Kelso Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Kelso has acquired 8 companies. It has also invested in 2 others.

Kelso’s most common sectors for investment arebusiness services (11%) and distribution (11%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (37%) and secondary buyout (27%). In total, Kelso 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 has exited 8 companies. The Firm’s most common exit type is trade sale (47%). Kelso’s largest (disclosed) exit occurred in 2014 when it sold Wilton Re Holdings for $1.8B.

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M&A Summary

M&A Total Activity131
- M&A Buy Activity79
- M&A Sell Activity52
Total Sectors Invested 31
Total Countries Invested 4
M&A Buy/Sell Connections 52
M&A Advisors 16

Kelso

Kelso & Co.

299 Park Avenue, 30th Floor,
New York, New York 10171
United States
(212) 350-7700
www.kelso.com

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	-	-
Enterprise Value	-	-

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (2.6/yr)	#	66	3	5	3	2	-	79
vol	$6.6B						$6.6B
Sell (2.0/yr)	#	42	2	5	2	-	1	52
vol	$6.2B		$372M				$6.6B
	131

Year

≤ '19

'20

'21

'22

'23

'24

Buy (2.6/yr)

vol

$6.6B

Sell (2.0/yr)

vol

$6.2B

$372M

$6.6B

131

Company	Date	Value	Type
Augusta Sportswear, Inc.	2024-01-09	-	Secondary Sale
Grovetown, Georgia · www.augustasportswear.com
Armada Materials LLC	2023-10-03	-	Growth Capital
Tampa, Florida · www.armadamaterials.com
Valenz Health	2023-06-21	-	Secondary Buyout
Phoenix, Arizona · www.valenzhealth.com
Emtec, Inc.	2022-09-06	-	Secondary Buyout
Jacksonville, Florida · www.emtecinc.com
WilliamsMarston LLC	2022-08-11	-	Growth Capital
Boston, Massachusetts · www.williamsmarston.com
PE GI Solutions	2022-06-01	-	Trade Sale
Jamison, Pennsylvania · www.pegisolutions.com
Inovar Packaging Group LLC	2022-05-24	-	Secondary Buyout
Dallas, Texas · www.inovarpackaging.com
Refresh Management LLC	2022-03-24	-	Trade Sale
Jacksonville Beach, Florida · www.refreshmh.com
Eacom Timber Corp.	2021-11-23	372M CAD	Trade Sale
Montreal, Quebec · www.eacom.ca
Newport Group, Inc.	2021-11-03	-	Merger
Walnut Creek, California · www.newportgroup.com
View All >>

Company

Date

Value

Type

Augusta Sportswear, Inc.

2024-01-09

Secondary Sale

Grovetown, Georgia · www.augustasportswear.com

Armada Materials LLC

2023-10-03

Growth Capital

Tampa, Florida · www.armadamaterials.com

Valenz Health

2023-06-21

Secondary Buyout

Phoenix, Arizona · www.valenzhealth.com

Emtec, Inc.

2022-09-06

Secondary Buyout

Jacksonville, Florida · www.emtecinc.com

WilliamsMarston LLC

2022-08-11

Growth Capital

Boston, Massachusetts · www.williamsmarston.com

PE GI Solutions

2022-06-01

Trade Sale

Jamison, Pennsylvania · www.pegisolutions.com

Inovar Packaging Group LLC

2022-05-24

Secondary Buyout

Dallas, Texas · www.inovarpackaging.com

Refresh Management LLC

2022-03-24

Trade Sale

Jacksonville Beach, Florida · www.refreshmh.com

Eacom Timber Corp.

2021-11-23

372M CAD

Trade Sale

Montreal, Quebec · www.eacom.ca

Newport Group, Inc.

2021-11-03

Merger

Walnut Creek, California · www.newportgroup.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Risk Strategies Co., Inc.	2015-10-20	InterWest Insurance Services - Business Unit	2023-10-24	97
Boston, Massachusetts · www.risk-strategies.com	, United States
Emtec, Inc.	2022-09-06	Emtec - Oracle Services Division	2023-07-25	1
Jacksonville, Florida · www.emtecinc.com	Jacksonville, Florida
Risk Strategies Co., Inc.	2015-10-20	First Insurance Group Ohio	2023-06-30	96
Boston, Massachusetts · www.risk-strategies.com	Archbold, Ohio · www.firstinsurancegrp.com
Risk Strategies Co., Inc.	2015-10-20	Johnson Insurance Services LLC	2023-04-26	95
Boston, Massachusetts · www.risk-strategies.com	, Wisconsin
Novvia Group	2021-09-09	J.F. Shelton Co.	2023-01-04	14
Atlanta, Georgia · www.novviagroup.com	Kent, Washington · www.jfshelton.com
Emtec, Inc.	2022-09-06	Definition 6 LLC	2022-11-15	1
Jacksonville, Florida · www.emtecinc.com	Atlanta, Georgia · www.definition6.com
Risk Strategies Co., Inc.	2015-10-20	Relation Education Services	2022-10-17	94
Boston, Massachusetts · www.risk-strategies.com	Walnut Creek, California
Eagle Family Foods Group LLC	2015-11-02	General Mills, Inc. - Helper and Suddenly Salad Brands	2022-05-25	3
Orrville, Ohio · www.eaglefoods.com	Minneapolis, Minnesota
J.S. Held LLC	2019-05-20	Ocean Tomo LLC	2022-03-30	13
Jericho, New York · www.jsheld.com	Chicago, Illinois · www.oceantomo.com
Novvia Group	2021-09-09	Andicor Container Distribution	2022-02-10	13
Atlanta, Georgia · www.novviagroup.com	Mississauga, Ontario

