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Kelso Fund XI Announces Investment in Valenz
Kelso is pleased to announce that we completed an investment in Valenz in June 2023.
Valenz provides mission-critical payment integrity and cost containment solutions to counteract rising costs of healthcare for small and mid-sized employers. Valenz is led by CEO Rob Gelb and employs a team of ~300 employees nationwide.
Kelso is pleased to announce that we completed an investment in Pathstone in May 2023.
Pathstone is an independent wealth management firm that provides fee-based investment advisory and comprehensive family office services tailored to Ultra High Net Worth clients. Pathstone employs a team of over 350 employees (~180 of whom are shareholders) across 17 offices nationwide.
Kelso is pleased to announce that Inovar, a KIA XI portfolio company, has completed its acquisition of Cimarron Label. Cimarron Label is a national supplier of innovative labels, specializing in extended content labels in the Agricultural Chemical and Lawn & Garden end markets. Cimarron Label serves a variety of customers, with a focus on large multi-nationals.
Kelso Fund XI Announces Investment in WilliamsMarston
Kelso is pleased to announce that our affiliate funds have signed definitive documentation to acquire WilliamsMarston. WilliamsMarston is a boutique advisory firm that provides non-audit Accounting Advisory, Tax, Valuation, and Managed SEC Services to over 1,100 clients. The Company has ~145 consulting professionals across six metropolitan areas in the U.S. WilliamsMarston represents a scaled, scarce, and differentiated asset with a reputation in the marketplace for technical expertise and high levels of senior consultant engagement.
Eagle Announces Acquisition of Helper and Suddenly Salad
Kelso and Eagle Foods are pleased to announce Eagle Foods’ acquisition of Helper main meals and Suddenly Salad from General Mills.
MINNEAPOLIS--(BUSINESS WIRE)--General Mills (NYSE: GIS) today announced it has completed the sale of its Helper main meals and Suddenly Salad side dishes businesses to Eagle Family Foods Group in a cash transaction valued at approximately $610 million.
Eagle Foods, a portfolio company of Kelso & Company, is a leading producer and marketer of canned sweetened condensed milk, evaporated milk products, and retail snack foods, distributed through U.S. retail channels, foodservice and export, U.S. military, and private label channels.
Net sales for the Helper and Suddenly Salad businesses totaled approximately $235 million in fiscal 2021. General Mills included the impact of this transaction in its Fiscal 2023 guidance issued in its fourth-quarter and full-year fiscal 2022 earnings press release on June 29, 2022.
Kelso is pleased to announce that certain of our affiliate funds have acquired a majority interest in Inovar Packaging Group (“Inovar”), a full-service provider of pressure sensitive labels, shrink sleeves and flexibles for a wide range of industries. Headquartered in Dallas, TX, Inovar is one of North America’s premier label printing and packaging solution companies. With seven nationwide locations working closely together, Inovar offers a broad range of products, services, and technologies with a central focus on providing unparalleled quality, customer service, and flexibility to consistently meet customer needs.
DALLAS--(BUSINESS WIRE)--Inovar Packaging Group (“Inovar” or the “Company”), a full-service provider of pressure sensitive labels, shrink sleeves and flexibles for a wide range of industries, announced today that funds managed by Kelso & Company (“Kelso”) have acquired a majority interest in the Company. Inovar was previously a portfolio company of AEA Investors. The Company’s existing management team, led by Executive Chairman and CEO Jeff Brezek, will continue to lead the company, and remain significant owners of the company alongside Kelso.
Kelso is pleased to announce that we completed the acquisition of ReSource Pro on December 10, 2021. ReSource Pro is 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. Headquartered in New York with service operations across the U.S., China and India, ReSource Pro focuses on delivering improved growth and profitability to insurance organizations. The company was founded in 2003 and has grown from a start-up to a global enterprise with more than 5,000 employees. In addition to its market-leading rate of client retention, ReSource Pro has also been named one of the fastest growing privately held companies in the U.S. by Inc. magazine for the past 13 consecutive years.
Kelso is pleased to announce that on September 30, 2021, we closed on an investment in Savant Wealth Management. Savant is a wealth management firm that provides fee-based wealth advisory services. The Company operates as a Registered Investment Advisor (“RIA”) within the independent channel of the wealth management industry. Savant employs a team of 230+ employees (64 of whom are financial advisors) across 18 offices. Founded in 1986, Savant is headquartered in Rockford, Illinois and is led by CEO and co-founder Brent Brodeski. Savant provides its clients with a comprehensive suite of wealth advisory services across financial and retirement planning, investment advisory, tax preparation and advisory, estate planning, trust administration, trustee services, and 401(k) management.
