Kelso & Company Mergers and Acquisitions Summary

Private Equity Profile

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

Kelso & Company’s most common sectors for investment are energy services and equipment (13%) and business services (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (44%) and secondary buyout (25%). In total, Kelso & Company has invested in 23 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 6 companies. The Firm’s most common exit type is trade sale (49%). 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 Activity98
    • M&A Buy Activity65
    • M&A Sell Activity33
  • Total Sectors Invested 31
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 41
  • M&A Advisors 11

Kelso & Company

320 Park Avenue, 24th Floor,
New York, New York 10022
United States
(212) 350-7700
www.kelso.com
ccollins@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 (1.0/yr) # 60 2 1 - 2 - 65
vol $6.1B $510M $6.6B
Sell (1.2/yr) # 27 - - 3 3 - 33
vol $3.8B $1.5B $3.3B $8.6B
  98

Most Recent M&A

Company Date Value Type
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
J.S. Held LLC 2019-05-20 - Secondary Buyout
New York, New York · www.jsheld.com
SouthernCarlson, Inc. 2019-05-07 - Add-on Acquisition
Omaha, Nebraska · www.southerncarlson.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
Oasis Outsourcing LLC 2018-11-26 1.2B USD Add-on Acquisition
West Palm Beach, Florida · www.oasisadvantage.com
Artera Services LLC 2018-08-22 - Secondary Buyout
Atlanta, Georgia · www.artera.com
Premia Holdings Ltd. 2017-01-09 510M USD Buyout (LBO, MBO, MBI)
, Bermuda · www.premiareltd.com
Physicians Endoscopy LLC 2016-08-22 - Recapitalization
Jamison, Pennsylvania · www.endocenters.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
US LBM Holdings LLC 2015-07-29 Maner Builders Supply Co. LLC 2020-08-03 15
Green Bay, Wisconsin · www.uslbm.com Augusta, Georgia · www.maner.com
Sirius Computer Solutions, Inc. 2015-09-03 Advanced Systems Group 2020-06-01 6
San Antonio, Texas · www.siriuscom.com Thornton, Colorado · www.virtual.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
New York, 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
New York, 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 1 (4%) 3.5B (67%) 8 (12%) 3.5B (53%)
Business Services 2 (8%) 600M (12%) 6 (9%) 600M (9%)
Oil/Gas Exploration 2 (8%) - 5 (8%) 625M (10%)
Insurance 2 (8%) 510M (10%) 4 (6%) 510M (8%)
Distribution 2 (8%) - 4 (6%) -
Media 1 (4%) - 3 (5%) 413M (6%)
Automotive 1 (4%) - 3 (5%) -
Information Technology 2 (8%) - 3 (5%) -
Construction 2 (8%) 380M (7%) 2 (3%) 380M (6%)
Apparel/Textiles 2 (8%) - 2 (3%) -
Building Materials - - 2 (3%) -
Financial Services 2 (8%) - 2 (3%) -
Food 1 (4%) - 2 (3%) -
Healthcare Services 2 (8%) - 2 (3%) -
Packaging - - 1 (2%) 330M (5%)
Forest Products 1 (4%) 218M (4%) 1 (2%) 218M (3%)
Beverages - - 1 (2%) -
Consumer Products - - 1 (2%) -
Defense - - 1 (2%) -
Diversified 1 (4%) - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Engineering - - 1 (2%) -
Environmental - - 1 (2%) -
Manufacturing - - 1 (2%) -
Medical Products - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Publishing - - 1 (2%) -
Restaurants 1 (4%) - 1 (2%) -
Software - - 1 (2%) -
Technology Hardware - - 1 (2%) -
Transportation 1 (4%) - 1 (2%) -
Total 26 $5.2B 65 $6.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 23 (88%) 980M (19%) 55 (85%) 1.7B (26%)
  New York 4 (15%) - 9 (14%) -
  Texas 3 (12%) 600M (12%) 8 (12%) 600M (9%)
  Georgia 1 (4%) - 7 (11%) 330M (5%)
  Florida 3 (12%) - 5 (8%) -
  California 2 (8%) - 4 (6%) -
  Alabama 2 (8%) - 2 (3%) -
  Ohio 1 (4%) - 2 (3%) -
  Connecticut - - 2 (3%) -
  New Jersey - - 2 (3%) -
  Louisiana 1 (4%) 380M (7%) 1 (2%) 380M (6%)
  Wisconsin 1 (4%) - 1 (2%) -
  West Virginia 1 (4%) - 1 (2%) -
  Tennessee 1 (4%) - 1 (2%) -
  Pennsylvania 1 (4%) - 1 (2%) -
  North Carolina 1 (4%) - 1 (2%) -
  Massachusetts 1 (4%) - 1 (2%) -
  Illinois - - 1 (2%) 413M (6%)
  Colorado - - 1 (2%) -
  Rhode Island - - 1 (2%) -
  North Dakota - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Kansas - - 1 (2%) -
  Indiana - - 1 (2%) -
Canada 2 (8%) 3.7B (71%) 6 (9%) 4.3B (66%)
  Alberta 1 (4%) 3.5B (67%) 3 (5%) 4.1B (63%)
  Quebec 1 (4%) 218M (4%) 1 (2%) 218M (3%)
  Ontario - - 1 (2%) -
  British Columbia - - 1 (2%) -
Bermuda 1 (4%) 510M (10%) 2 (3%) 510M (8%)
Luxembourg - - 2 (3%) -
Domestic 23 (88%) 980M (19%) 55 (85%) 1.7B (26%)
Cross-border 3 (12%) 4.2B (81%) 10 (15%) 4.9B (74%)
Total 26 $5.2B 65 $6.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (15%) 510M (10%) 28 (43%) 1.5B (24%)
Secondary Buyout 11 (42%) 980M (19%) 16 (25%) 980M (15%)
Growth Capital 2 (8%) - 5 (8%) -
Stake Purchase 3 (12%) - 5 (8%) -
Going Private 2 (8%) 3.7B (71%) 3 (5%) 4.0B (62%)
Divestiture 2 (8%) - 3 (5%) -
PIPE - - 2 (3%) -
Recapitalization 2 (8%) - 2 (3%) -
Venture - - 1 (2%) -
Total 26 $5.2B 65 $6.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 13 (39%) 5.0B (58%)
IPO 6 (18%) -
Secondary Sale 6 (18%) -
Trade Sale 4 (12%) 254M (3%)
Bankruptcy 2 (6%) -
Divestiture 1 (3%) 3.3B (39%)
Shut Down 1 (3%) -
Total 33 $8.6B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 2
Jefferies LLC
 2
Sandler O'Neill + Partners LP
 1
Legal Deals
Debevoise & Plimpton LLP
 14
Skadden, Arps, Slate, Meagher & Flom LLP
 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 4 $7.4B
$100M to $1B 4 $1.2B
TOTAL $8.6B
Largest Tallgrass Energy Partners LP
$3.3B (2019-01-31)

M&A Connections

Deals %
Acquired from
PE Firm(s)
88%
23 88%
Strategic(s)
12%
3 12%
Exited to
PE Firm(s)
41%
11 41%
Strategic(s)
59%
16 59%

Investor Summary

Size

Mega

PE Assets

12.0B USD

Established

1971

Specialist/Generalist

Generalist

Leadership

Frank Nickell

Chairman

Phil Berney

Co-CEO

Christopher Collins

Investment Partner & Managing Director

Church Moore

Investment Partner & Managing Director

Matthew Edgerton

Investment Partner & Managing Director

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