.	2024-06-14	-	Trade Sale
San Francisco, California · www.revelsystems.com
Avetta LLC	2024-04-02	-	Secondary Sale
Lehi, Utah · www.avetta.com
EquiLend Holdings LLC	2023-12-07	800M USD	Buyout (LBO, MBO, MBI)
New York, New York · www.equilend.com
ImageTrend, Inc.	2023-02-10	-	Growth Capital
Lakeville, Minnesota · www.imagetrend.com
United Musculoskeletal Partners	2022-07-20	-	Consolidation
Atlanta, Georgia · www.umpartners.com
Green Street Advisors, Inc.	2022-07-19	-	Secondary Sale
Newport Beach, California · www.greenstreetadvisors.com
Alert Logic, Inc.	2022-03-09	-	Trade Sale
Houston, Texas · www.alertlogic.com
LIBERTY Dental Plan Corp.	2022-03-02	-	Buyout (LBO, MBO, MBI)
Irvine, California · www.libertydentalplan.com
EMS LINQ, Inc.	2022-01-12	-	Buyout (LBO, MBO, MBI)
Wilmington, North Carolina · www.linq.com
Norstella	2022-01-01	-	Buyout (LBO, MBO, MBI)
Yardley, Pennsylvania · www.norstella.com
View All >>

Company

Date

Value

Type

Revel Systems, Inc.

2024-06-14

Trade Sale

San Francisco, California · www.revelsystems.com

Avetta LLC

2024-04-02

Secondary Sale

Lehi, Utah · www.avetta.com

EquiLend Holdings LLC

2023-12-07

800M USD

Buyout (LBO, MBO, MBI)

New York, New York · www.equilend.com

ImageTrend, Inc.

2023-02-10

Growth Capital

Lakeville, Minnesota · www.imagetrend.com

United Musculoskeletal Partners

2022-07-20

Consolidation

Atlanta, Georgia · www.umpartners.com

Green Street Advisors, Inc.

2022-07-19

Secondary Sale

Newport Beach, California · www.greenstreetadvisors.com

Alert Logic, Inc.

2022-03-09

Trade Sale

Houston, Texas · www.alertlogic.com

LIBERTY Dental Plan Corp.

2022-03-02

Buyout (LBO, MBO, MBI)

Irvine, California · www.libertydentalplan.com

EMS LINQ, Inc.

2022-01-12

Buyout (LBO, MBO, MBI)

Wilmington, North Carolina · www.linq.com

Norstella

2022-01-01

Buyout (LBO, MBO, MBI)

Yardley, Pennsylvania · www.norstella.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Norstella	2022-01-01	Citeline	2022-11-01	2
Yardley, Pennsylvania · www.norstella.com	New York, New York · www.citeline.com
Norstella	2022-01-01	Evaluate Ltd.	2022-05-03	1
Yardley, Pennsylvania · www.norstella.com	London, United Kingdom · www.evaluate.com
EnableComp LLC	2021-09-23	EnableComp LLC (Old)	2021-12-20	2
Franklin, Tennessee · www.enablecomp.com	Franklin, Tennessee · www.enablecomp.com

Company

Acquired

Add-On/Sale

Date

Norstella

2022-01-01

Citeline

2022-11-01

Yardley, Pennsylvania · www.norstella.com

New York, New York · www.citeline.com

Norstella

2022-01-01

Evaluate Ltd.

2022-05-03

Yardley, Pennsylvania · www.norstella.com

London, United Kingdom · www.evaluate.com

EnableComp LLC

2021-09-23

EnableComp LLC (Old)

2021-12-20

Franklin, Tennessee · www.enablecomp.com

Sector	Current #	Value	All-time #	Value
Healthcare Services	8 (35%)	300M (26%)	35 (34%)	14.2B (46%)
Information Technology	3 (13%)	-	16 (16%)	683M (2%)
Business Services	1 (4%)	-	11 (11%)	-
Medical Products	-	-	7 (7%)	4.9B (16%)
Internet Software and Services	3 (13%)	-	6 (6%)	56M (< 1%)
Software	2 (9%)	-	6 (6%)	-
Life Science	3 (13%)	53M (5%)	4 (4%)	53M (< 1%)
Financial Services	1 (4%)	800M (69%)	3 (3%)	800M (3%)
Consumer Services	1 (4%)	-	3 (3%)	500M (2%)
Marketing	-	-	2 (2%)	7.1B (23%)
Communications	-	-	2 (2%)	1.9B (6%)
Information Services	1 (4%)	-	2 (2%)	-
Insurance	-	-	2 (2%)	-
Publishing	-	-	1 (1%)	525M (2%)
Staffing	-	-	1 (1%)	-
Technology Hardware	-	-	1 (1%)	-
Transportation	-	-	1 (1%)	-
Total	23	$1.2B	103	$30.7B

Sector

Current #

Value

All-time #

Value

Healthcare Services

8 (35%)

300M (26%)

35 (34%)

14.2B (46%)

Information Technology

3 (13%)

16 (16%)

