Kelso & Company Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Kelso & Company has acquired 10 companies.

Kelso & Company’s most common sectors for investment aredistribution (11%) and energy services and equipment (8%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (43%) and secondary buyout (28%). In total, Kelso & Company 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 & Company has exited 5 companies. The Firm’s most common exit type is trade sale (47%). Kelso & Company’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 Activity123
    • M&A Buy Activity76
    • M&A Sell Activity47
  • Total Sectors Invested 31
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 48
  • M&A Advisors 17

Kelso & Company

320 Park Avenue, 24th Floor,
New York, New York 10022
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 ≤ '18 '19 '20 '21 '22 '23 T
Buy (2.4/yr) # 64 2 4 4 2 - 76
vol $6.6B $6.6B
Sell (2.0/yr) # 37 5 1 4 - - 47
vol $5.7B $485M $372M $6.6B
  123

Most Recent M&A

Company Date Value Type
Emtec, Inc. 2022-09-06 - Secondary Buyout
Jacksonville, Florida · www.emtecinc.com
Inovar Packaging Group LLC 2022-05-24 - Secondary Buyout
Dallas, Texas · www.inovarpackaging.com
Eacom Timber Corp. 2021-11-23 372M CAD Add-on Acquisition
Montreal, Quebec · www.eacom.ca
Newport Group, Inc. 2021-11-03 - Merger
Walnut Creek, California · www.newportgroup.com
Container Supply, Inc. 2021-06-30 - Buyout (LBO, MBO, MBI)
Oklahoma, Oklahoma · www.csiokc.com
Renfro Corp. 2021-06-09 - Secondary Buyout
Mount Airy, North Carolina · www.renfro.com
Nivel Parts & Manufacturing Co. LLC 2021-05-21 - Secondary Buyout
Jacksonville, Florida · www.nivelparts.com
Silver Spur Corp. 2021-05-14 - Secondary Buyout
Cerritos, California · www.silverspurcorp.com
C.L. Smith Co. 2021-05-04 - Buyout (LBO, MBO, MBI)
St. Louis, Missouri · www.clsmith.com
Ferraro Foods, Inc. 2021-04-06 - Secondary Buyout
Piscataway, New Jersey · www.ferrarofoods.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Risk Strategies Co., Inc. 2015-10-20 Johnson Insurance Services LLC 2023-04-26 80
Boston, Massachusetts · www.risk-strategies.com , Wisconsin
Novvia Group 2020-12-01 J.F. Shelton Co. 2023-01-04 10
Atlanta, Georgia · www.novviagroup.com Kent, Washington · www.jfshelton.com
Emtec, Inc. 2022-09-06 Definition 6 LLC 2022-11-15 1
Jacksonville, Florida · www.emtecinc.com Atlanta, Georgia · www.definition6.com
Risk Strategies Co., Inc. 2015-10-20 Relation Education Services 2022-10-17 79
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 8
Jericho, New York · www.jsheld.com Chicago, Illinois · www.oceantomo.com
Novvia Group 2020-12-01 Andicor Container Distribution 2022-02-10 9
Atlanta, Georgia · www.novviagroup.com Mississauga, Ontario
Premia Holdings Ltd. 2017-01-09 Premia Holdings (Europe) NV 2021-10-05 3
Hamilton, Bermuda · www.premiaholdings.com Hamilton, Bermuda
Watford Holdings Ltd. 2020-11-02 Axeria IARD 2021-04-09 1
Pembroke, Bermuda · www.watfordre.com LYON Cedex, France · www.axeria-iard.fr
Premia Holdings Ltd. 2017-01-09 Armour Re Ltd. 2021-02-22 2
Hamilton, Bermuda · www.premiaholdings.com Hamilton, Bermuda

M&A by Sector

Sector Current # Value All-time # Value
Distribution 5 (25%) - 8 (11%) -
Business Services 1 (5%) - 6 (8%) 413M (6%)
Energy Services and Equipment - - 6 (8%) -
Oil/Gas Exploration - - 5 (7%) 625M (10%)
Insurance 3 (15%) 510M (46%) 5 (7%) 510M (8%)
Financial Services 1 (5%) 600M (54%) 4 (5%) 600M (9%)
Packaging 3 (15%) - 4 (5%) 330M (5%)
Information Technology 1 (5%) - 4 (5%) -
Automotive - - 3 (4%) -
Healthcare Services 2 (10%) - 3 (4%) -
Environmental - - 2 (3%) 3.5B (53%)
Construction - - 2 (3%) 380M (6%)
Apparel/Textiles 1 (5%) - 2 (3%) -
Food 1 (5%) - 2 (3%) -
Manufacturing - - 2 (3%) -
Media - - 2 (3%) -
Medical Products 1 (5%) - 2 (3%) -
Forest Products - - 1 (1%) 218M (3%)
Beverages - - 1 (1%) -
Building Materials - - 1 (1%) -
Consumer Products - - 1 (1%) -
Consumer Services 1 (5%) - 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 20 $1.1B 76 $6.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (90%) 600M (54%) 65 (86%) 1.7B (26%)
  Texas 3 (15%) 600M (54%) 10 (13%) 600M (9%)
  Georgia 3 (15%) - 9 (12%) 330M (5%)
  New York 1 (5%) - 9 (12%) -
  Florida 2 (10%) - 7 (9%) -
  California 2 (10%) - 6 (8%) -
  New Jersey 1 (5%) - 3 (4%) -
  Pennsylvania 2 (10%) - 2 (3%) -
  Missouri 1 (5%) - 2 (3%) -
  Ohio 1 (5%) - 2 (3%) -
  Illinois - - 2 (3%) 413M (6%)
  Connecticut - - 2 (3%) -
  Massachusetts 1 (5%) - 1 (1%) -
  Oklahoma 1 (5%) - 1 (1%) -
  Louisiana - - 1 (1%) 380M (6%)
  North Dakota - - 1 (1%) -
  North Carolina - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Kansas - - 1 (1%) -
  Indiana - - 1 (1%) -
  Colorado - - 1 (1%) -
  West Virginia - - 1 (1%) -
  Tennessee - - 1 (1%) -
Canada - - 6 (8%) 4.3B (66%)
  Alberta - - 3 (4%) 4.1B (63%)
  Quebec - - 1 (1%) 218M (3%)
  Ontario - - 1 (1%) -
  British Columbia - - 1 (1%) -
Bermuda 2 (10%) 510M (46%) 3 (4%) 510M (8%)
Luxembourg - - 2 (3%) -
Domestic 18 (90%) 600M (54%) 65 (86%) 1.7B (26%)
Cross-border 2 (10%) 510M (46%) 11 (14%) 4.9B (74%)
Total 20 $1.1B 76 $6.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (25%) 510M (46%) 32 (42%) 1.5B (24%)
Secondary Buyout 11 (55%) 600M (54%) 21 (28%) 980M (15%)
Growth Capital 1 (5%) - 6 (8%) -
Going Private 1 (5%) - 4 (5%) 4.0B (62%)
Stake Purchase - - 4 (5%) -
Divestiture 1 (5%) - 3 (4%) -
PIPE - - 2 (3%) -
Recapitalization 1 (5%) - 2 (3%) -
Joint Venture - - 1 (1%) -
Venture - - 1 (1%) -
Total 20 $1.1B 76 $6.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 16 (34%) 4.5B (69%)
Secondary Sale 11 (23%) 1.8B (27%)
Trade Sale 8 (17%) 254M (4%)
IPO 7 (15%) -
Bankruptcy 2 (4%) -
Merger 2 (4%) -
Shut Down 1 (2%) -
Total 47 $6.6B

Top M&A Advisors

Financial Deals
Jefferies LLC
 2
Credit Suisse Investment Banking
 2
Sandler O'Neill + Partners LP
 1
Legal Deals
Debevoise & Plimpton LLP
 18
Ernst & Young - Law
 1
Stikeman Elliott LLP
 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%
23 (30%)
Strategic(s)
4%
3 (4%)
Exited to
Investor(s)
30%
14 (30%)
Strategic(s)
51%
24 (51%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

12.0B USD

Established

1971

Specialist/Generalist

Generalist

Leadership

Frank Nickell

Chairman

Frank Loverro

Co-CEO

Phil Berney

Co-CEO

Joe Kopilak

Partner & CFO

Beth Neumann

Partner & Head of Portfolio Operations

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