Company

Acquired

Add-On/Sale

Date

Risk Strategies Co., Inc.

2015-10-20

InterWest Insurance Services - Business Unit

2023-10-24

Boston, Massachusetts · www.risk-strategies.com

, United States

Emtec, Inc.

2022-09-06

Emtec - Oracle Services Division

2023-07-25

Jacksonville, Florida · www.emtecinc.com

Jacksonville, Florida

Risk Strategies Co., Inc.

2015-10-20

First Insurance Group Ohio

2023-06-30

Boston, Massachusetts · www.risk-strategies.com

Archbold, Ohio · www.firstinsurancegrp.com

Risk Strategies Co., Inc.

2015-10-20

Johnson Insurance Services LLC

2023-04-26

Boston, Massachusetts · www.risk-strategies.com

, Wisconsin

Novvia Group

2021-09-09

J.F. Shelton Co.

2023-01-04

Atlanta, Georgia · www.novviagroup.com

Kent, Washington · www.jfshelton.com

Emtec, Inc.

2022-09-06

Definition 6 LLC

2022-11-15

Jacksonville, Florida · www.emtecinc.com

Atlanta, Georgia · www.definition6.com

Risk Strategies Co., Inc.

2015-10-20

Relation Education Services

2022-10-17

Boston, Massachusetts · www.risk-strategies.com

Walnut Creek, California

Eagle Family Foods Group LLC

2015-11-02

General Mills, Inc. - Helper and Suddenly Salad Brands

2022-05-25

Orrville, Ohio · www.eaglefoods.com

Minneapolis, Minnesota

J.S. Held LLC

2019-05-20

Ocean Tomo LLC

2022-03-30

Jericho, New York · www.jsheld.com

Chicago, Illinois · www.oceantomo.com

Novvia Group

2021-09-09

Andicor Container Distribution

2022-02-10

Atlanta, Georgia · www.novviagroup.com

Mississauga, Ontario

Sector	Current #	Value	All-time #	Value
Business Services	3 (18%)	-	8 (10%)	413M (6%)
Distribution	4 (24%)	-	8 (10%)	-
Energy Services and Equipment	-	-	6 (8%)	-
Oil/Gas Exploration	-	-	5 (6%)	625M (10%)
Insurance	3 (18%)	510M (100%)	5 (6%)	510M (8%)
Financial Services	-	-	4 (5%)	600M (9%)
Packaging	2 (12%)	-	4 (5%)	330M (5%)
Information Technology	1 (6%)	-	4 (5%)	-
Automotive	-	-	3 (4%)	-
Healthcare Services	-	-	3 (4%)	-
Environmental	-	-	2 (3%)	3.5B (53%)
Construction	-	-	2 (3%)	380M (6%)
Apparel/Textiles	-	-	2 (3%)	-
Building Materials	1 (6%)	-	2 (3%)	-
Food	1 (6%)	-	2 (3%)	-
Manufacturing	-	-	2 (3%)	-
Media	-	-	2 (3%)	-
Medical Products	1 (6%)	-	2 (3%)	-
Forest Products	-	-	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%)	-
Metals/Mining	-	-	1 (1%)	-
Publishing	-	-	1 (1%)	-
Restaurants	-	-	1 (1%)	-
Software	-	-	1 (1%)	-
Technology Hardware	-	-	1 (1%)	-
Transportation	-	-	1 (1%)	-
Total	17	$510M	79	$6.6B

Sector

Current #

Value

All-time #

Value

Business Services

3 (18%)

8 (10%)

413M (6%)

Distribution

4 (24%)

8 (10%)

Energy Services and Equipment

6 (8%)

Oil/Gas Exploration

5 (6%)

625M (10%)

Insurance

3 (18%)

510M (100%)

5 (6%)

510M (8%)

Financial Services

4 (5%)

600M (9%)

Packaging

2 (12%)

4 (5%)

330M (5%)

Information Technology

1 (6%)

4 (5%)

Automotive

3 (4%)

Healthcare Services

3 (4%)

Environmental

2 (3%)

3.5B (53%)

Construction

2 (3%)

380M (6%)

Apparel/Textiles

2 (3%)

Building Materials

1 (6%)

2 (3%)

Food

1 (6%)

2 (3%)

Manufacturing

2 (3%)

Media

2 (3%)

Medical Products

1 (6%)

2 (3%)

Forest Products

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%)

Metals/Mining

1 (1%)

Publishing

1 (1%)

Restaurants

1 (1%)

Software

1 (1%)

Technology Hardware

1 (1%)

Transportation

1 (1%)

Total

$510M

$6.6B

State/Country	Current #	Value	All-time #	Value
United States	15 (88%)	-	68 (86%)	1.7B (26%)
	Texas	2 (12%)	-	10 (13%)	600M (9%)
	Georgia	1 (6%)	-	9 (11%)	330M (5%)
	Florida	2 (12%)	-	8 (10%)	-
	New York	1 (6%)	-	8 (10%)	-
	California	1 (6%)	-	7 (9%)	-
	New Jersey	1 (6%)	-	3 (4%)	-
	Massachusetts	2 (12%)	-	2 (3%)	-
	Pennsylvania	1 (6%)	-	2 (3%)	-
	Ohio	1 (6%)	-	2 (3%)	-
	Missouri	1 (6%)	-	2 (3%)	-
	Illinois	-	-	2 (3%)	413M (6%)
	Connecticut	-	-	2 (3%)	-
	Oklahoma	1 (6%)	-	1 (1%)	-
	Arizona	1 (6%)	-	1 (1%)	-
	Louisiana	-	-	1 (1%)	380M (6%)
	West Virginia	-	-	1 (1%)	-
	Tennessee	-	-	1 (1%)	-
	North Dakota	-	-	1 (1%)	-
	North Carolina	-	-	1 (1%)	-
	Nebraska	-	-	1 (1%)	-
	Kansas	-	-	1 (1%)	-
	Indiana	-	-	1 (1%)	-
	Colorado	-	-	1 (1%)	-
Canada	-	-	6 (8%)	4.3B (66%)
	Alberta	-	-	3 (4%)	4.1B (63%)
	Quebec	-	-	1 (1%)	218M (3%)
	Ontario	-	-	1 (1%)	-
	British Columbia	-	-	1 (1%)	-
Bermuda	2 (12%)	510M (100%)	3 (4%)	510M (8%)
Luxembourg	-	-	2 (3%)	-
Domestic	15 (88%)	-	68 (86%)	1.7B (26%)
Cross-border	2 (12%)	510M (100%)	11 (14%)	4.9B (74%)
Total	17	$510M	79	$6.6B

State/Country

Current #

Value

All-time #

Value

United States

15 (88%)

68 (86%)

1.7B (26%)

Texas

2 (12%)

10 (13%)

600M (9%)

Georgia

1 (6%)

9 (11%)

330M (5%)

Florida

2 (12%)

8 (10%)

New York

1 (6%)

8 (10%)

California

1 (6%)

7 (9%)

New Jersey

1 (6%)

3 (4%)

Massachusetts

2 (12%)

2 (3%)

Pennsylvania

1 (6%)

2 (3%)

Ohio

1 (6%)

2 (3%)

Missouri

1 (6%)

2 (3%)

Illinois

2 (3%)

413M (6%)

Connecticut

2 (3%)

Oklahoma

1 (6%)

1 (1%)

Arizona

1 (6%)

1 (1%)

Louisiana

1 (1%)

380M (6%)

West Virginia

1 (1%)

Tennessee

1 (1%)

North Dakota

1 (1%)

North Carolina

1 (1%)

Nebraska

1 (1%)

Kansas

1 (1%)

Indiana

1 (1%)

Colorado

1 (1%)

Canada

6 (8%)

4.3B (66%)

Alberta

3 (4%)

4.1B (63%)

Quebec

1 (1%)

218M (3%)

Ontario

1 (1%)

British Columbia

1 (1%)

Bermuda

2 (12%)

510M (100%)

3 (4%)

510M (8%)

Luxembourg

2 (3%)

Domestic

15 (88%)

68 (86%)

1.7B (26%)

Cross-border

2 (12%)

510M (100%)

11 (14%)

4.9B (74%)

Total

$510M

$6.6B

Type	Current #	Value	All-time #	Value
Buyout (LBO, MBO, MBI)	2 (12%)	510M (100%)	29 (37%)	1.5B (24%)
Secondary Buyout	6 (35%)	-	21 (27%)	980M (15%)
Growth Capital	3 (18%)	-	8 (10%)	-
Going Private	1 (6%)	-	4 (5%)	4.0B (62%)
Stake Purchase	-	-	4 (5%)	-
Divestiture	1 (6%)	-	3 (4%)	-
Merger	3 (18%)	-	3 (4%)	-
PIPE	-	-	2 (3%)	-
Recapitalization	-	-	2 (3%)	-
Consolidation	1 (6%)	-	1 (1%)	-
Joint Venture	-	-	1 (1%)	-
Venture	-	-	1 (1%)	-
Total	17	$510M	79	$6.6B

Type

Current #

Value

All-time #

Value

Buyout (LBO, MBO, MBI)

2 (12%)

510M (100%)

29 (37%)

1.5B (24%)

Secondary Buyout

6 (35%)

21 (27%)

980M (15%)

Growth Capital

3 (18%)

8 (10%)

Going Private

1 (6%)

4 (5%)

4.0B (62%)

Stake Purchase

4 (5%)

Divestiture

1 (6%)

3 (4%)

Merger

3 (18%)

3 (4%)

PIPE

2 (3%)

Recapitalization

2 (3%)

Consolidation

1 (6%)

1 (1%)

Joint Venture

1 (1%)

Venture

1 (1%)

Total

$510M

$6.6B

Type	Total #	Value
Trade Sale - Public Company	16 (31%)	4.5B (69%)
Secondary Sale	12 (23%)	1.8B (27%)
Trade Sale	10 (19%)	254M (4%)
IPO	7 (13%)	-
Merger	4 (8%)	-
Bankruptcy	2 (4%)	-
Shut Down	1 (2%)	-
Total	52	$6.6B

Type

Total #

Value

Trade Sale - Public Company

16 (31%)

4.5B (69%)

Secondary Sale

12 (23%)

1.8B (27%)

Trade Sale

10 (19%)

254M (4%)

IPO

7 (13%)

Merger

4 (8%)

Bankruptcy

2 (4%)

Shut Down

1 (2%)

Total

$6.6B

Financial	Deals
Jefferies	2
Credit Suisse Investment Banking	2
Goldman Sachs	1

Financial

Deals

Jefferies

Credit Suisse Investment Banking

Goldman Sachs

Legal	Deals
Debevoise & Plimpton	17
Gibson, Dunn & Crutcher	1
Skadden, Arps, Slate, Meagher & Flom LLP	1

Legal

Deals

Debevoise & Plimpton

Gibson, Dunn & Crutcher

Skadden, Arps, Slate, Meagher & Flom LLP

buy	#	Total
> $1B	1	$3.5B
$100M to $1B	7	$3.1B
TOTAL	$6.6B
Largest	Tervita Corp. $3.5B (2007-11-19)

buy

Total

> $1B

$3.5B

$100M to $1B

$3.1B

TOTAL

$6.6B

Largest

Tervita Corp.
$3.5B (2007-11-19)

sell	#	Total
> $1B	3	$4.1B
$100M to $1B	7	$2.5B
TOTAL	$6.6B
Largest	Wilton Re Holdings Ltd. $1.8B (2014-03-21)

sell

Total

> $1B

$4.1B

$100M to $1B

$2.5B

TOTAL

$6.6B

Largest

Wilton Re Holdings Ltd.
$1.8B (2014-03-21)

		Deals
Acquired from
Investor(s)	30%	24 (30%)
Strategic(s)	4%	3 (4%)
Exited to
Investor(s)	29%	15 (29%)
Strategic(s)	54%	28 (54%)

Deals

Acquired from

Investor(s)

24 (30%)

Strategic(s)

3 (4%)

Exited to

Investor(s)

15 (29%)

Strategic(s)

28 (54%)

FAQ

When was Kelso founded?

Kelso was founded in 1971.

What type of investor is Kelso ?

Kelso is a private equity firm.

Where is Kelso headquartered?

Kelso is headquartered in New York, New York.

How much capital does Kelso have under management?

Kelso has 15.0B USD under management.

Kelso Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary

Kelso

Kelso & Co.

Investment Criteria

M&A Summary

Buy vs Sell

Most Recent M&A

Portfolio M&A

M&A by Sector

Acquisitions By Geo

Acquisitions by Deal Type

Exits by Deal Type

Top M&A Advisors

Deal Values

M&A Connections

Investor Summary

Investor Type

Size

PE Assets

Established

Specialist/Generalist

Leadership

Frank Nickell

Phil Berney

Christopher Collins

Frank Loverro

Joe Kopilak

FAQ

When was Kelso founded?

What type of investor is Kelso ?

Where is Kelso headquartered?

How much capital does Kelso have under management?

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