Kelso Announces Acquisition of Silver Spur and Combination with Inmark
Kelso and affiliated funds have acquired Silver Spur Corporation (“Silver Spur”), a supplier of specialty glass and plastic packaging. Silver Spur will be combined with Kelso’s existing investments in C.L. Smith and Inmark, distributors of rigid container and life sciences packaging products. Financial terms of the private transaction were not disclosed.
Headquartered in Cerritos, CA, Silver Spur is a stocking distributor of glass and plastic packaging products serving a variety of end markets, with a specialization in glass bottles used in nutraceutical and pharmaceutical applications. Silver Spur’s 115,000 square foot warehouse offers customers just-in-time access to an extensive assortment of products sourced via the company’s global network of vendor relationships. Silver Spur also provides custom design and other value-added services and is committed to delivering best-in-class availability, customer care, and responsiveness. Silver Spur’s existing team will remain in place to maintain these high standards and drive the company’s next phase of growth.
Kelso Announces Acquisition of C.L. Smith and Combination with Inmark
Kelso and affiliated funds have acquired a majority interest in C.L. Smith Company (“C.L. Smith”), a leading distributor of rigid packaging solutions. C.L. Smith will be combined with Kelso’s existing investment in Inmark, a distributor of rigid container and life sciences packaging products. Financial terms of the private transaction were not disclosed.
Founded in 1975, C.L. Smith is a one-stop shop for rigid packaging distribution, manufacturing, custom design, and hazardous material certification, serving a diverse range of customers and end markets. In addition to the company’s rigid packaging design, warehousing, and distribution capabilities, C.L. Smith operates Lyons Blow Molding, an extrusion blow molding facility that offers its customers greater flexibility with shorter run lengths, rapid response times, and full customization options. C.L. Smith serves as the exclusive distributor of products manufactured by Lyons Blow Molding, contributing to the company’s impressive growth. The company’s HAZPlus® division provides a single source purchasing experience for its customers’ full range of hazardous materials storage and packaging needs, including product certification and testing.
Kelso Fund X Announces Investment in Ferraro Foods
Kelso is pleased to announce that certain of its affiliate funds completed the acquisition of Ferraro Foods in April 2021. Ferraro is a foodservice distributor focused on the Italian specialty and pizzeria markets. Headquartered in New Jersey, the Company operates seven distribution centers. Ferraro serves restaurants along the U.S. east coast, with its top markets in New York, New Jersey, Connecticut, and Pennsylvania. Ferraro serves a diversified customer base that consists primarily of independent restaurants (e.g., family owned establishments with one to two locations). The Company maintains ~7,000 active SKUs, including a portfolio of high-margin proprietary brands. Ferraro has a strong reputation within its markets and differentiates itself relative to competitors due to the Company’s strong customer service, high quality product offerings, and market expertise.
Individual FoodService Announces Acquisition of Brady Industries
Kelso is pleased to announce that Individual FoodService, a portfolio company of Fund X and affiliated entities, and a leading distributor of foodservice disposables and janitorial and sanitation (“JanSan”) products, has announced that it will merge with Brady Industries (“Brady”), a leading JanSan distributor, which is headquartered in Las Vegas, NV. Terms of the transaction were not disclosed. The combination of Brady and IFS will result in one of the largest and most balanced providers of foodservice disposables and JanSan products, with true expertise in its space and revenues divided equally across both product portfolios. The combined enterprise provides numerous benefits, including: the ability to cross-sell more complete and complementary product portfolios to our customers, further end market and geographic diversification, additional scale, a significant expansion of our distribution footprint with 38 combined facilities, and additional leadership talent and depth.
Kelso is pleased to announced that on December 23, 2020, we completed a majority investment in Inmark, a leading distributor of rigid container and life sciences packaging. Inmark management and employees will be retaining significant ownership in the company. Inmark is a leading global provider of packaging solutions, with locations in North America, Europe, and Asia. Founded in 1975 as a distributor of rigid container packaging, the company expanded into the design and distribution of life sciences packaging solutions for clinical specimen transport, temperature-controlled, used medical device, and dangerous goods applications. Inmark also provides online regulatory compliance training for transportation of dangerous goods through in-person seminars, webinars, and a proprietary online portal.
Kelso is pleased to announce that on December 18, 2020, we completed the sale of US LBM. US LBM is a leading distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country.
