Welsh Carson Anderson & Stowe Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Welsh Carson Anderson & Stowe has acquired 3 companies. It has also invested in 1 other.

Welsh Carson Anderson & Stowe’s most common sectors for investment are healthcare services (36%) and information technology (14%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (41%) and secondary buyout (19%). In total, Welsh Carson Anderson & Stowe has invested in 29 US states and 4 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 7 companies. The Firm’s most common exit type is trade sale (64%). 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 Activity151
    • M&A Buy Activity86
    • M&A Sell Activity65
  • Total Sectors Invested 18
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 71
  • M&A Advisors 21

Welsh, Carson, Anderson & Stowe

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

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Communications, Consumer Products, Consumer Services, Digital Media, E-Commerce, Education, Financial Services, Healthcare Services, Information Technology, Insurance, Life Science, Marketing, Medical Products, Publishing, Software, Staffing, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

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 (2.0/yr) # 76 3 2 3 2 - 86
vol $24.1B $4.1B $1.5B $29.6B
Sell (2.4/yr) # 53 5 1 3 1 2 65
vol $35.7B $1.3B $300M $1.4B $68M $38.7B
  151

Most Recent M&A

Company Date Value Type
Valeritas, Inc. 2020-02-09 - Bankruptcy
Bridgewater, New Jersey · www.valeritas.com
Simeio Solutions 2020-02-03 - Secondary Buyout
Hoboken, New Jersey · www.simeiosolutions.com
Shields Health Solutions 2019-07-31 - Growth Capital
Stoughton, Massachusetts · www.shieldshealthsolutions.com
AIM Software GmbH 2019-06-06 68M EUR Add-on Acquisition
Vienna, Austria · www.aimsoftware.com
Green Street Advisors, Inc. 2019-06-03 - Secondary Buyout
Newport Beach, California · www.greenstreetadvisors.com
K2M, Inc. 2018-08-30 1.4B USD Add-on Acquisition
Leesburg, Virginia · www.k2m.com
Abzena plc 2018-08-17 53M GBP Going Private
Cambridge, United Kingdom · www.abzena.com
United Surgical Partners International (USPI) 2018-04-26 - Add-on Acquisition
Saint Louis, Missouri · www.uspi.com
Curo Health Services, Inc. 2018-04-23 1.4B USD Secondary Buyout
Mooresville, North Carolina · www.curohealthservices.com
Avetta LLC 2018-03-21 - Buyout (LBO, MBO, MBI)
Irvine, California · www.avetta.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Green Street Advisors, Inc. 2019-06-03 Harrison Scott Publications 2020-02-06 1
Newport Beach, California · www.greenstreetadvisors.com Hoboken, New Jersey · www.hspnews.com
QuickBase 2016-03-08 Cloudpipes Ltd. 2019-08-12 1
Cambridge, Massachusetts · www.quickbase.com London, United Kingdom · www.cloudpipes.com
Kindred Healthcare, Inc. 2017-12-19 Kindred Hospital Paramount 2019-05-02 2
Louisville, Kentucky · www.lacunahealth.com Boca Raton, Florida
Avetta LLC 2018-03-21 BROWZ LLC 2019-02-14 1
Irvine, California · www.avetta.com Draper, Utah · www.browz.com
Kindred Healthcare, Inc. 2017-12-19 American Chronic Care LLC 2019-01-07 1
Louisville, Kentucky · www.lacunahealth.com Ocala, Florida · www.americanchroniccarellc.com
Kindred Healthcare, Inc. 2017-12-19 Kindred Healthcare, Inc. - Kindred at Home Division 2017-12-19 1
Louisville, Kentucky · www.lacunahealth.com Louisville, Kentucky
Concentra, Inc. 2015-03-23 CarePoint Health 2017-06-27 1
Addison, Texas · www.concentra.com Jacksonville, Florida · www.carepointjax.com
Revel Systems, Inc. 2014-11-11 iqPOSitive 2016-08-15 1
