Kelso & Company Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Kelso & Company has acquired 5 companies.

Kelso & Company’s most common sectors for investment are energy services and equipment (10%) and business services (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (44%) and secondary buyout (23%). In total, Kelso & Company has invested in 21 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 14 companies. The Firm’s most common exit type is trade sale (52%). Kelso & Company’s largest (disclosed) exit occurred in 2019 when it sold Tallgrass Energy Partners for $3.3B.

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M&A Summary

  • M&A Total Activity109
    • M&A Buy Activity66
    • M&A Sell Activity43
  • Total Sectors Invested 31
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 50
  • M&A Advisors 13

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.4/yr) # 59 2 1 2 2 - 66
vol $6.1B $510M $6.6B
Sell (3.0/yr) # 28 1 1 6 6 1 43
vol $3.8B $490M $1.5B $3.8B $9.5B
  109

Most Recent M&A

Company Date Value Type
US LBM Holdings LLC 2020-11-13 - Secondary Buyout
Buffalo Grove, Illinois · www.uslbm.com
Venari Resources LLC 2019-12-10 - Trade Sale - Public Company
Addison, Texas · www.venariresources.com
Individual FoodService 2019-10-17 - Secondary Buyout
Bell, California · www.individualfoodservice.com
Sandler O’Neill Partners Holdings LLC 2019-07-09 485M USD Add-on Acquisition
New York, New York · www.sandleroneill.com
Delphin Shipping LLC 2019-05-27 - Trade Sale
New York, New York
J.S. Held LLC 2019-05-20 - Secondary Buyout
Jericho, New York · www.jsheld.com
SouthernCarlson, Inc. 2019-05-07 - Add-on Acquisition
Omaha, Nebraska · www.southerncarlson.com
Sirius Computer Solutions, Inc. 2019-04-05 - Secondary Buyout
San Antonio, Texas · www.siriuscom.com
Tallgrass Energy Partners LP 2019-01-31 3.3B USD Secondary Buyout
Overland Park, Kansas · www.tallgrassenergylp.com
4Refuel Canada LP 2018-12-10 260M USD Add-on Acquisition
Langley, British Columbia · www.4refuel.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Nivel Parts & Manufacturing Co. LLC 2012-01-18 Ape Offroad 2020-11-12 3
Jacksonville, Florida · www.nivelparts.com Flemingsburg, Kentucky · www.apeoffroad.com
Risk Strategies Co., Inc. 2015-10-20 LaRocca & Associates, Inc. 2020-10-27 44
Boston, Massachusetts · www.risk-strategies.com Fort Lauderdale, Florida · www.laains.com
Risk Strategies Co., Inc. 2015-10-20 Securitas Insurance Partners LLC 2020-09-09 43
Boston, Massachusetts · www.risk-strategies.com Malvern, Pennsylvania · www.securitasinsurancepartners.com
Risk Strategies Co., Inc. 2015-10-20 McCamon Hunt Insurance Agency, Inc. 2020-08-26 42
Boston, Massachusetts · www.risk-strategies.com Youngstown, Ohio · www.mccamonhunt.com
Nivel Parts & Manufacturing Co. LLC 2012-01-18 Seizmik Utility Systems 2020-05-06 2
Jacksonville, Florida · www.nivelparts.com Fuquay Varina, North Carolina · www.seizmik.com
Risk Strategies Co., Inc. 2015-10-20 Atlas Insurance Management 2020-03-04 41
Boston, Massachusetts · www.risk-strategies.com Charlotte, North Carolina · www.atlascaptives.com
J.S. Held LLC 2019-05-20 Contract Administration Associates (CAA Ltd.) 2020-03-03 3
Jericho, New York · www.jsheld.com London, United Kingdom · www.ca-associates.com
Nivel Parts & Manufacturing Co. LLC 2012-01-18 Side By Side Stuff 2020-03-03 1
Jacksonville, Florida · www.nivelparts.com Drexel, Missouri · www.sidebysidestuff.com
J.S. Held LLC 2019-05-20 Brennan Environmental, Inc. 2020-02-26 2
Jericho, New York · www.jsheld.com Summit, New Jersey · www.bei-env.com
Individual FoodService 2019-10-17 Cole Supply Co. 2020-02-19 1
Bell, California · www.individualfoodservice.com Benicia, California · www.colesupply.com