683M (2%)

Business Services

1 (4%)

11 (11%)

Medical Products

7 (7%)

4.9B (16%)

Internet Software and Services

3 (13%)

6 (6%)

56M (< 1%)

Software

2 (9%)

6 (6%)

Life Science

3 (13%)

53M (5%)

4 (4%)

53M (< 1%)

Financial Services

1 (4%)

800M (69%)

3 (3%)

800M (3%)

Consumer Services

1 (4%)

3 (3%)

500M (2%)

Marketing

2 (2%)

7.1B (23%)

Communications

2 (2%)

1.9B (6%)

Information Services

1 (4%)

2 (2%)

Insurance

2 (2%)

Publishing

1 (1%)

525M (2%)

Staffing

1 (1%)

Technology Hardware

1 (1%)

Transportation

1 (1%)

Total

$1.2B

103

$30.7B

State/Country	Current #	Value	All-time #	Value
United States	21 (91%)	1.1B (95%)	98 (95%)	30.2B (98%)
	Tennessee	3 (13%)	-	11 (11%)	-
	Texas	2 (9%)	-	9 (9%)	11.2B (36%)
	New York	2 (9%)	800M (69%)	8 (8%)	6.0B (19%)
	Pennsylvania	2 (9%)	-	7 (7%)	2.3B (7%)
	North Carolina	2 (9%)	-	7 (7%)	1.6B (5%)
	California	2 (9%)	-	7 (7%)	500M (2%)
	Kentucky	1 (4%)	-	4 (4%)	4.1B (13%)
	Minnesota	1 (4%)	-	4 (4%)	421M (1%)
	Georgia	1 (4%)	-	4 (4%)	-
	Florida	-	-	4 (4%)	850M (3%)
	Colorado	1 (4%)	-	3 (3%)	525M (2%)
	Ohio	-	-	3 (3%)	475M (2%)
	Virginia	-	-	3 (3%)	-
	Connecticut	-	-	3 (3%)	-
	Massachusetts	2 (9%)	-	2 (2%)	-
	Illinois	1 (4%)	300M (26%)	2 (2%)	300M (1%)
	District of Columbia	1 (4%)	-	2 (2%)	-
	New Jersey	-	-	2 (2%)	1.9B (6%)
	Washington	-	-	2 (2%)	-
	Oklahoma	-	-	1 (1%)	56M (< 1%)
	Arizona	-	-	1 (1%)	-
	Utah	-	-	1 (1%)	-
	Nevada	-	-	1 (1%)	-
	Missouri	-	-	1 (1%)	-
	Maryland	-	-	1 (1%)	-
	Louisiana	-	-	1 (1%)	-
	Kansas	-	-	1 (1%)	-
	Iowa	-	-	1 (1%)	-
	Idaho	-	-	1 (1%)	-
United Kingdom	1 (4%)	53M (5%)	2 (2%)	464M (2%)
Canada	1 (4%)	-	1 (1%)	-
	Alberta	1 (4%)	-	1 (1%)	-
Austria	-	-	1 (1%)	-
Netherlands	-	-	1 (1%)	-
Domestic	21 (91%)	1.1B (95%)	98 (95%)	30.2B (98%)
Cross-border	2 (9%)	53M (5%)	5 (5%)	464M (2%)
Total	23	$1.2B	103	$30.7B

State/Country

Current #

Value

All-time #

Value

United States

21 (91%)

1.1B (95%)

98 (95%)

30.2B (98%)

Tennessee

3 (13%)

11 (11%)

Texas

2 (9%)

9 (9%)

11.2B (36%)

New York

2 (9%)

800M (69%)

8 (8%)

6.0B (19%)

Pennsylvania

2 (9%)

7 (7%)

2.3B (7%)

North Carolina

2 (9%)

7 (7%)

1.6B (5%)

California

2 (9%)

7 (7%)

500M (2%)

Kentucky

1 (4%)

4 (4%)

4.1B (13%)

Minnesota

1 (4%)

4 (4%)

421M (1%)

Georgia

1 (4%)

4 (4%)

Florida

4 (4%)

850M (3%)

Colorado

1 (4%)

3 (3%)

525M (2%)

Ohio

3 (3%)

475M (2%)

Virginia

3 (3%)

Connecticut

3 (3%)

Massachusetts

2 (9%)

2 (2%)

Illinois

1 (4%)

300M (26%)

2 (2%)

300M (1%)

District of Columbia

1 (4%)

2 (2%)

New Jersey

2 (2%)

1.9B (6%)

Washington

2 (2%)

Oklahoma

1 (1%)

56M (< 1%)

Arizona

1 (1%)

Utah

1 (1%)

Nevada

1 (1%)

Missouri

1 (1%)

Maryland

1 (1%)

Louisiana

1 (1%)

Kansas

1 (1%)

Iowa

1 (1%)

Idaho

1 (1%)

United Kingdom

1 (4%)

53M (5%)

2 (2%)

464M (2%)

Canada

1 (4%)

1 (1%)

Alberta

1 (4%)

