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Kelso & Company

Medium
Not on record · Founded 1980 · Website
Private equityESOP-influenced investingShared equity ownershipMiddle market private equity
Last verified
11/3/2026

Firm Overview

At least 122
Portfolio tracked
1
Sectors
0
Regions
11/3/2026
Last verified

Kelso and Company is a North American-focused middle market private equity firm. The firm invests across a range of industries, utilizing a strategy based on shared equity ownership and alignment of interest between management, employees, and shareholders.

Kelso and Company was founded on the principles of partnership and alignment of interest espoused by Louis Kelso, the inventor of the Employee Stock Ownership Plan (ESOP). The firm believes that businesses perform better when a strong alignment of interest exists between management, employees, and shareholders through shared equity ownership.

The firm has invested 15 billion dollars of equity capital in over 130 investments since 1980. Its approach is driven by a culture where each employee invests in the transactions, resulting in a significant GP commitment that averages 15 percent in the three most recent funds.

Kelso emphasizes a focus on building businesses for the long-term and maintains a team with a 20-year average active investment partner tenure. The firm describes itself as a partner of choice for management teams, business owners, and corporations in the private equity market.

Founded1980
StrategiesPrivate equity, ESOP-influenced investing, Shared equity ownership
Sector focusMiddle market private equity

Leadership

Chris Collins
Co-Chief Executive Officer
Chris joined Kelso in 2001, co-leads the firm’s financial services practice, and focuses on investments in the business services sector.
Frank Loverro
Co-Chief Executive Officer
Frank joined Kelso in 1993 after working in the Private Equity Investment group and High Yield Finance at The First Boston Corporation.
Phil Berney
Chairman
Phil joined Kelso in 1999 and previously served as a Senior Managing Director and Head of the High Yield Capital Markets group at Bear, Stearns & Co. Inc.
Lynn Alexander
Partner, Investor Relations
Lynn joined Kelso in 2010 and focuses on marketing, fundraising, and investor relations after a career in investment banking at Merrill Lynch & Co.
Baily Blair Kempner
Managing Director, Investor Relations
Baily joined Kelso in 2024 to focus on marketing and fundraising, having previously served as a Managing Director at BC Partners.
David Cohen
Partner, Human Capital
David joined Kelso in 2019 to focus on applying talent and human capital best practices to the firm’s investment process and portfolio companies.
Frank Bynum
Senior Advisory Partner
Frank joined Kelso in 1987 and has served as a director on the boards of numerous portfolio companies including US LBM and Truck-Lite.
Jim Connors
Senior Advisory Partner
Jim joined Kelso in 1993 after working as an Associate at Debevoise & Plimpton in their mergers and acquisitions and securities practice groups.
Michael Goldberg
Senior Advisory Partner
Michael joined Kelso in 1991 and previously served as Co-head of Mergers and Acquisitions at The First Boston Corporation and as a Partner at Skadden Arps.
Forrest Compton
Investment Partner
Forrest joined Kelso in 2014 and focuses on investments in the financial services and business services sectors.
Steve Dutton
Investment Partner
Steve joined Kelso in 2006, co-leads the firm’s financial services practice, and serves on several boards including Pathstone and Premia Re.
Matt Edgerton
Investment Partner
Matt joined Kelso in 2005 and focuses primarily on investments in the business services sector.
Bill Frayer
Investment Partner
Bill joined Kelso in 2011 and focuses on investments in the financial services and business services sectors.
Alec Hufnagel
Investment Partner
Alec joined Kelso in 2008 and focuses on investments in the business services sector.
Tim Ding
Director of Tax
Tim joined Kelso in 2011 after serving as a Vice President at Goldman Sachs in the Investment Tax Services Group.

Portfolio by sector

111 of 122 tracked portfolio companies of Kelso & Company carry a sector label we can map; shares are of those 111. See the methodology.

Deals on record

5 on record in the index

Deals are listed only where a public source names both sides. Submit a correction.

Portfolio on record

Portfolio by sector
  • Industrials32 of 122
  • Business Services22 of 122
  • Consumer17 of 122
  • Financial Services13 of 122
  • Unclassified11 of 122
  • Media10 of 122
  • Energy9 of 122
  • Healthcare8 of 122

122 portfolio companies on record in the index, grouped by sector hub.

Current and exited
Current: 31 of 122Exited: 91 of 122
Portfolio size among all firms

At least 122 companies on record, more than 89% of the 405 firms in the index.

0885 companies (log scale)

Partial portfolio on record.

