Welsh Carson Anderson & Stowe Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Welsh Carson Anderson & Stowe has acquired 7 companies. It has also invested in 2 others.

Welsh Carson Anderson & Stowe’s most common sectors for investment arehealthcare services (34%) and information technology (17%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and secondary buyout (20%). In total, Welsh Carson Anderson & Stowe has invested in 29 US states and 5 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 8 companies. The Firm’s most common exit type is trade sale (62%). 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 Activity156
    • M&A Buy Activity89
    • M&A Sell Activity67
  • Total Sectors Invested 17
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 74
  • M&A Advisors 23

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.2/yr) # 78 2 3 2 2 2 89
vol $24.1B $4.1B $1.5B $29.6B
Sell (1.8/yr) # 58 1 3 1 2 2 67
vol $35.2B $300M $1.4B $68M $37.0B
  156

Most Recent M&A

Company Date Value Type
Argos Health, Inc. 2021-09-23 - Buyout (LBO, MBO, MBI)
Dallas, Texas · www.complexclaims.com
Kindred Healthcare LLC 2021-06-21 - Add-on Acquisition
Louisville, Kentucky · www.kindredhealthcare.com
Absorb Software, Inc. 2021-04-20 - Secondary Buyout
Calgary, Alberta · www.absorblms.com
InnovAge Holding Corp. 2021-02-24 - IPO
Denver, Colorado · www.innovage.com
TrueCommerce, Inc. 2020-11-13 - Secondary Buyout
Cranberry Township, Pennsylvania · www.truecommerce.com
GovernmentCIO LLC 2020-10-16 - Growth Capital
Washington, District of Columbia · www.governmentcio.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Avetta LLC 2018-03-21 Pegasus 2021-05-07 3
Irvine, California · www.avetta.com Newcastle, Australia · www.pegasus.net.au
Springstone, Inc. 2010-11-02 Limestone Health 2020-11-18 1
Louisville, Kentucky · www.springstone.com Lafayette, Indiana · www.limestonehealth.com
Concentra, Inc. 2015-03-23 Valor Healthcare, Inc. 2020-09-01 1
Addison, Texas · www.concentra.com Addison, Texas · www.valorhealthcare.com
Avetta LLC 2018-03-21 BROWZ LLC 2019-02-14 2
Irvine, California · www.avetta.com Draper, Utah · www.browz.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 7 (35%) 2.5B (98%) 30 (33%) 13.9B (47%)
Information Technology 3 (15%) - 15 (17%) 683M (2%)
Business Services 1 (5%) - 10 (11%) -
Medical Products - - 7 (8%) 4.9B (17%)
Internet Software and Services 3 (15%) - 5 (6%) 56M (< 1%)
Software 1 (5%) - 4 (4%) -
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 (2%) 2 (2%) 53M (< 1%)
Insurance - - 2 (2%) -
Publishing - - 1 (1%) 525M (2%)
Information Services 1 (5%) - 1 (1%) -
Staffing - - 1 (1%) -
Technology Hardware 1 (5%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 20 $2.5B 90 $29.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (90%) 2.5B (98%) 85 (94%) 29.1B (98%)
  Texas 4 (20%) 1.1B (42%) 9 (10%) 11.2B (38%)
  Tennessee 1 (5%) - 9 (10%) -
  California 3 (15%) - 6 (7%) 500M (2%)
  Pennsylvania 1 (5%) - 6 (7%) 2.3B (8%)
  New York - - 6 (7%) 5.2B (18%)
  North Carolina 1 (5%) 1.4B (56%) 5 (6%) 1.6B (6%)
  Florida 1 (5%) - 5 (6%) 850M (3%)
  Kentucky 1 (5%) - 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%) -
  Massachusetts 2 (10%) - 2 (2%) -
  District of Columbia 1 (5%) - 2 (2%) -
  Colorado - - 2 (2%) 525M (2%)
  Washington - - 2 (2%) -
  Georgia - - 2 (2%) -
  Iowa 1 (5%) - 1 (1%) -
  Idaho 1 (5%) - 1 (1%) -
  Oklahoma - - 1 (1%) 56M (< 1%)
  Arizona - - 1 (1%) -
  Nevada - - 1 (1%) -
  Missouri - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Kansas - - 1 (1%) -
  Illinois - - 1 (1%) -
United Kingdom 1 (5%) 53M (2%) 2 (2%) 464M (2%)
Canada 1 (5%) - 1 (1%) -
  Alberta 1 (5%) - 1 (1%) -
Austria - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 18 (90%) 2.5B (98%) 85 (94%) 29.1B (98%)
Cross-border 2 (10%) 53M (2%) 5 (6%) 464M (2%)
Total 20 $2.5B 90 $29.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (30%) - 36 (40%) 942M (3%)
Secondary Buyout 8 (40%) 1.4B (56%) 18 (20%) 4.7B (16%)
Growth Capital 3 (15%) - 9 (10%) -
Going Private 1 (5%) 53M (2%) 7 (8%) 14.9B (50%)
PIPE - - 6 (7%) -
Divestiture 2 (10%) 1.1B (42%) 4 (4%) 8.6B (29%)
Recapitalization - - 3 (3%) 421M (1%)
Venture - - 3 (3%) -
Stake Purchase - - 2 (2%) -
Consolidation - - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 20 $2.5B 90 $29.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 31 (46%) 28.9B (78%)
Secondary Sale 11 (16%) 5.2B (14%)
Trade Sale 11 (16%) 2.2B (6%)
IPO 9 (13%) -
Bankruptcy 3 (4%) -
Merger 2 (3%) 702M (2%)
Total 67 $37.0B

Top M&A Advisors

Financial Deals
Morgan Stanley
2
Evercore Group LLC
1
Citizens Capital Markets, Inc.
1
Legal Deals
Ropes & Gray LLP
15
Kirkland & Ellis LLP
5
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 9 $23.8B
$100M to $1B 22 $13.0B
< $100M 2 $150M
TOTAL $37.0B
Largest Bausch & Lomb, Inc.
$8.7B (2013-05-27)

M&A Connections

Deals
Acquired from
Investor(s)
21%
19 (21%)
Strategic(s)
4%
4 (4%)
Exited to
Investor(s)
16%
11 (16%)
Strategic(s)
66%
44 (66%)

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