1 (1%)

Austria

1 (1%)

Netherlands

1 (1%)

Domestic

21 (91%)

1.1B (95%)

98 (95%)

30.2B (98%)

Cross-border

2 (9%)

53M (5%)

5 (5%)

464M (2%)

Total

$1.2B

103

$30.7B

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	8 (35%)	1.1B (95%)	42 (41%)	2.0B (7%)
Secondary Buyout	5 (22%)	-	20 (19%)	4.7B (15%)
Growth Capital	6 (26%)	-	12 (12%)	-
Going Private	1 (4%)	53M (5%)	7 (7%)	14.9B (49%)
PIPE	-	-	6 (6%)	-
Divestiture	1 (4%)	-	4 (4%)	8.6B (28%)
Recapitalization	-	-	3 (3%)	421M (1%)
Venture	-	-	3 (3%)	-
Consolidation	1 (4%)	-	2 (2%)	-
Stake Purchase	-	-	2 (2%)	-
Joint Venture	1 (4%)	-	1 (1%)	-
Special Situations/Distressed	-	-	1 (1%)	-
Total	23	$1.2B	103	$30.7B

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

8 (35%)

1.1B (95%)

42 (41%)

2.0B (7%)

Secondary Buyout

5 (22%)

20 (19%)

4.7B (15%)

Growth Capital

6 (26%)

12 (12%)

Going Private

1 (4%)

53M (5%)

7 (7%)

14.9B (49%)

PIPE

6 (6%)

Divestiture

1 (4%)

4 (4%)

8.6B (28%)

Recapitalization

3 (3%)

421M (1%)

Venture

3 (3%)

Consolidation

1 (4%)

2 (2%)

Stake Purchase

2 (2%)

Joint Venture

1 (4%)

1 (1%)

Special Situations/Distressed

1 (1%)

Total

$1.2B

103

$30.7B

Type	Total #	Value
Trade Sale - Public Company	33 (44%)	28.9B (78%)
Secondary Sale	14 (19%)	5.2B (14%)
Trade Sale	12 (16%)	2.2B (6%)
IPO	10 (13%)	-
Bankruptcy	3 (4%)	-
Merger	2 (3%)	702M (2%)
Unknown	1 (1%)	-
Total	75	$37.0B

Type

Total #

Value

Trade Sale - Public Company

33 (44%)

28.9B (78%)

Secondary Sale

14 (19%)

5.2B (14%)

Trade Sale

12 (16%)

2.2B (6%)

IPO

10 (13%)

Bankruptcy

3 (4%)

Merger

2 (3%)

702M (2%)

Unknown

1 (1%)

Total

$37.0B

Financial	Deals
Evercore Group	3
Morgan Stanley	2
Lazard Ltd.	2

Financial

Deals

Evercore Group

Morgan Stanley

Lazard Ltd.

Legal	Deals
Ropes & Gray	16
Kirkland & Ellis	7
Mintz Levin Cohn Ferris Glovsky and Popeo PC	2

Legal

Deals

Ropes & Gray

Kirkland & Ellis

Mintz Levin Cohn Ferris Glovsky and Popeo PC

buy	#	Total
> $1B	9	$25.4B
$100M to $1B	10	$5.2B
< $100M	2	$109M
TOTAL	$30.7B
Largest	Dex Media, Inc. (inactive) $7.1B (2002-08-19)

buy

Total

> $1B

$25.4B

$100M to $1B

$5.2B

< $100M

$109M

TOTAL

$30.7B

Largest

Dex Media, Inc. (inactive)
$7.1B (2002-08-19)

sell	#	Total
> $1B	9	$23.8B
$100M to $1B	22	$13.0B
< $100M	2	$150M
TOTAL	$37.0B
Largest	Bausch & Lomb, Inc. $8.7B (2013-05-27)

sell

Total

> $1B

$23.8B

$100M to $1B

$13.0B

< $100M

$150M

TOTAL

$37.0B

Largest

Bausch & Lomb, Inc.
$8.7B (2013-05-27)

		Deals
Acquired from
Investor(s)	20%	21 (20%)
Strategic(s)	4%	4 (4%)
Exited to
Investor(s)	19%	14 (19%)
Strategic(s)	63%	47 (63%)

Deals

Acquired from

Investor(s)

21 (20%)

Strategic(s)

4 (4%)

Exited to

Investor(s)

14 (19%)

Strategic(s)

47 (63%)

FAQ

When was Welsh, Carson, Anderson & Stowe founded?

Welsh, Carson, Anderson & Stowe was founded in 1979.

What type of investor is Welsh, Carson, Anderson & Stowe?

Welsh, Carson, Anderson & Stowe is a private equity firm.

Where is Welsh, Carson, Anderson & Stowe headquartered?

Welsh, Carson, Anderson & Stowe is headquartered in New York, New York.

How much capital does Welsh, Carson, Anderson & Stowe have under management?

Welsh, Carson, Anderson & Stowe has 31.0B USD under management.

Welsh Carson Anderson & Stowe Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary