Investments

21st Century Newspapers

Media

Pontiac, MI

Exited

August 1997

Owner and operator of daily and weekly newspapers in the Michigan suburbs

21st Century Newspapers
NoCaseStudy
Media
Media
Exited
1997
63
Pontiac, MI
Media
August 1997
19970821
/investment-companies/21st-century-newspapers

360networks

Services

Hamilton, Bermuda

Exited

July 1999

International telecommunications company with a focus on fiber optic cable development and international carrier operations

360networks
NoCaseStudy
Services
Services
Exited
1999
60
Hamilton, Bermuda
Services
July 1999
19990714
/investment-companies/360networks

4Refuel

Services

Langley, British Columbia / Oakville, Ontario

Exited

September 2013

View Website

Provider of mobile on-site refueling and fuel management services in Canada and the U.S.

Kelso Team

Church Moore
Investment Partner
Sandy Osborne
Investment Partner
Hugh McBride
Principal

4Refuel
NoCaseStudy
Services
Services
Exited
2013
10
Langley, British Columbia / Oakville, Ontario
Church Moore
Investment Partner
Sandy Osborne
Investment Partner
Hugh McBride
Principal
Services
September 2013
20130917
/investment-companies/4refuel

Ajax Resources

Energy

Houston, TX

Exited

October 2015

View Website

Exploration and production company focusing on oil and gas development in the Permian Basin

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Tim Duffy
Vice President

Ajax Resources
NoCaseStudy
Energy
Energy
Exited
2015
6
Houston, TX
Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Tim Duffy
Vice President
Energy
October 2015
20151014
/investment-companies/ajax-resources

American Beacon

Financial Services

Dallas, TX

Exited

April 2015

View Website

Leading asset management platform serving institutional and retail investors

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal

American Beacon
NoCaseStudy
Financial Services
Financial Services
Exited
2015
8
Dallas, TX
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
FinancialServices
April 2015
20150430
/investment-companies/american-beacon

American Buildings

Industrial

Exited

July 1986

Manufacturer of pre-engineered steel buildings

American Buildings
NoCaseStudy
Industrial
Industrials
Exited
1986
98
Industrial
July 1986
19860703
/investment-companies/american-buildings

American Standard

Industrial

Exited

April 1988

Manufacturer of building supplies, air conditioning and electronic braking systems for trucks

American Standard
NoCaseStudy
Industrial
Industrials
Exited
1988
92
Industrial
April 1988
19880426
/investment-companies/american-standard

Americold

Industrial

Exited

December 1986

Operator of refrigerated warehouses

Americold
NoCaseStudy
Industrial
Industrials
Exited
1986
95
Industrial
December 1986
19861224
/investment-companies/americold

AMF Bowling

Consumer

Richmond, VA

Exited

April 1996

Owner and operator of commercial bowling centers in the United States and worldwide

AMF Bowling
NoCaseStudy
Consumer
Consumer
Exited
1996
67
Richmond, VA
Consumer
April 1996
19960430
/investment-companies/amf-bowling

Aquilex

Services

Atlanta, GA

Exited

December 2008

Leading provider of critical maintenance, repair and industrial cleaning services to the energy industry

Aquilex
NoCaseStudy
Services
Services
Exited
2008
29
Atlanta, GA
Services
December 2008
20081230
/investment-companies/aquilex

Arkansas Best

Industrial

Exited

July 1988

Less-than-truck load trucking company

Arkansas Best
NoCaseStudy
Industrial
Industrials
Exited
1988
90
Industrial
July 1988
19880727
/investment-companies/arkansas-best

Armkel

Consumer

Princeton, NJ

Exited

September 2001

Leading marketer and manufacturer of well-recognized, branded personal care consumer products

Armkel
NoCaseStudy
Consumer
Consumer
Exited
2001
55
Princeton, NJ
Consumer
September 2001
20010928
/investment-companies/armkel

Augusta Sportswear

Consumer

Augusta, GA

Exited

April 2012

View Website

Leading national supplier of on-the-field team uniforms and other team related sportswear

Kelso Team

Chris Collins
Co-Chief Executive Officer
Matt Edgerton
Investment Partner
Dave Wahrhaftig
Senior Advisory Partner
Tom Wall
Senior Advisory Partner
Nick La Torre
Vice President

Augusta Sportswear
NoCaseStudy
Consumer
Consumer
Exited
2012
15
Augusta, GA
Chris Collins
Co-Chief Executive Officer
Matt Edgerton
Investment Partner
Dave Wahrhaftig
Senior Advisory Partner
Tom Wall
Senior Advisory Partner
Nick La Torre
Vice President
Consumer
April 2012
20120402
/investment-companies/augusta-sportswear

BradyPLUS

Industrial

Bell, CA

Current

November 2019

View Website

Leading distributor of foodservice disposables, janitorial & sanitation supplies, and non-perishable food products

Kelso Team

Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Nick La Torre
Vice President
Daniel Ogunlowo
Vice President

BradyPLUS
Leading distributor of foodservice disposables, janitorial & sanitation supplies, and non-perishable food products
NoCaseStudy
Industrial
Current
Bell, CA
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Nick La Torre
Vice President
Daniel Ogunlowo
Vice President
Industrial
November 2019
20191125
/investment-companies/bradyplus

Bridgenext

Business Services

Jacksonville, FL

Current

August 2022

View website

Bridgenext is a global digital consultancy based in the U.S., Canada and India that facilitates highly strategic digital initiatives through digital product engineering, automation, data engineering, and infrastructure modernization services, as well as brand elevation through digital experience, creative content and customer data analytics services.

Kelso Team

Hank Mannix
Investment Partner
Alec Hufnagel
Investment Partner
Forrest Compton
Principal
Tim Duffy
Vice President
Benjamin Winston
Senior Associate

Bridgenext
Bridgenext is a global digital consultancy based in the U.S., Canada and India that facilitates highly strategic digital initiatives through digital product engineering, automation, data engineering, and infrastructure modernization services, as well as brand elevation through digital experience, creative content and customer data analytics services.
NoCaseStudy
Business Services
Current
Jacksonville, FL
Hank Mannix
Investment Partner
Alec Hufnagel
Investment Partner
Forrest Compton
Principal
Tim Duffy
Vice President
Benjamin Winston
Senior Associate
BusinessServices
August 2022
20220803
/investment-companies/bridgenext

Buckeye Partners

Energy

Houston, TX

Exited

June 2007

Primary distributor of petroleum in the East and Mid-West of the United States

Buckeye Partners
NoCaseStudy
Energy
Energy
Exited
2007
33
Houston, TX
Energy
June 2007
20070625
/investment-companies/buckeye-partners

BWAY

Industrial

Atlanta, GA

Exited

February 2003

One of the largest manufacturers of rigid metal, plastic and hybrid containers in North America

BWAY
NoCaseStudy
Industrial
Industrials
Exited
2003
53
Atlanta, GA
Industrial
February 2003
20030207
/investment-companies/bway

Cambridge Display Technology

Industrial

Cambridge, United Kingdom

Exited

July 1999

Patent-holder and principal enabler of the next generation of display technologies using Light Emitting Polymers

Cambridge Display Technology
NoCaseStudy
Industrial
Industrials
Exited
1999
59
Cambridge, United Kingdom
Industrial
July 1999
19990723
/investment-companies/cambridge-display-technology

Charter Communications Companies

Media

St. Louis, MO

Exited

August 1994

Owner and operator of cable television properties

Charter Communications Companies
NoCaseStudy
Media
Media
Exited
1994
74
St. Louis, MO
Media
August 1994
19940803
/investment-companies/charter-communications-companies

Citation

Industrial

Birmingham, AL

Exited

November 1999

Manufacturer of cast, forged and machined components made from iron, steel and aluminum

Citation
NoCaseStudy
Industrial
Industrials
Exited
1999
57
Birmingham, AL
Industrial
November 1999
19991130
/investment-companies/citation

Club Car

Industrial

Exited

November 1988

Manufacturer of golf cars, utility and transportation vehicles for commercial, industrial and recreational purposes

Club Car
NoCaseStudy
Industrial
Industrials
Exited
1988
89
Industrial
November 1988
19881115
/investment-companies/club-car

Consolidated Vision

Consumer

Pennsauken, NJ

Exited

April 1997

Retailers of prescription eyeglasses and contact lenses and franchisors of retail optical stores

Consolidated Vision
NoCaseStudy
Consumer
Consumer
Exited
1997
66
Pennsauken, NJ
Consumer
April 1997
19970428
/investment-companies/consolidated-vision

Crescent Point Energy

Energy

Calgary, Alberta, Canada

Exited

March 2008

Oil and gas company focused on crude oil production in southern Saskatchewan, Canada

Crescent Point Energy
NoCaseStudy
Energy
Energy
Exited
2008
30
Calgary, Alberta, Canada
Energy
March 2008
20080324
/investment-companies/crescent-point-energy

Cronos

Financial Services

Hamilton, Bermuda

Exited

July 2010

Leading lessor of intermodal shipping containers

Cronos
NoCaseStudy

Kelso was involved in myriad ways.

Financial Services
Financial Services
Exited
2010
24
Hamilton, Bermuda
FinancialServices
July 2010
20100727
/investment-companies/cronos

Custom Building Products

Industrial

Seal Beach, CA

Exited

April 2005

Leader in flooring preparation products and tile and stone installation systems for residential and commercial projects

Custom Building Products
NoCaseStudy
Industrial
Industrials
Exited
2005
45
Seal Beach, CA
Industrial
April 2005
20050429
/investment-companies/custom-building-products

CVR Energy Companies

Energy

Sugar Land, TX

Exited

June 2005

One of the largest independent petroleum refiners and marketers in the mid-continental U.S.

CVR Energy Companies
NoCaseStudy
Energy
Energy
Exited
2005
44
Sugar Land, TX
Energy
June 2005
20050624
/investment-companies/cvr-energy-companies

Cygnus Publishing

Media

Jacksonville, FL

Exited

June 1997

Publisher of controlled circulation trade and business magazines in the U.S.

Cygnus Publishing
NoCaseStudy
Media
Media
Exited
1997
65
Jacksonville, FL
Media
June 1997
19970605
/investment-companies/cygnus-publishing

Dakota Growers Pasta

Consumer

Carrington, ND

Exited

May 2007

Manufacturer of pasta for the private label, retail, foodservice and ingredient markets

Dakota Growers Pasta
NoCaseStudy
Consumer
Consumer
Exited
2007
35
Carrington, ND
Consumer
May 2007
20070509
/investment-companies/dakota-growers-pasta

Del Laboratories

Consumer

Uniondale, NY

Exited

January 2005

Manufacturer and marketer of cosmetics and over-the-counter pharmaceuticals

Del Laboratories
NoCaseStudy
Consumer
Consumer
Exited
2005
48
Uniondale, NY
Consumer
January 2005
20050127
/investment-companies/del-laboratories

Delphin Shipping

Industrial

New York, NY

Exited

July 2010

Owner of dry bulk ships

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Chris Collins
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Michael Goldberg
Senior Advisory Partner
Hugh McBride
Principal

Delphin Shipping
NoCaseStudy
Industrial
Industrials
Exited
2010
25
New York, NY
Frank Loverro
Co-Chief Executive Officer
Chris Collins
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Michael Goldberg
Senior Advisory Partner
Hugh McBride
Principal
Industrial
July 2010
20100719
/investment-companies/delphin-shipping

Douglas Broadcasting

Media

Exited

May 1992

Operator of radio stations

Douglas Broadcasting
NoCaseStudy
Media
Media
Exited
1992
80
Media
May 1992
19920515
/investment-companies/douglas-broadcasting

DS Waters of America

Consumer

Atlanta, GA

Exited

November 2005

Bottler and distributor of water and related products to the home and office delivery and retail markets throughout the U.S.

DS Waters of America
NoCaseStudy
Consumer
Consumer
Exited
2005
43
Atlanta, GA
Consumer
November 2005
20051115
/investment-companies/ds-waters-america

EACOM Timber

Industrial

Montreal, Quebec, Canada

Exited

June 2013

View Website

Canadian lumber manufacturer with ownership of sawmills and timber rights in Eastern Canada

Kelso Team

Phil Berney
Chairman
Matt Edgerton
Investment Partner
George Matelich
Senior Advisory Partner
Bill Frayer
Investment Partner

EACOM Timber
NoCaseStudy
Industrial
Industrials
Exited
2013
11
Montreal, Quebec, Canada
Phil Berney
Chairman
Matt Edgerton
Investment Partner
George Matelich
Senior Advisory Partner
Bill Frayer
Investment Partner
Industrial
June 2013
20130611
/investment-companies/eacom-timber

Eagle Bulk Shipping

Industrial

New York, NY

Exited

February 2005

Owner of dry bulk ships

Eagle Bulk Shipping
NoCaseStudy
Industrial
Industrials
Exited
2005
47
New York, NY
Industrial
February 2005
20050201
/investment-companies/eagle-bulk-shipping

Eagle Foods

Consumer

Cleveland, OH

Current

December 2015

View Website

Eagle Foods (“Eagle”) is a leading provider of food products with diversification across multiple categories and a focus on branded products. Eagle operates in three large and stable center-of-the-store categories with staple brands including Meal Solutions (Hamburger Helper, Suddenly Salad), Baking (Eagle, Magnolia) and Ready-To-Eat popcorn (G.H. Cretors, Popcorn Indiana).

Kelso Team

Phil Berney
Chairman
Matt Edgerton
Investment Partner
Bill Frayer
Investment Partner
Daniel Ogunlowo
Vice President
Lindsay Paterson Gordon
Vice President
Benjamin Winston
Senior Associate

Eagle Foods
Eagle Foods (“Eagle”) is a leading provider of food products with diversification across multiple categories and a focus on branded products. Eagle operates in three large and stable center-of-the-store categories with staple brands including Meal Solutions (Hamburger Helper, Suddenly Salad), Baking (Eagle, Magnolia) and Ready-To-Eat popcorn (G.H. Cretors, Popcorn Indiana).
NoCaseStudy
Consumer
Consumer
Current
2015
3
Cleveland, OH
Phil Berney
Chairman
Matt Edgerton
Investment Partner
Bill Frayer
Investment Partner
Daniel Ogunlowo
Vice President
Lindsay Paterson Gordon
Vice President
Benjamin Winston
Senior Associate
Consumer
December 2015
20151229
/investment-companies/eagle-foods

Earle M. Jorgensen

Services

Exited

March 1990

Distributor of metal bar and tubing products

Earle M. Jorgensen
NoCaseStudy
Services
Services
Exited
1990
87
Services
March 1990
19900319
/investment-companies/earle-m-jorgensen

Elara Caring

Healthcare

Dallas, TX

Current

May 2018

View Website

Leading provider of home healthcare services including personal care services, skilled home healthcare and hospice.

Kelso Team

Church Moore
Investment Partner
Hank Mannix
Investment Partner
Hugh McBride
Principal
Cameron Fraser
Vice President

Elara Caring
Leading provider of home healthcare services including personal care services, skilled home healthcare and hospice.
NoCaseStudy
Healthcare
Current
Dallas, TX
Church Moore
Investment Partner
Hank Mannix
Investment Partner
Hugh McBride
Principal
Cameron Fraser
Vice President
Healthcare
May 2018
20180515
/investment-companies/elara-caring

Ellis Communications

Media

Santa Ana, CA

Exited

April 2006

Owner and operator of TV station KDOC-TV in Orange County, CA

Kelso Team

Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Frank Bynum
Senior Advisory Partner
Tom Wall
Senior Advisory Partner

Ellis Communications
NoCaseStudy
Media
Media
Exited
2006
40
Santa Ana, CA
Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Frank Bynum
Senior Advisory Partner
Tom Wall
Senior Advisory Partner
Media
April 2006
20060410
/investment-companies/ellis-communications

Ellis Communications

Media

Exited

November 1993

Broadcast television station and cable operator

Ellis Communications
NoCaseStudy
Media
Exited
1993
76
Media
November 1993
19931130
/investment-companies/ellis-communications-0

Endo Pharmaceuticals

Healthcare

Chadds Ford, PA

Exited

August 1997

Specialty pharmaceutical company primarily focused on pain management products

Endo Pharmaceuticals
NoCaseStudy
Healthcare
Healthcare
Exited
1997
62
Chadds Ford, PA
Healthcare
August 1997
19970826
/investment-companies/endo-pharmaceuticals

Endurance Business Media

Media

Tallahassee, FL

Exited

January 2004

Leading specialty publisher of residential real estate and rental property advertising publications in the U.S.

Endurance Business Media
NoCaseStudy
Media
Media
Exited
2004
51
Tallahassee, FL
Media
January 2004
20040114
/investment-companies/endurance-business-media

FairPoint Communications

Services

Charlotte, NC

Exited

July 1997

Leading provider of telecommunications services in rural communities

FairPoint Communications
NoCaseStudy
Services
Services
Exited
1997
64
Charlotte, NC
Services
July 1997
19970731
/investment-companies/fairpoint-communications

Ferraro Foods

Consumer

Piscataway, NJ

Current

April 2021

View Website

Foodservice distributor focused on the Italian specialty and pizzeria markets.

Kelso Team

Matt Edgerton
Investment Partner
Bill Frayer
Investment Partner
Lindsay Paterson Gordon
Vice President
Corinne Thomas
Vice President
Jack Brugger
Associate

Ferraro Foods
Foodservice distributor focused on the Italian specialty and pizzeria markets.
NoCaseStudy
Consumer
Current
Piscataway, NJ
Matt Edgerton
Investment Partner
Bill Frayer
Investment Partner
Lindsay Paterson Gordon
Vice President
Corinne Thomas
Vice President
Jack Brugger
Associate
Consumer
April 2021
20210413
/investment-companies/ferraro-foods

Foundation Consumer Brands

Consumer

Pittsburgh, PA

Current

October 2020

View Website

Platform of seven OTC brands that primarily compete in the nasal strip, pediatric cough & cold, and oral analgesic categories

Kelso Team

Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Lindsay Paterson Gordon
Vice President
Cameron Fraser
Vice President

Foundation Consumer Brands
Platform of seven OTC brands that primarily compete in the nasal strip, pediatric cough & cold, and oral analgesic categories
NoCaseStudy
Consumer
Current
Pittsburgh, PA
Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Lindsay Paterson Gordon
Vice President
Cameron Fraser
Vice President
Consumer
October 2020
20201023
/investment-companies/foundation-consumer-brands

Foundation Consumer Healthcare

Consumer

Pittsburgh, PA

Exited

November 2017

View Website

Over-the-counter (“OTC”) pharmaceutical platform that owns market leading brands including Plan B One-Step (emergency contraceptive), Theravent (snoring relief), Campho-Phenique (cold sore relief), St. Joseph (low-dose aspirin), Bronkaid (asthma relief), and Neo-Synephrine (nasal decongestant).

Kelso Team

Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Lindsay Paterson Gordon
Vice President

Foundation Consumer Healthcare
Over-the-counter (“OTC”) pharmaceutical platform that owns market leading brands including Plan B One-Step (emergency contraceptive), Theravent (snoring relief), Campho-Phenique (cold sore relief), St. Joseph (low-dose aspirin), Bronkaid (asthma relief), and Neo-Synephrine (nasal decongestant).
NoCaseStudy
Consumer
Exited
1
Pittsburgh, PA
Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Lindsay Paterson Gordon
Vice President
Consumer
November 2017
20171102
/investment-companies/foundation-consumer-healthcare

General Medical

Healthcare

Exited

August 1993

Distributor of medical supplies

General Medical
NoCaseStudy
Healthcare
Healthcare
Exited
1993
78
Healthcare
August 1993
19930831
/investment-companies/general-medical

Global Geophysical Services

Energy

Houston, TX

Exited

December 2006

Provider of land, transition zone and shallow marine seismic data acquisition and data processing to major oil and gas customers

Global Geophysical Services
NoCaseStudy
Energy
Energy
Exited
2006
37
Houston, TX
Energy
December 2006
20061204
/investment-companies/global-geophysical-services

Global Ship Lease

Industrial

London, United Kingdom

Exited

June 2010

View Website

Owner of containerships

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Chris Collins
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Michael Goldberg
Senior Advisory Partner
Hugh McBride
Principal

Global Ship Lease
NoCaseStudy
Industrial
Industrials
Exited
2010
26
London, United Kingdom
Frank Loverro
Co-Chief Executive Officer
Chris Collins
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Michael Goldberg
Senior Advisory Partner
Hugh McBride
Principal
Industrial
June 2010
20100623
/investment-companies/global-ship-lease

Harbor Community Bank

Financial Services

Indiantown, FL

Exited

September 2010

View Website

Community banking platform in Florida

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Alec Hufnagel
Investment Partner

Harbor Community Bank
NoCaseStudy
Financial Services
Financial Services
Exited
2010
23
Indiantown, FL
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Alec Hufnagel
Investment Partner
FinancialServices
September 2010
20100920
/investment-companies/harbor-community-bank

Harris Specialty Chemicals

Industrial

Jacksonville, FL

Exited

February 1994

Manufacturer and marketer of specialty chemicals and chemical materials for the construction industry

Harris Specialty Chemicals
NoCaseStudy
Industrial
Industrials
Exited
1994
75
Jacksonville, FL
Industrial
February 1994
19940215
/investment-companies/harris-specialty-chemicals

HCI Direct

Consumer

Bensalem, PA

Exited

October 1994

Engaged in the direct mail marketing, manufacturing, and distribution of women's sheer hosiery products in the U.S.

HCI Direct
NoCaseStudy
Consumer
Consumer
Exited
1994
73
Bensalem, PA
Consumer
October 1994
19941017
/investment-companies/hci-direct

Helios

Healthcare

Memphis, TN

Exited

October 2013

Helios is a leading provider of pharmacy benefit management (“PBM”) services, durable medical equipment, home health care, transportation, translation and Medicare compliance solutions for workers’ compensation insurance carriers and third-party administrators. Helios was formed at the time of Kelso’s investment through the merger of Progressive Solutions (“Progressive”) and PMSI, which were the #2 and #3 PBM providers in the workers’ compensation market at the time. The combination created the largest dedicated PBM serving the workers’ compensation industry.

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Church Moore
Investment Partner
Hugh McBride
Principal

Helios
Helios is a leading provider of pharmacy benefit management (“PBM”) services, durable medical equipment, home health care, transportation, translation and Medicare compliance solutions for workers’ compensation insurance carriers and third-party administrators. Helios was formed at the time of Kelso’s investment through the merger of Progressive Solutions (“Progressive”) and PMSI, which were the #2 and #3 PBM providers in the workers’ compensation market at the time. The combination created the largest dedicated PBM serving the workers’ compensation industry.
NoCaseStudy
Healthcare
Healthcare
Exited
2013
9
Memphis, TN
Frank Loverro
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Church Moore
Investment Partner
Hugh McBride
Principal
  • The workers’ compensation PBM market continued to grow due to drug price inflation and moderate script growth post-investment.
  • Helios achieved the $35 million in run-rate cost savings initially forecasted.
  • In June 2014 based on the strength of the underlying business, Helios raised $210 million in incremental term loans, which allowed for a distribution to shareholders.
  • In October 2015, Helios was sold to OptumRX Inc.

Partnership Aspects that Led to Sourcing of Transaction

Kelso’s focus on the PBM sector and industry relationships allowed us to identify a strategic (Progressive) with which to partner in the acquisition of PMSI.  We proactively approached Progressive to be our partner, which gave the Kelso/Progressive combination a competitive edge in the auction process.  Our successful track record of partnering with corporates made us an attractive partner to both PMSI and Progressive. Existing management from both companies rolled over significant equity and led a combined management team.

Navigated a Complex Auction Process

Kelso was able to navigate a complex auction process and bring significant resources to bear to complete diligence on two companies within a condensed timeline and ultimately merge Progressive and PMSI.

Identified Meaningful Synergy Opportunity Post-Merger

In evaluating the combined business, Kelso and management were able to identify and underwrite $35 million of cost savings. These costs savings were fully implemented on a run-rate basis within two years of Kelso’s investment.

Capitalized on Opportunity for Strategic Sale

Timely, successful integration led by a combined Progressive/PMSI management team positioned the business for a sale to a strategic buyer. Kelso had identified this opportunity for a strategic exit in a rapidly consolidating industry as part of its investment thesis.

Healthcare Industry Experience Provided Key Insights

The Kelso Healthcare Services team had evaluated the PBM sector in depth prior to the Helios investment. Our conclusions regarding industry structure, barriers to entry, and differentiated services required in workers’ compensation PBM were core to our investment thesis.

Healthcare
October 2013
20131022
/investment-companies/helios

Hilite

Industrial

Cleveland, OH

Exited

June 1999

Designer and manufacturer of a diversified line of highly engineered components for the automotive industry

Hilite
NoCaseStudy
Industrial
Industrials
Exited
1999
61
Cleveland, OH
Industrial
June 1999
19990601
/investment-companies/hilite

Hillside Broadcasting

Media

Wilmington, NC

Exited

May 1995

Owned and operated the ABC television affiliate in Wilmington, NC

Hillside Broadcasting
NoCaseStudy
Media
Media
Exited
1995
72
Wilmington, NC
Media
May 1995
19950518
/investment-companies/hillside-broadcasting

Humphreys

Consumer

Chicago, IL

Exited

June 1995

Manufacturer and merchandiser of men's and boys' apparel, belts and personal leather goods

Humphreys
NoCaseStudy
Consumer
Consumer
Exited
1995
70
Chicago, IL
Consumer
June 1995
19950628
/investment-companies/humphreys

Hunt Marcellus

Energy

Dallas, TX

Exited

November 2010

Joint venture between Kelso and the Hunt Oil Company formed specifically to acquire and develop natural gas assets in the Marcellus shale

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
George Matelich
Senior Advisory Partner
Alec Hufnagel
Investment Partner

Hunt Marcellus
NoCaseStudy
Energy
Energy
Exited
2010
21
Dallas, TX
Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
George Matelich
Senior Advisory Partner
Alec Hufnagel
Investment Partner
Energy
November 2010
20101112
/investment-companies/hunt-marcellus

iGPS

Services

Orlando, FL

Exited

December 2007

Operator of plastic pallet rental service

iGPS
NoCaseStudy
Services
Services
Exited
2007
31
Orlando, FL
Services
December 2007
20071205
/investment-companies/igps

IHOP

Consumer

Exited

May 1987

Retail restaurant chain

IHOP
NoCaseStudy
Consumer
Consumer
Exited
1987
94
Consumer
May 1987
19870505
/investment-companies/ihop

Investment - Armada

Industrial

Tampa, FL

Current

September 2023

View website

Aggregates and asphalt platform formed in partnership with CEO Rob Duke

Kelso Team

Sandy Osborne
Investment Partner
Matt Edgerton
Investment Partner
Nick La Torre
Vice President
Daniel McLaren
Senior Associate

Investment - Armada
Aggregates and asphalt platform formed in partnership with CEO Rob Duke
NoCaseStudy
Industrial
Current
Tampa, FL
Sandy Osborne
Investment Partner
Matt Edgerton
Investment Partner
Nick La Torre
Vice President
Daniel McLaren
Senior Associate
Industrial
September 2023
20230911
/investment-companies/investment-armada

Investment - Inovar

Industrial

Dallas, TX

Current

May 2022

View website

A leading provider of decorative labels to high-growth customers in food and beverage, nutraceuticals, pet care, and medical end markets.

Kelso Team

Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President
Serena Simpkins
Associate

Investment - Inovar
A leading provider of decorative labels to high-growth customers in food and beverage, nutraceuticals, pet care, and medical end markets.
NoCaseStudy
Industrial
Current
Dallas, TX
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President
Serena Simpkins
Associate
Industrial
May 2022
20220531
/investment-companies/investment-inovar

J.S. Held

Financial Services

Jericho, NY

Current

July 2019

View Website

J.S. Held is a specialized global consulting firm whose professionals serve as trusted, expert advisors to organizations facing high-stakes events.

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
Tim Duffy
Vice President
Alban Martini
Senior Associate

J.S. Held
NoCaseStudy
Financial Services
Current
Jericho, NY
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
Tim Duffy
Vice President
Alban Martini
Senior Associate
FinancialServices
July 2019
20190709
/investment-companies/js-held

KAR Auction Services

Services

Carmel, IN

Exited

April 2005

KAR Auction Services (“KAR”) is a leading provider of vehicle auction services in North America for sellers of used and salvage vehicles through numerous auction locations and multiple proprietary internet venues. Revenues are generated from auction fees from both vehicle buyers and sellers, as well as value-added ancillary services, including inspections, storage, transportation, reconditioning, salvage recovery, titling and floorplan financing.

Kelso Team

Michael Goldberg
Senior Advisory Partner
Frank Loverro
Co-Chief Executive Officer
Church Moore
Investment Partner
Dave Wahrhaftig
Senior Advisory Partner
Matt Edgerton
Investment Partner

KAR Auction Services
KAR Auction Services (“KAR”) is a leading provider of vehicle auction services in North America for sellers of used and salvage vehicles through numerous auction locations and multiple proprietary internet venues. Revenues are generated from auction fees from both vehicle buyers and sellers, as well as value-added ancillary services, including inspections, storage, transportation, reconditioning, salvage recovery, titling and floorplan financing.
NoCaseStudy
Services
Services
Exited
April 2005
46
Carmel, IN
Michael Goldberg
Senior Advisory Partner
Frank Loverro
Co-Chief Executive Officer
Church Moore
Investment Partner
Dave Wahrhaftig
Senior Advisory Partner
Matt Edgerton
Investment Partner
  • We successfully integrated IAAI and ADESA, achieving significant operational and financial benefits.
  • KAR completed numerous tuck-in acquisitions and the critical acquisition of Openlane, which enhanced KAR’s web-based auction and technology capabilities.
  • Despite a recession and significant decline in new vehicle sales and lease originations during Kelso’s ownership period, KAR grew revenue and EBITDA and successfully managed expenses and capital spending to generate free cash flow and pay down a substantial amount of debt.
  • In December 2009, Kelso took KAR public, in one of the first IPOs coming out of the Global Financial Crisis. To fully exit its investment, Kelso completed six secondary offerings between December 2012 and November 2013, with each successive offering price exceeding the previous sale’s offering price.

Partnership Aspects that Led to Sourcing of Transaction

KAR was formed in April 2007 by taking ADESA, a publicly-traded company, private and combining it with Insurance Auto Auctions (“IAAI”), an existing Kelso portfolio company. IAAI was an ideal platform to consolidate the auction industry by building out a national physical footprint and online business to compete with the only two other national competitors. Kelso installed Brian Clingen as CEO - Brian had previously been CFO of Universal Outdoor, a Kelso Fund V company. Kelso also hired Jim Hallett, the former CEO of ADESA, to run the used vehicle division.

Partnered with Former Kelso Manager to Create a Market Leading Auction Service Company

Brian Clingen was formerly the CFO of Kelso’s successful investment in Universal Outdoor. Brian also had experience in the automotive collision repair and insurance sectors. Kelso partnered with Brian in the going private transaction of IAAI in 2005, at which point Brian became Chairman of the Board. Kelso identified a substantial opportunity for value creation by consolidating the fragmented salvage vehicle auction sector, including by combining IAAI with the salvage operations of ADESA. Brian oversaw the go-private purchase of ADESA and the subsequent merger of IAAI and ADESA. After combining the two businesses, which resulted in substantial revenue and cost synergies, we ultimately took the combined business public in December of 2009.

Supported KAR’s Growth Through Operational Initiatives, Acquisitions and Greenfields

During our ownership, Kelso and management worked together to substantially transform the business through operational improvements, acquisitions and a further organic build-out of the combined company’s North American footprint. Significant opportunity for cost savings existed through combining IAAI with ADESA’s salvage auction businesses and implementing best practices at ADESA’s used vehicle locations.

Services
April 2005
20050401
/investment-companies/kar-auction-services

Kelso Overland

Industrial

Exited

October 1987

Less-than-truck load trucking company

Kelso Overland
NoCaseStudy
Industrial
Industrials
Exited
1987
93
Industrial
October 1987
19871014
/investment-companies/kelso-overland

Key Components

Industrial

Tarrytown, NY

Exited

May 2000

Designer and manufacturer of value-added, custom-engineered componentry

Key Components
NoCaseStudy
Industrial
Industrials
Exited
2000
56
Tarrytown, NY
Industrial
May 2000
20000522
/investment-companies/key-components

Kinder Morgan

Energy

Houston, TX

Exited

May 2007

Largest energy infrastructure company in North America specializing in owning and controlling oil and gas pipelines and terminals

Kinder Morgan
NoCaseStudy
Energy
Energy
Exited
2007
34
Houston, TX
Energy
May 2007
20070525
/investment-companies/kinder-morgan

King Broadcasting

Media

Exited

February 1992

Operator of broadcast TV and cable properties

King Broadcasting
NoCaseStudy
Media
Media
Exited
1992
81
Media
February 1992
19920224
/investment-companies/king-broadcasting

Landstar Systems

Industrial

Exited

March 1991

Less-than-truck load trucking company

Landstar Systems
NoCaseStudy
Industrial
Industrials
Exited
1991
84
Industrial
March 1991
19910328
/investment-companies/landstar-systems

Lebanon Valley Offset

Services

Exited

December 1986

Provider of offset printing for annual reports

Lebanon Valley Offset
NoCaseStudy
Services
Services
Exited
1986
96
Services
December 1986
19861223
/investment-companies/lebanon-valley-offset

Logan's Roadhouse

Consumer

Nashville, TN

Exited

October 2010

View Website

Affordable, full service restaurant chain across the U.S.

Kelso Team

Phil Berney
Chairman
Steve Dutton
Investment Partner
Sandy Osborne
Investment Partner

Logan's Roadhouse
NoCaseStudy
Consumer
Consumer
Exited
2010
22
Nashville, TN
Phil Berney
Chairman
Steve Dutton
Investment Partner
Sandy Osborne
Investment Partner
Consumer
October 2010
20101004
/investment-companies/logans-roadhouse

Masland Industries

Industrial

Exited

August 1991

Manufacturer of carpet and trunk liners for the auto industry

Masland Industries
NoCaseStudy
Industrial
Industrial
Exited
1991
83
Industrial
August 1991
19910802
/investment-companies/masland-industries

Merchants

Industrial

Exited

July 1990

Less-than-truck load trucking company

Merchants
NoCaseStudy
Industrial
Industrials
Exited
1990
85
Industrial
July 1990
19900731
/investment-companies/merchants

Mitchell Supreme Fuel

Services

Exited

June 1988

Distributor of fuel oil and natural gas in New Jersey

Mitchell Supreme Fuel
NoCaseStudy
Services
Services
Exited
1988
91
Services
June 1988
19880630
/investment-companies/mitchell-supreme-fuel

Mosler

Industrial

Exited

May 1990

Manufacturer and servicer of security products and systems

Mosler
NoCaseStudy
Industrial
Industrials
Exited
1986 and 1990
99
Industrial
May 1990
19900523
/investment-companies/mosler

Newport Group

Financial Services

Walnut Creek, California

Current

September 2018

View Website

Leading independent provider of retirement services in the U.S., with over one million employee participants and more than $160 billion in assets under administration

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President

Newport Group
Leading independent provider of retirement services in the U.S., with over one million employee participants and more than $160 billion in assets under administration
NoCaseStudy
Financial Services
Current
Walnut Creek, California
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President
FinancialServices
September 2018
20180913
/investment-companies/newport-group

Nivel

Industrial

Jacksonville, FL

Exited

January 2012

View Website

Largest supplier of aftermarket parts and accessories to the golf cart market

Kelso Team

Frank Bynum
Senior Advisory Partner
Dave Wahrhaftig
Senior Advisory Partner
Tom Wall
Senior Advisory Partner

Nivel
NoCaseStudy
Industrial
Industrials
Exited
2012
16
Jacksonville, FL
Frank Bynum
Senior Advisory Partner
Dave Wahrhaftig
Senior Advisory Partner
Tom Wall
Senior Advisory Partner
Industrial
January 2012
20120113
/investment-companies/nivel

Nortek

Industrial

Providence, RI

Exited

January 2003

Diversified manufacturer of residential and commercial building products

Nortek
NoCaseStudy
Industrial
Industrials
Exited
2003
54
Providence, RI
Industrial
January 2003
20030109
/investment-companies/nortek

Novvia Group

Industrial

Atlanta, GA

Current

December 2020

View website

Leading distributor of rigid container and life sciences packaging.

Kelso Team

Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Bill Frayer
Investment Partner
Tim Duffy
Vice President
Jack Brugger
Associate

Novvia Group
Leading distributor of rigid container and life sciences packaging.
NoCaseStudy
Industrial
Current
Atlanta, GA
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Bill Frayer
Investment Partner
Tim Duffy
Vice President
Jack Brugger
Associate
Industrial
December 2020
20201201
/investment-companies/novvia-group

Oasis Outsourcing

Services

West Palm Beach, FL

Exited

June 2017

View Website

Leading professional employer organization serving businesses in a diverse range of industries

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner

Oasis Outsourcing
Leading professional employer organization serving businesses in a diverse range of industries
NoCaseStudy
Services
Exited
3
West Palm Beach, FL
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Services
June 2017
20170630
/investment-companies/oasis-outsourcing

Oceana Therapeutics

Healthcare

Edison, NJ

Exited

June 2009

Specialty therapeutics organization formed to commercialize products, with a focus on colorectal, gastroenterology and urological disease

Oceana Therapeutics
NoCaseStudy
Healthcare
Healthcare
Exited
2009
28
Edison, NJ
Healthcare
June 2009
20090602
/investment-companies/oceana-therapeutics

Optigas

Energy

Denver, CO

Exited

May 2004

Gatherer, processor and marketer of natural gas in the Powder River Basin, East Texas and Louisiana

Optigas
NoCaseStudy
Energy
Energy
Exited
2004
50
Denver, CO
Energy
May 2004
20040525
/investment-companies/optigas

Overwatch Systems

Services

Morristown, NJ

Exited

October 2004

Leading provider of software-based multi-source intelligence analysis tools to US intelligence agencies

Overwatch Systems
NoCaseStudy
Services
Services
Exited
2004
49
Morristown, NJ
Services
October 2004
20041029
/investment-companies/overwatch-systems

Pathstone

Financial Services

Englewood, NJ

Current

May 2023

View website

Independent wealth management firm that provides fee-based investment advisory and comprehensive family office services

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President
Jack Brugger
Associate

Pathstone
Independent wealth management firm that provides fee-based investment advisory and comprehensive family office services
NoCaseStudy
Financial Services
Current
Englewood, NJ
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President
Jack Brugger
Associate
FinancialServices
May 2023
20230501
/investment-companies/pathstone-0

Peebles

Consumer

South Hill, VA

Exited

June 1995

Operator of specialty department stores offering moderately priced merchandise to customers in small towns and communities

Peebles
NoCaseStudy
Consumer
Consumer
Exited
1995
71
South Hill, VA
Consumer
June 1995
19950608
/investment-companies/peebles

Physicians Endoscopy

Healthcare

Jamison, PA

Exited

August 2016

View Website

Leading operator of gastroenterology-focused ambulatory surgery centers

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Church Moore
Investment Partner
Hugh McBride
Principal

Physicians Endoscopy
NoCaseStudy
Healthcare
Healthcare
Exited
2016
1
Jamison, PA
Frank Loverro
Co-Chief Executive Officer
Hank Mannix
Investment Partner
Church Moore
Investment Partner
Hugh McBride
Principal
Healthcare
August 2016
20160818
/investment-companies/physicians-endoscopy

PowerTeam Services

Energy

Cary, NC

Exited

December 2012

View Website

Provider of outsourced services for the maintenance, repair and installation of electric and natural gas infrastructure

Kelso Team

Phil Berney
Chairman
Hank Mannix
Investment Partner
Sandy Osborne
Investment Partner
Forrest Compton
Principal

PowerTeam Services
NoCaseStudy
Energy
Energy
Exited
2012
12
Cary, NC
Phil Berney
Chairman
Hank Mannix
Investment Partner
Sandy Osborne
Investment Partner
Forrest Compton
Principal
Energy
December 2012
20121221
/investment-companies/powerteam-services

Premia Re

Financial Services

Bermuda

Current

January 2017

View Website

Reinsurance company focused on the property and casualty run-off market

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Forrest Compton
Principal

Premia Re
Reinsurance company focused on the property and casualty run-off market
NoCaseStudy
Financial Services
Current
3
Bermuda
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Forrest Compton
Principal
FinancialServices
January 2017
20170106
/investment-companies/premia-re

PSAV

Services

Schaumburg, IL

Exited

February 2007

Leading provider of audio visual equipment and event technology support to the hotel, conference and event industry in North America and Europe

PSAV
NoCaseStudy
Services
Services
Exited
2007
36
Schaumburg, IL
Services
February 2007
20070228
/investment-companies/psav

Refresh Mental Health

Healthcare

Jacksonville Beach, FL

Exited

December 2020

https://www.refreshmh.com

National provider of outpatient mental health services with over 200 locations in the United States

Kelso Team

Church Moore
Investment Partner
Hank Mannix
Investment Partner
Hugh McBride
Principal
Lindsay Paterson Gordon
Vice President
Corinne Thomas
Vice President

Refresh Mental Health
National provider of outpatient mental health services with over 200 locations in the United States
NoCaseStudy
Healthcare
Exited
Jacksonville Beach, FL
Church Moore
Investment Partner
Hank Mannix
Investment Partner
Hugh McBride
Principal
Lindsay Paterson Gordon
Vice President
Corinne Thomas
Vice President
Healthcare
December 2020
20201201
/investment-companies/refresh-mental-health

Renfro

Consumer

Mount Airy, NC

Exited

October 2006

View Website

Largest designer, marketer and manufacturer of socks sold in the U.S.

Kelso Team

Chris Collins
Co-Chief Executive Officer
Matt Edgerton
Investment Partner
Dave Wahrhaftig
Senior Advisory Partner
Tom Wall
Senior Advisory Partner

Renfro
NoCaseStudy
Consumer
Consumer
Exited
2006
38
Mount Airy, NC
Chris Collins
Co-Chief Executive Officer
Matt Edgerton
Investment Partner
Dave Wahrhaftig
Senior Advisory Partner
Tom Wall
Senior Advisory Partner
Consumer
October 2006
20061005
/investment-companies/renfro

ReSource Pro

Financial Services

Current

December 2021

View Website

A leading provider of outsourced business process management and consulting / advisory services to U.S. based insurance brokers, managing general agents, carriers, and third-party administrators.

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
Cameron Fraser
Vice President
Alban Martini
Senior Associate

ReSource Pro
A leading provider of outsourced business process management and consulting / advisory services to U.S. based insurance brokers, managing general agents, carriers, and third-party administrators.
NoCaseStudy
Financial Services
Current
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
Cameron Fraser
Vice President
Alban Martini
Senior Associate
FinancialServices
December 2021
20211210
/investment-companies/resource-pro

RHI Entertainment

Media

New York, NY

Exited

January 2006

Developer, producer and distributor of made-for-television movies and mini-series

RHI Entertainment
NoCaseStudy
Media
Media
Exited
2006
41
New York, NY
Media
January 2006
20060112
/investment-companies/rhi-entertainment

Risk Strategies Company

Financial Services

Boston, MA

Current

November 2015

20200201

View Website

Founded in 1997 by Chairman Mike Christian, Risk Strategies Company (“RSC”) is a leading specialty-focused insurance broker that provides retail brokerage solutions for commercial clients and high net worth individuals, and wholesale products for agencies. RSC has a client-centric approach with 100,000+ retail clients supported by 100+ offices across the U.S. and 3,000+ employees. RSC benefits from a differentiated business model focused largely on more complex specialty practices, including healthcare, professional liability, entertainment, and fine arts.

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
Tim Duffy
Vice President
Daniel McLaren
Senior Associate

Risk Strategies Company
Founded in 1997 by Chairman Mike Christian, Risk Strategies Company (“RSC”) is a leading specialty-focused insurance broker that provides retail brokerage solutions for commercial clients and high net worth individuals, and wholesale products for agencies. RSC has a client-centric approach with 100,000+ retail clients supported by 100+ offices across the U.S. and 3,000+ employees. RSC benefits from a differentiated business model focused largely on more complex specialty practices, including healthcare, professional liability, entertainment, and fine arts.
NoCaseStudy
Financial Services
Financial Services
Current
November 2015
4
Boston, MA
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
Tim Duffy
Vice President
Daniel McLaren
Senior Associate
FinancialServices
November 2015
20151125
/investment-companies/risk-strategies-company
20200201

Sandler O'Neill + Partners

Financial Services

New York, NY

Exited

December 2010

View Website

Full-service investment banking firm focused on the financial services sector

Kelso Team

Phil Berney
Chairman
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Tom Wall
Senior Advisory Partner
Alec Hufnagel
Investment Partner

Sandler O'Neill + Partners
NoCaseStudy
Financial Services
Financial Services
Exited
2010
19
New York, NY
Phil Berney
Chairman
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Tom Wall
Senior Advisory Partner
Alec Hufnagel
Investment Partner
FinancialServices
December 2010
20101221
/investment-companies/sandler-oneill-partners

Savant

Financial Services

Rockford, IL

Current

October 2021

View website

Wealth management firm providing fee-based wealth advisory services.

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President

Savant
Wealth management firm providing fee-based wealth advisory services.
NoCaseStudy
Financial Services
Current
Rockford, IL
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Nick La Torre
Vice President
FinancialServices
October 2021
20211008
/investment-companies/savant

Scient Companies

Services

Atlanta, GA

Exited

April 1996

Internet services company which provided strategy consulting and comprehensive Internet-based solutions to Fortune 1000 companies

Scient Companies
NoCaseStudy
Services
Services
Exited
1996
68
Atlanta, GA
Services
April 1996
19960430
/investment-companies/scient-companies

Sentinel Data Centers

Services

New York, NY

Exited

January 2011

View Website

Developer and operator of highly fault tolerant data centers for internal data processing and disaster recovery purposes

Kelso Team

Hank Mannix
Investment Partner
Frank Bynum
Senior Advisory Partner
Tom Wall
Senior Advisory Partner
Alec Hufnagel
Investment Partner

Sentinel Data Centers
NoCaseStudy
Services
Services
Exited
2011
18
New York, NY
Hank Mannix
Investment Partner
Frank Bynum
Senior Advisory Partner
Tom Wall
Senior Advisory Partner
Alec Hufnagel
Investment Partner
Services
January 2011
20110105
/investment-companies/sentinel-data-centers

Sirius Computer Solutions

Services

San Antonio, TX

Exited

October 2015

View Website

Leading provider of data center-focused technology integration services, including product provisioning, design and implementation

Kelso Team

Hank Mannix
Investment Partner
Frank Bynum
Senior Advisory Partner
Alec Hufnagel
Investment Partner

Sirius Computer Solutions
NoCaseStudy
Services
Services
Exited
2015
5
San Antonio, TX
Hank Mannix
Investment Partner
Frank Bynum
Senior Advisory Partner
Alec Hufnagel
Investment Partner
Services
October 2015
20151029
/investment-companies/sirius-computer-solutions

Somers Re

Financial Services

Bermuda

Current

June 2021

Specialty property and casualty (re)insurance platform

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal

Somers Re
Specialty property and casualty (re)insurance platform
NoCaseStudy
Financial Services
Current
Bermuda
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Forrest Compton
Principal
FinancialServices
June 2021
20210625
/investment-companies/somers-re

SouthernCarlson

Industrial

Omaha, NE

Exited

July 2016

View Website

Leading distributor of fastening and packaging products to construction and industrial end markets

Kelso Team

Matt Edgerton
Investment Partner
Sandy Osborne
Investment Partner

SouthernCarlson
NoCaseStudy
Industrial
Industrials
Exited
2016
2
Omaha, NE
Matt Edgerton
Investment Partner
Sandy Osborne
Investment Partner
Industrial
July 2016
20160726
/investment-companies/southerncarlson

Spectramed

Healthcare

Exited

October 1986

Manufacturer of medical products

Spectramed
NoCaseStudy
Healthcare
Healthcare
Exited
1986
97
Healthcare
October 1986
19861010
/investment-companies/spectramed

Tallgrass

Energy

Leawood, KS

Exited

September 2012

View Website

Tallgrass Energy is a growth-oriented midstream energy company operating across 10 states with transportation, storage, terminal and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner

Tallgrass
Tallgrass Energy is a growth-oriented midstream energy company operating across 10 states with transportation, storage, terminal and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
NoCaseStudy
Energy
Energy
Exited
September 2012
13
Leawood, KS
Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
  • Completed a ~$314mm MLP IPO just six months after closing the transaction, creating Tallgrass Energy Partners, LP (NYSE: “TEP”).
    • TEP has recorded 17 consecutive quarters of distribution increases (every quarter since IPO)
  • Completed a ~$1.4bn IPO of its general partner, Tallgrass Energy Partners GP, LP (NYSE: “TEGP”), two years after the IPO of TEP. 
    • TEGP has recorded nine consecutive quarters of distribution increases (every quarter since IPO)
  • To date, Tallgrass Development has successfully completed ~$3.4bn of drop down transactions to TEP
  • TEP has completed over $1.4bn of third party acquisitions
  • Successfully completed multiple development / repositioning projects across the asset base, including:
    • Development of Pony Express, creating an approximate 320,000 bbl/d crude oil pipeline serving multiple production basins in the Rockies
    • Transformation to bi-directional gas flows in and expansion of Zone 3 on Rockies Express Pipeline, repositioning the pipeline as a bi-directional header system capable of serving producers and end markets from the Rockies to the Utica Shale in Ohio
    • Acquisition and development of Tallgrass Terminals, with over 3.5mm barrels of capacity across its systems

Partnership Aspects That Led Sourcing of Transaction

Kelso evaluated the assets with multiple strategic partners during Kinder Morgan’s FTC-mandated divestiture of certain pipelines and other midstream assets prior to working with Tallgrass.  We worked closely with our KSN members, many of whom had direct experience previously operating the assets, to identify the opportunity and develop an understanding of the value of the midstream asset portfolio.  As a result, we were able to give management confidence that Kelso was the right choice when securing a financial partner and negotiating the transaction.

History of Success in Midstream Sector

Our deep experience in the energy sector, specifically our strong track record in midstream, along with the experience of our KSN team, gave us the insights and confidence to pursue this very large acquisition, which required a differentiated perspective on the potential of its key assets. 

Substantial Upside To Be Unlocked Under New Ownership

Management developed a unique perspective on the assets which was not apparent to all bidders in the process, including a large development project (Pony Express Pipeline) and a large asset repositioning (Rockies Express Pipeline).  Through our independent due diligence, we ultimately developed a similar perspective with management on the substantial upside embedded in the asset portfolio.

Partnership with a Highly Experienced and Respected Management Team

Management, led by CEO David Dehaemers, had a strong track record of successfully operating midstream assets and creating significant value for investors.  Our energy experience and perspectives aligned well with those of management as they searched for a financial partner.

Energy
September 2012
20120907
/investment-companies/tallgrass

Tervita

Energy

Calgary, Alberta, Canada

Exited

November 2007

View Website

Industry leading provider of integrated and environmentally-responsible services to oil and gas companies in Canada and the U.S.

Kelso Team

Phil Berney
Chairman
Sandy Osborne
Investment Partner
George Matelich
Senior Advisory Partner

Tervita
NoCaseStudy
Energy
Energy
Exited
2007
32
Calgary, Alberta, Canada
Phil Berney
Chairman
Sandy Osborne
Investment Partner
George Matelich
Senior Advisory Partner
Energy
November 2007
20071106
/investment-companies/tervita

Texas Foundries

Industrial

Exited

January 1986

Operator of an iron and steel foundry

Texas Foundries
NoCaseStudy
Industrial
Industrials
Exited
1986
100
Industrial
January 1986
19860107
/investment-companies/texas-foundries

Third Point Re

Financial Services

Hamilton, Bermuda

Exited

December 2011

View Website

Specialty property and casualty reinsurance company

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Forrest Compton
Principal

Third Point Re
NoCaseStudy
Financial Services
Financial Services
Exited
2011
17
Hamilton, Bermuda
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Bill Frayer
Investment Partner
Forrest Compton
Principal
FinancialServices
December 2011
20111222
/investment-companies/third-point-re

TransDigm

Industrial

Exited

September 1993

Manufacturer of products for the aerospace industry

TransDigm
NoCaseStudy
Industrial
Industrials
Exited
1993
77
Industrial
September 1993
19930930
/investment-companies/transdigm

Traxys Companies

Services

Strassen, Luxembourg

Exited

January 2006

Leading international physical metals and minerals marketing, distribution and trading business

Kelso Team

Hank Mannix
Investment Partner
Sandy Osborne
Investment Partner

Traxys Companies
NoCaseStudy
Services
Services
Exited
2006
42
Strassen, Luxembourg
Hank Mannix
Investment Partner
Sandy Osborne
Investment Partner
Services
January 2006
20060106
/investment-companies/traxys-companies

Truck-Lite

Industrial

Falconer, NY

Exited

December 2010

Truck-Lite is a leading manufacturer of signal lighting, forward lighting, wiring harnesses, mirrors, fuel filters and other products to the medium and heavy duty commercial vehicle, trailer and light vehicle industries. Kelso acquired a 49% ownership stake in Truck-Lite from the Penske Corporation and other investors in 2010. Truck-Lite operated as a standalone subsidiary of Penske Corp, benefitting from Penske Corp’s relationships with truck fleets and commercial and light vehicle OEMs. Truck-Lite maintains #1 or #2 market shares across all of its major product categories in the U.S.

Kelso Team

Frank Bynum
Senior Advisory Partner
Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Hugh McBride
Principal

Truck-Lite
Truck-Lite is a leading manufacturer of signal lighting, forward lighting, wiring harnesses, mirrors, fuel filters and other products to the medium and heavy duty commercial vehicle, trailer and light vehicle industries. Kelso acquired a 49% ownership stake in Truck-Lite from the Penske Corporation and other investors in 2010. Truck-Lite operated as a standalone subsidiary of Penske Corp, benefitting from Penske Corp’s relationships with truck fleets and commercial and light vehicle OEMs. Truck-Lite maintains #1 or #2 market shares across all of its major product categories in the U.S.
NoCaseStudy
Industrial
Industrials
Exited
December 2010
20
Falconer, NY
Frank Bynum
Senior Advisory Partner
Church Moore
Investment Partner
Matt Edgerton
Investment Partner
Hugh McBride
Principal
  • Commercial vehicle and trailer production volumes met or exceeded industry expectations in 2011-12, thereby validating the market timing aspect of the Kelso investment thesis.
  • In 2012 based on the strength of the underlying business, Truck-Lite completed a $325 million debt refinancing, the proceeds of which were used to repay debt and fund a $100 million distribution to shareholders.
  • In February 2015, Truck-Lite acquired Rigid Industries, a leading manufacturer of LED lighting for the off-road and powersports industries.
  • In December 2015, Kelso and The Penske Corporation sold Truck-Lite to entities affiliated with Koch Equity Development and BDT Capital Partners.

Partnership Aspects that Led to Sourcing of Transaction

The Penske Corporation was seeking a partner to purchase a 49% interest in Truck-Lite.& Management and the Penske organization (including Roger Penske) selected Kelso as their partner due to our successful record of investing in the transportation industry, substantial experience with corporate partnerships and significant personal investment by the Kelso employees in our transactions. The Penske Corporation retained 51% ownership in the business. The Truck-Lite partnership was the first of two investments we have made with entities controlled by Roger Penske. Kelso continues to actively review new investment opportunities with the Penske organization.

Invested at an Attractive Entry Point in the Commercial Vehicle Cycle

Following the Global Financial Crisis, the average truck fleet age of 6.5 years in 2010 was the highest on record, with strong new build rates projected. Kelso observed one year of growth from the historically low build rate in 2009 and believed the industry was in the early stages of a significant recovery.

Invested Behind a Unique Business Model

Market leader in commercial vehicle lighting (#1 or #2 share across major product categories); low-cost producer in important, high-volume product lines; unique two-pronged selling strategy involving vehicle fleets and OEMs; ~11,000 points of distribution blanketing the U.S.

Supported Strong R&D Organization and New Product Pipeline

Kelso supported Truck-Lite’s strong R&D program with the launch of numerous new products during our ownership, including a greater focus on forward LED headlamps which were expected to significantly increase lighting product revenue in the coming years. In addition, we completed a significant acquisition which expanded Truck-Lite’s LED lighting franchise into an attractive new market.

Industrial
December 2010
20101203
/investment-companies/truck-lite

Tyler Refrigeration

Industrial

Exited

September 1991

Manufacturer of refrigerated display cases for the food industry

Tyler Refrigeration
NoCaseStudy
Industrial
Industrials
Exited
1991
82
Industrial
September 1991
19910930
/investment-companies/tyler-refrigeration

U.S. Electrical Services

Services

Middletown, CT

Exited

June 2006

Wholesale distributor of electrical products and related services

U.S. Electrical Services
NoCaseStudy
Services
Services
Exited
2006
39
Middletown, CT
Services
June 2006
20060607
/investment-companies/us-electrical-services

Unilab

Healthcare

Tarzana, CA

Exited

November 1999

Independent clinical laboratory testing company in California

Unilab
NoCaseStudy
Healthcare
Healthcare
Exited
1999
58
Tarzana, CA
Healthcare
November 1999
19991122
/investment-companies/unilab

Universal Outdoor

Media

Chicago, IL

Exited

April 1996

Outdoor advertising company in the U.S.

Universal Outdoor
NoCaseStudy
Media
Media
Exited
1996
69
Chicago, IL
Media
April 1996
19960405
/investment-companies/universal-outdoor

URS Logistics

Industrial

Exited

April 1993

Operator of refrigerated warehouses

URS Logistics
NoCaseStudy
Industrial
Industrials
Exited
1993
79
Industrial
April 1993
19930406
/investment-companies/urs-logistics

US LBM

Industrial

Buffalo Grove, IL

Exited

August 2015

View Website

Leading building products distributor serving residential and commercial construction end markets

Kelso Team

Matt Edgerton
Investment Partner
Sandy Osborne
Investment Partner
Frank Bynum
Senior Advisory Partner

US LBM
NoCaseStudy
Industrial
Industrials
Exited
2015
7
Buffalo Grove, IL
Matt Edgerton
Investment Partner
Sandy Osborne
Investment Partner
Frank Bynum
Senior Advisory Partner
Industrial
August 2015
20150820
/investment-companies/us-lbm

Valenz

Healthcare

Phoenix, AZ

Current

June 2023

View website

Payment integrity & cost containment solutions provider to small and mid-sized employers

Kelso Team

Church Moore
Investment Partner
Hank Mannix
Investment Partner
Hugh McBride
Principal
Daniel Ogunlowo
Vice President
Benjamin Winston
Senior Associate

Valenz
Payment integrity & cost containment solutions provider to small and mid-sized employers
NoCaseStudy
Healthcare
Current
Phoenix, AZ
Church Moore
Investment Partner
Hank Mannix
Investment Partner
Hugh McBride
Principal
Daniel Ogunlowo
Vice President
Benjamin Winston
Senior Associate
Healthcare
June 2023
20230626
/investment-companies/valenz

Venari Resources

Energy

Addison, TX

Exited

April 2012

View Website

Exploration and production company focusing on oil and gas exploration in the deep water Gulf of Mexico

Kelso Team

Phil Berney
Chairman
George Matelich
Senior Advisory Partner
Alec Hufnagel
Investment Partner
Tim Duffy
Vice President

Venari Resources
NoCaseStudy
Energy
Energy
Exited
2012
14
Addison, TX
Phil Berney
Chairman
George Matelich
Senior Advisory Partner
Alec Hufnagel
Investment Partner
Tim Duffy
Vice President
Energy
April 2012
20120427
/investment-companies/venari-resources

Waste Services

Services

Toronto, Ontario, Canada

Exited

May 2003

Multi-regional, integrated solid waste services company in Canada and the U.S.

Waste Services
NoCaseStudy
Services
Services
Exited
2003
52
Toronto, Ontario, Canada
Services
May 2003
20030506
/investment-companies/waste-services

Wickes Furniture

Consumer

Exited

May 1989

Operator of retail furniture outlets

Wickes Furniture
NoCaseStudy
Consumer
Consumer
Exited
1989
88
Consumer
May 1989
19890530
/investment-companies/wickes-furniture

WilliamsMarston

Financial Services

Boston, MA

Current

September 2022

View website

National leader in complex accounting, tax, and valuation advisory services to pre-IPO, public, and private equity-backed companies managing rapid growth and transformation.

Kelso Team

Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Lindsay Paterson Gordon
Vice President
Cameron Fraser
Vice President
Alban Martini
Senior Associate

WilliamsMarston
National leader in complex accounting, tax, and valuation advisory services to pre-IPO, public, and private equity-backed companies managing rapid growth and transformation.
NoCaseStudy
Financial Services
Current
Boston, MA
Chris Collins
Co-Chief Executive Officer
Steve Dutton
Investment Partner
Lindsay Paterson Gordon
Vice President
Cameron Fraser
Vice President
Alban Martini
Senior Associate
FinancialServices
September 2022
20220914
/investment-companies/williamsmarston

Wilton Re

Financial Services

Wilton, CT

Exited

December 2009

Life reinsurance company

Wilton Re
NoCaseStudy
Financial Services
Financial Services
Exited
2009
27
Wilton, CT
FinancialServices
December 2009
20091204
/investment-companies/wilton-re

Zenith Energy

Energy

Houston, TX

Current

December 2017

View Website

Midstream company focused on operating, building and acquiring terminals and related infrastructure across North America.

Kelso Team

Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Tim Duffy
Vice President

Zenith Energy
Midstream company focused on operating, building and acquiring terminals and related infrastructure across North America.
NoCaseStudy
Energy
Current
Houston, TX
Frank Loverro
Co-Chief Executive Officer
Sandy Osborne
Investment Partner
Alec Hufnagel
Investment Partner
Tim Duffy
Vice President
Energy
December 2017
20171221
/investment-companies/zenith-energy