Kelso Fund X Announces Investment in Refresh Mental Health
Kelso is pleased to announce that on December 9, 2020, we acquired a majority equity interest in Refresh Mental Health (“Refresh”), in partnership with Refreshmanagement. Refresh is a leading national provider of outpatient mental health services with over 200 locations in the United States. Refresh has locations in 28 states plus the District of Columbia with approximately 2,000 mental health clinicians and more than one million patient visits annually. The company’s psychiatrists, psychologists, and licensed clinical social workers treat the full spectrum of mental health conditions across all age ranges in both physical and telemedicine settings.
Kelso Fund X Announces Investment in Foundation Brands
Kelso is pleased to announce that on October 1, 2020, we completed an investment in Foundation Consumer Brands. Foundation Consumer Brands, a company under common management with Foundation Consumer Healthcare (“Foundation”), has acquired seven brands from GSK Consumer Healthcare. This diverse portfolio of products includes Breathe Right® Nasal Strips, the world’s #1 nasal strip, and Children’s Dimetapp®, the #1 pharmacist-recommended brand for children's cough and cold products, as well as Anbesol®, Alavert®, Dristan®, Primatene Tablets® and FiberCon®. The addition of these brands will expand Foundation’s marketing presence to an additional 32 markets globally.
Kelso is pleased to announce that on February 28, 2020, we closed the equity recapitalization of Risk Strategies (“RSC”). RSC is a leading national insurance brokerage firm, focused on select specialty practices serving middle / upper-middle commercial clients and high net worth individuals.
Kelso Fund VIII Exits Investment in Tallgrass Energy
Leawood, Kan. & New York -- (Business Wire - Jan 31, 2019) --
Tallgrass Energy, LP (NYSE: TGE) and Blackstone (NYSE: BX) today announced that affiliates of Blackstone Infrastructure Partners (“BIP”) have entered into a definitive agreement with affiliates of Kelso & Co., The Energy & Minerals Group, and Tallgrass KC, LLC, an entity owned by certain members of TGE’s management, to acquire 100% of the membership interests in TGE’s general partner, as well as an approximately 44% economic interest in Tallgrass, for total cash consideration of approximately $3.3 billion. Affiliates of GIC, Singapore’s sovereign wealth fund, will be a minority investor in the transaction.
Kelso Fund IX Announces Zenith Energy U.S.’s Acquisition of Arc Logistics
Zenith Energy U.S., L.P. (“Zenith”) today announced the completion of the previously-announced acquisition of Arc Logistics Partners LP (“Arc Logistics”) and its general partner, Arc Logistics LLC. Zenith is a U.S. midstream terminal company formed by the management and certain owners of Zenith Energy, L.P. (“Zenith International”).
Kelso Fund IX Announces Agreement to Acquire Plan B
Kelso is pleased to announce that on September 18, 2017, through an investment in Foundation Consumer Healthcare (“Foundation”), we signed a definitive agreement to purchase the assets of Plan B One-Step (“Plan B”) from Teva Pharmaceutical Industries Ltd. (“Teva”).
Kelso Fund IX Announces Investment in Oasis Outsourcing Holdings
Kelso is pleased to announce that on June 30, 2017, we closed an investment in Oasis Outsourcing Holdings, Inc. (“Oasis” or the “Company”) concurrent with the Company’s acquisition of Diversified Human Resources, Inc. (“DHR”) and debt refinancing.
Kelso Announces Strong Follow-on Acquisition Activity Across the Fund IX Portfolio
Kelso has closed a number of follow-on acquisitions throughout our Fund IX portfolio since the Firm began investing in August 2015. A key component to the growth strategy behind many of our Fund IX portfolio companies is making accretive follow-on acquisitions, a significant lever for additional value creation. In the first 20 months of investing, our portfolio companies have made 40 follow-on acquisitions in aggregate, adding approximately $135 million in incremental EBITDA. Kelso believes there is still a significant pipeline of attractive and actionable follow-on opportunities remaining for Fund IX. Here are a few highlights:
Kelso Fund VIII Exits Investment in Sentinel Data Centers
Sentinel Data Centers Completes Sale of Two Facilities to CyrusOne
NEW YORK, NY--(Marketwired - March 01, 2017) - Sentinel Data Centers today confirmed that it has completed its previously announced $490 million sale of two facilities to CyrusOne Inc. The two multi-tenant data centers included in the transaction are located in Somerset, NJ and Durham, NC. Sentinel will retain the remainder of its portfolio, which includes single-tenant data centers in Memphis, Tennessee and Rockland County, New York as well as additional minority investments in the sector.
Premia Raises $510 million In Initial Capital From Leading Investors To Target Global Property & Casualty Runoff Opportunities
HAMILTON, Bermuda--(BUSINESS WIRE)-- Premia Holdings Ltd. (“Premia” or “the Company”), a newly-formed property & casualty (“P&C”) insurance and reinsurance group focused on providing runoff solutions, announced today that it has completed a $510 million initial capital raise. The formation of Premia represents one of the largest capital raises ever focused on the P&C runoff market and immediately establishes Bermuda-based Premia as a significant market participant.
Kelso Fund IX Announces Eagle’s Acquisition of Cornfields, Inc.
Kelso is pleased to announce that on August 5, 2016, Eagle Family Foods Group LLC (“Eagle”) signed a definitive agreement to acquire Cornfields, Inc. (“Cornfields” or the “Company”). Cornfields will be owned 100% by Eagle at closing.
Kelso Fund IX Announces Agreement to Acquire Physicians Endoscopy
Kelso is pleased to announce that on June 30, 2016, we signed a definitive agreement to acquire Physicians Endoscopy (“PE” or the “Company”), a developer and operator of Gastroenterology ("GI") focused Ambulatory Surgery Centers ("ASCs").
On May 30, 2016, Kelso held a final closing on Fund IX, with $2.56 billion in commitments. The Kelso employees and the Kelso Specialist Network together committed $625 million. The Fund will generally invest in middle-market buyouts in North America.
Kelso is pleased to announce that on January 14, 2016, we completed the sale of Helios to OptumRx, Inc., a subsidiary of UnitedHealthcare. Helios provides best-in-class management of pharmacy benefits, durable medical equipment, home health care, and other ancillary services for workers’ compensation and auto no-fault insurance companies.
Kelso Fund IX Announces Agreement to Acquire Eagle Family Foods, Inc.
Kelso is pleased to announce that on November 2, 2015, we signed a definitive agreement to purchase the assets of Eagle Family Foods, Inc. (“Eagle” or the “Company”) from The J.M. Smucker Company (“Smucker”).
Kelso Fund IX Announces Agreement to Acquire Risk Strategies Company
Kelso is pleased to announce that on October 7, 2015, we signed an agreement to acquire Risk Strategies Company (“RSC” or the “Company”). Management and other employees are rolling ~50% of their proceeds and will own ~20% of the pro forma equity.
Kelso Fund IX Announces Agreement to Acquire Sirius Computer Solutions
Kelso is pleased to announce that on September 1, 2015, we signed a definitive agreement to acquire Sirius Computer Solutions (“Sirius” or the “Company”). The Company’s management team is rolling a significant portion of their pre-tax proceeds and will remain significant investors in the Company.
Sirius is a leading provider of data center-focused technology integration services, including product provisioning, design and implementation. Sirius combines a broad suite of hardware and software product offerings with value-added services, including systems management, cloud computing, managed services and IT asset management. The Company serves enterprise customers and partners with leading technology OEMs, including IBM, Cisco, Dell, EMC, Hitachi, HP Lenovo, NetApp, VMware and Nutanix.
Kelso Fund IX Announces Agreement to Acquire Ajax Resources, LLC
Kelso is pleased to announce that on August 31, 2015, Ajax Resources, LLC (“Ajax” or the “Company”) and affiliates of Kelso & Company (“Kelso”) signed a definitive agreement to acquire the Permian Basin assets of W&T Offshore, Inc. (“W&T”).
Kelso Fund IX Closes Acquisition of US LBM Holdings, LLC
Kelso is pleased to announce that on August 20, 2015, we closed the acquisition of US LBM Holdings, LLC (“US LBM” or the “Company”). BlackEagle Partners and the Company’s management team will remain investors in the Company.
Kelso Fund VIII Announces Initial Public Offering of Tallgrass Energy Partners GP, LP
Kelso is pleased to announce the pricing of the initial public offering of Tallgrass Energy Partners GP, LP (“TEGP”; NYSE: TEGP) on May 6, 2015. TEGP, which owns the general partner of Tallgrass Energy Partners, LP (“TEP”; NYSE: TEP) and 20 million common units of TEP, sold 47,725,000 Class A shares at $29.00 per share, raising $1.4 billion of gross proceeds. The Class A shares began trading on the New York Stock Exchange on May 7th and closed their first day of trading at $31.75 per share, an increase of 9.5% above the IPO price.
Kelso is pleased to announce that on January 20, 2015, we completed the sale of Cronos Ltd. (“Cronos”) to entities affiliated with Bohai Leasing Co., Ltd. (“Bohai Leasing”), a Chinese leasing conglomerate.