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment - - 6 (9%) -
Oil/Gas Exploration - - 5 (8%) 625M (10%)
Business Services 1 (7%) - 5 (8%) -
Financial Services 2 (14%) 600M (45%) 4 (6%) 600M (9%)
Insurance 2 (14%) 510M (38%) 4 (6%) 510M (8%)
Distribution 1 (7%) - 4 (6%) -
Media - - 3 (5%) 413M (6%)
Automotive 1 (7%) - 3 (5%) -
Information Technology - - 3 (5%) -
Environmental - - 2 (3%) 3.5B (53%)
Construction - - 2 (3%) 380M (6%)
Apparel/Textiles 2 (14%) - 2 (3%) -
Building Materials - - 2 (3%) -
Food 1 (7%) - 2 (3%) -
Healthcare Services 1 (7%) - 2 (3%) -
Medical Products 1 (7%) - 2 (3%) -
Packaging - - 1 (2%) 330M (5%)
Forest Products 1 (7%) 218M (16%) 1 (2%) 218M (3%)
Beverages - - 1 (2%) -
Consumer Products - - 1 (2%) -
Consumer Services 1 (7%) - 1 (2%) -
Defense - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Engineering - - 1 (2%) -
Manufacturing - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Publishing - - 1 (2%) -
Restaurants - - 1 (2%) -
Software - - 1 (2%) -
Technology Hardware - - 1 (2%) -
Transportation - - 1 (2%) -
Total 14 $1.3B 66 $6.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 12 (86%) 600M (45%) 56 (85%) 1.7B (26%)
  Texas 2 (14%) 600M (45%) 9 (14%) 600M (9%)
  New York 1 (7%) - 9 (14%) -
  Georgia 1 (7%) - 7 (11%) 330M (5%)
  California 2 (14%) - 5 (8%) -
  Florida 1 (7%) - 5 (8%) -
  Pennsylvania 2 (14%) - 2 (3%) -
  Ohio 1 (7%) - 2 (3%) -
  Illinois - - 2 (3%) 413M (6%)
  New Jersey - - 2 (3%) -
  Connecticut - - 2 (3%) -
  North Carolina 1 (7%) - 1 (2%) -
  Massachusetts 1 (7%) - 1 (2%) -
  Louisiana - - 1 (2%) 380M (6%)
  West Virginia - - 1 (2%) -
  Tennessee - - 1 (2%) -
  Rhode Island - - 1 (2%) -
  North Dakota - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Kansas - - 1 (2%) -
  Indiana - - 1 (2%) -
  Colorado - - 1 (2%) -
Canada 1 (7%) 218M (16%) 6 (9%) 4.3B (66%)
  Alberta - - 3 (5%) 4.1B (63%)
  Quebec 1 (7%) 218M (16%) 1 (2%) 218M (3%)
  Ontario - - 1 (2%) -
  British Columbia - - 1 (2%) -
Bermuda 1 (7%) 510M (38%) 2 (3%) 510M (8%)
Luxembourg - - 2 (3%) -
Domestic 12 (86%) 600M (45%) 56 (85%) 1.7B (26%)
Cross-border 2 (14%) 728M (55%) 10 (15%) 4.9B (74%)
Total 14 $1.3B 66 $6.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (21%) 510M (38%) 29 (44%) 1.5B (24%)
Secondary Buyout 6 (43%) 600M (45%) 15 (23%) 980M (15%)
Growth Capital 1 (7%) - 6 (9%) -
Stake Purchase 1 (7%) - 4 (6%) -
Going Private 1 (7%) 218M (16%) 3 (5%) 4.0B (62%)
Divestiture 1 (7%) - 3 (5%) -
PIPE - - 2 (3%) -
Recapitalization 1 (7%) - 2 (3%) -
Joint Venture - - 1 (2%) -
Venture - - 1 (2%) -
Total 14 $1.3B 66 $6.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 16 (37%) 6.0B (63%)
Trade Sale 8 (19%) 254M (3%)
Secondary Sale 8 (19%) -
IPO 6 (14%) -
Bankruptcy 2 (5%) -
Divestiture 1 (2%) 3.3B (35%)
Merger 1 (2%) -
Shut Down 1 (2%) -
Total 43 $9.5B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 2
Jefferies LLC
 2
Barclays Investment Bank
 1
Legal Deals
Debevoise & Plimpton LLP
 15
Stikeman Elliott LLP
 1
Ernst & Young - Law
 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 4 $7.4B
$100M to $1B 6 $2.1B
TOTAL $9.5B
Largest Tallgrass Energy Partners LP
$3.3B (2019-01-31)

M&A Connections

Deals %
Acquired from
PE Firm(s)
88%
22 88%
Strategic(s)
12%
3 12%
Exited to
PE Firm(s)
36%
13 36%
Strategic(s)
64%
23 64%

Investor Summary

Size

Mega

PE Assets

12.0B USD

Established

1971

Specialist/Generalist

Generalist

Leadership

Frank Nickell

Chairman

Frank Loverro

Co-CEO

Phil Berney

Co-CEO

Dominic Thelliyankal

Director of Financial Reporting

Peter Walsh

Head of Portfolio Operations

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