San Francisco, California · www.revelsystems.com Moscow, Russia · www.iqpos.ru
Alert Logic, Inc. 2013-08-20 Click Security, Inc. 2016-04-15 2
Houston, Texas · www.alertlogic.com Austin, Texas · www.clicksecurity.com
Alert Logic, Inc. 2013-08-20 Achilles Guard, Inc. (dba Critical Watch) 2015-01-06 1
Houston, Texas · www.alertlogic.com Dallas, Texas · www.criticalwatch.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 10 (53%) 6.6B (99%) 31 (36%) 13.9B (47%)
Information Technology 1 (5%) - 12 (14%) 683M (2%)
Business Services - - 9 (10%) -
Medical Products - - 7 (8%) 4.9B (17%)
Internet Software and Services 2 (11%) - 4 (5%) 56M (< 1%)
Software 1 (5%) - 4 (5%) -
Consumer Services 1 (5%) - 3 (3%) 500M (2%)
Financial Services 1 (5%) - 3 (3%) -
Marketing - - 2 (2%) 7.1B (24%)
Communications - - 2 (2%) 1.9B (6%)
Life Science 1 (5%) 53M (1%) 2 (2%) 53M (< 1%)
Insurance - - 2 (2%) -
Publishing - - 1 (1%) 525M (2%)
Education - - 1 (1%) -
Information Services 1 (5%) - 1 (1%) -
Staffing - - 1 (1%) -
Technology Hardware 1 (5%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 19 $6.6B 87 $29.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (95%) 6.6B (99%) 82 (94%) 29.1B (98%)
  Tennessee 1 (5%) - 9 (10%) -
  Texas 3 (16%) 1.1B (16%) 8 (9%) 11.2B (38%)
  New York - - 6 (7%) 5.2B (18%)
  California 3 (16%) - 5 (6%) 500M (2%)
  North Carolina 1 (5%) 1.4B (21%) 5 (6%) 1.6B (6%)
  Florida 1 (5%) - 5 (6%) 850M (3%)
  Pennsylvania - - 5 (6%) 2.3B (8%)
  Massachusetts 3 (16%) - 3 (3%) -
  Kentucky 2 (11%) 4.1B (62%) 3 (3%) 4.1B (14%)
  Ohio 1 (5%) - 3 (3%) 475M (2%)
  New Jersey - - 3 (3%) 1.9B (6%)
  Minnesota - - 3 (3%) 421M (1%)
  Connecticut - - 3 (3%) -
  Virginia - - 3 (3%) -
  Colorado 1 (5%) - 2 (2%) 525M (2%)
  Georgia - - 2 (2%) -
  Washington - - 2 (2%) -
  Iowa 1 (5%) - 1 (1%) -
  Idaho 1 (5%) - 1 (1%) -
  Oklahoma - - 1 (1%) 56M (< 1%)
  Nevada - - 1 (1%) -
  Missouri - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Kansas - - 1 (1%) -
  Illinois - - 1 (1%) -
  District of Columbia - - 1 (1%) -
  Arizona - - 1 (1%) -
United Kingdom 1 (5%) 53M (1%) 3 (3%) 464M (2%)
Austria - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 18 (95%) 6.6B (99%) 82 (94%) 29.1B (98%)
Cross-border 1 (5%) 53M (1%) 5 (6%) 464M (2%)
Total 19 $6.6B 87 $29.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (32%) - 35 (40%) 942M (3%)
Secondary Buyout 6 (32%) 1.4B (21%) 16 (18%) 4.7B (16%)
Growth Capital 2 (11%) - 8 (9%) -
Going Private 2 (11%) 4.2B (63%) 7 (8%) 14.9B (50%)
PIPE - - 6 (7%) -
Divestiture 2 (11%) 1.1B (16%) 4 (5%) 8.6B (29%)
Recapitalization - - 3 (3%) 421M (1%)
Venture - - 3 (3%) -
Stake Purchase - - 2 (2%) -
Consolidation - - 1 (1%) -
Merger 1 (5%) - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 19 $6.6B 87 $29.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 32 (49%) 30.6B (79%)
Secondary Sale 10 (15%) 5.2B (14%)
Trade Sale 10 (15%) 2.2B (6%)
IPO 8 (12%) -
Bankruptcy 3 (5%) -
Merger 2 (3%) 702M (2%)
Total 65 $38.7B

Top M&A Advisors

Financial Deals
Morgan Stanley
2
Legg Mason, Inc.
1
Citigroup Investment Banking
1
Legal Deals
Ropes & Gray LLP
16
Kirkland & Ellis LLP
3
Mintz Levin Cohn Ferris Glovsky and Popeo PC
2

Deal Values

buy # Total
> $1B 9 $25.4B
$100M to $1B 8 $4.1B
< $100M 2 $109M
TOTAL $29.6B
Largest Dex Media, Inc. (inactive)
$7.1B (2002-08-19)
sell # Total
> $1B 10 $25.6B
$100M to $1B 22 $13.0B
< $100M 2 $150M
TOTAL $38.7B
Largest Bausch & Lomb, Inc.
$8.7B (2013-05-27)

M&A Connections

Deals %
Acquired from
PE Firm(s)
86%
25 86%
Strategic(s)
14%
4 14%
Exited to
PE Firm(s)
25%
14 25%
Strategic(s)
75%
43 75%

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