Kelso & Company Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Kelso & Company has acquired 6 companies.

Kelso & Company’s most common sectors for investment are energy services and equipment (9%) and business services (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (43%) and secondary buyout (25%). 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 13 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 Activity111
    • M&A Buy Activity68
    • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.4/yr) # 61 1 2 2 2 - 68
vol $6.1B $510M $6.6B
Sell (2.8/yr) # 29 1 6 6 1 - 43
vol $3.8B $490M $1.5B $3.8B $9.5B
  111

Most Recent M&A

Company Date Value Type
Inmark LLC 2020-12-23 - Secondary Buyout
Austell, Georgia · www.inmarkinc.com
Refresh Management LLC 2020-12-10 - Secondary Buyout
Jacksonville Beach, Florida · www.refreshmh.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Premia Holdings Ltd. 2017-01-09 Armour Re Ltd. 2021-02-22 2
Hamilton, Bermuda · www.premiaholdings.com Hamilton, Bermuda
Elara Caring 2018-04-10 Jordan Health Services 2018-04-10 3
Addison, Texas · www.elara.com Addison, Texas · www.jhsi.com
Elara Caring 2018-04-10 Great Lakes Home Health Services, Inc. 2018-04-10 2
Addison, Texas · www.elara.com Jackson, Michigan · www.greatlakescaring.com
Elara Caring 2018-04-10 National Home Health Care Corp. 2018-04-10 1
Addison, Texas · www.elara.com Scarsdale, New York · www.nhhc.net

M&A by Sector

Sector Current # Value All-time # Value
Energy Services and Equipment - - 6 (9%) -
Oil/Gas Exploration - - 5 (7%) 625M (10%)
Business Services 1 (6%) - 5 (7%) -
Financial Services 2 (13%) 600M (45%) 4 (6%) 600M (9%)
Insurance 2 (13%) 510M (38%) 4 (6%) 510M (8%)
Distribution 1 (6%) - 4 (6%) -
Media - - 3 (4%) 413M (6%)
Automotive 1 (6%) - 3 (4%) -
Healthcare Services 2 (13%) - 3 (4%) -
Information Technology - - 3 (4%) -
Environmental - - 2 (3%) 3.5B (53%)
Construction - - 2 (3%) 380M (6%)
Packaging 1 (6%) - 2 (3%) 330M (5%)
Apparel/Textiles 2 (13%) - 2 (3%) -
Building Materials - - 2 (3%) -
Food 1 (6%) - 2 (3%) -
Medical Products 1 (6%) - 2 (3%) -
Forest Products 1 (6%) 218M (16%) 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%) -
Manufacturing - - 1 (1%) -
Metals/Mining - - 1 (1%) -
Publishing - - 1 (1%) -
Restaurants - - 1 (1%) -
Software - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Transportation - - 1 (1%) -
Total 16 $1.3B 68 $6.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (88%) 600M (45%) 58 (85%) 1.7B (26%)
  Texas 2 (13%) 600M (45%) 9 (13%) 600M (9%)
  New York 1 (6%) - 9 (13%) -
  Georgia 2 (13%) - 8 (12%) 330M (5%)
  Florida 2 (13%) - 6 (9%) -
  California 2 (13%) - 5 (7%) -
  Pennsylvania 2 (13%) - 2 (3%) -
  Ohio 1 (6%) - 2 (3%) -
  Illinois - - 2 (3%) 413M (6%)
  New Jersey - - 2 (3%) -
  Connecticut - - 2 (3%) -
  North Carolina 1 (6%) - 1 (1%) -
  Massachusetts 1 (6%) - 1 (1%) -
  Louisiana - - 1 (1%) 380M (6%)
  West Virginia - - 1 (1%) -
  Tennessee - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  North Dakota - - 1 (1%) -
  Nebraska - - 1 (1%) -
  Kansas - - 1 (1%) -
  Indiana - - 1 (1%) -
  Colorado - - 1 (1%) -
Canada 1 (6%) 218M (16%) 6 (9%) 4.3B (66%)
  Alberta - - 3 (4%) 4.1B (63%)
  Quebec 1 (6%) 218M (16%) 1 (1%) 218M (3%)
  British Columbia - - 1 (1%) -
  Ontario - - 1 (1%) -
Bermuda 1 (6%) 510M (38%) 2 (3%) 510M (8%)
Luxembourg - - 2 (3%) -
Domestic 14 (88%) 600M (45%) 58 (85%) 1.7B (26%)
Cross-border 2 (13%) 728M (55%) 10 (15%) 4.9B (74%)
Total 16 $1.3B 68 $6.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (19%) 510M (38%) 29 (43%) 1.5B (24%)
Secondary Buyout 8 (50%) 600M (45%) 17 (25%) 980M (15%)
Growth Capital 1 (6%) - 6 (9%) -
Stake Purchase 1 (6%) - 4 (6%) -
Going Private 1 (6%) 218M (16%) 3 (4%) 4.0B (62%)
Divestiture 1 (6%) - 3 (4%) -
PIPE - - 2 (3%) -
Recapitalization 1 (6%) - 2 (3%) -
Joint Venture - - 1 (1%) -
Venture - - 1 (1%) -
Total 16 $1.3B 68 $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
 16
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
Investor(s)
28%
19 (28%)
Strategic(s)
4%
3 (4%)
Exited to
Investor(s)
23%
10 (23%)
Strategic(s)
53%
23 (53%)

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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