Portfolio Companies

CompanySectorStatusWebsite
2C21st Century NewspapersMediaExitedNot on record
3360networksServicesExitedNot on record
4Refuel logo4RefuelServicesExitedVisit ↗
ARAjax ResourcesEnergyExitedVisit ↗
ABAmerican BeaconFinancial ServicesExitedVisit ↗
ABAmerican BuildingsIndustrialExitedNot on record
ASAmerican StandardIndustrialExitedNot on record
AAmericoldIndustrialExitedNot on record
ABAMF BowlingConsumerExitedNot on record
AAquilexServicesExitedNot on record
ABArkansas BestIndustrialExitedNot on record
Armada logoArmadaIndustrialCurrentVisit ↗
AArmkelConsumerExitedNot on record
ASAugusta SportswearConsumerExitedVisit ↗
BCBeacon CommunicationsBusiness ServicesCurrentVisit ↗
BBradyPLUSIndustrialCurrentVisit ↗
BBridgenextBusiness ServicesCurrentVisit ↗
BBuckeye PartnersNot on recordCurrentNot on record
BBWAYIndustrialExitedNot on record
CDCambridge Display TechnologyIndustrialExitedNot on record
CCCharter Communications CompaniesMediaExitedNot on record
CCitationIndustrialExitedNot on record
CCClub CarIndustrialExitedNot on record
CVConsolidated VisionConsumerExitedNot on record
CPCrescent Point EnergyEnergyExitedNot on record
CCronosFinancial ServicesExitedNot on record
CBCustom Building ProductsNot on recordCurrentNot on record
CECVR Energy CompaniesNot on recordCurrentNot on record
CPCygnus PublishingMediaExitedNot on record
DGDakota Growers PastaConsumerExitedNot on record
DLDel LaboratoriesConsumerExitedNot on record
DSDelphin ShippingIndustrialExitedNot on record
DBDouglas BroadcastingMediaExitedNot on record
DWDS Waters of AmericaConsumerExitedNot on record
ETEACOM TimberIndustrialExitedVisit ↗
EBEagle Bulk ShippingIndustrialExitedNot on record
EFEagle FoodsConsumerCurrentVisit ↗
EMEarle M. JorgensenServicesExitedNot on record
ECElara CaringHealthcareExitedVisit ↗
ECEllis CommunicationsMediaExitedNot on record
EPEndo PharmaceuticalsNot on recordCurrentNot on record
EBEndurance Business MediaMediaExitedNot on record
FCFairPoint CommunicationsServicesExitedNot on record
FFFerraro FoodsBusiness ServicesCurrentVisit ↗
FCFoundation Consumer BrandsConsumerCurrentVisit ↗
FCFoundation Consumer HealthcareConsumerExitedVisit ↗
GGallowayServicesCurrentVisit ↗
GMGeneral MedicalHealthcareExitedNot on record
GGGlobal Geophysical ServicesEnergyExitedNot on record
GSGlobal Ship LeaseIndustrialExitedVisit ↗
HCHarbor Community BankFinancial ServicesExitedVisit ↗
HSHarris Specialty ChemicalsIndustrialExitedNot on record
HDHCI DirectConsumerExitedNot on record
HHeliosHealthcareExitedNot on record
HHiliteIndustrialExitedNot on record
HBHillside BroadcastingMediaExitedNot on record
HHumphreysConsumerExitedNot on record
HMHunt MarcellusNot on recordCurrentNot on record
IiGPSServicesExitedNot on record
IIHOPConsumerExitedNot on record
IInovarIndustrialCurrentVisit ↗
JSJ.S. HeldFinancial ServicesCurrentVisit ↗
KAKAR Auction ServicesServicesExitedNot on record
KOKelso OverlandIndustrialExitedNot on record
KCKey ComponentsIndustrialExitedNot on record
KMKinder MorganEnergyExitedNot on record
KBKing BroadcastingMediaExitedNot on record
LSLandstar SystemsIndustrialExitedNot on record
LVLebanon Valley OffsetServicesExitedNot on record
Logan's Roadhouse logoLogan's RoadhouseConsumerExitedVisit ↗
MIMasland IndustriesIndustrialExitedNot on record
MMerchantsIndustrialExitedNot on record
MSMitchell Supreme FuelServicesExitedNot on record
MMoslerIndustrialExitedNot on record
NNewport GroupFinancial ServicesCurrentVisit ↗
NNivelIndustrialExitedVisit ↗
NNortekNot on recordCurrentNot on record
NNovvia GroupIndustrialCurrentVisit ↗
OOOasis OutsourcingServicesExitedVisit ↗
OTOceana TherapeuticsHealthcareExitedNot on record
OOptigasNot on recordCurrentNot on record
OSOverwatch SystemsServicesExitedNot on record
PPathstoneFinancial ServicesCurrentVisit ↗
PPeeblesConsumerExitedNot on record
PEPhysicians EndoscopyHealthcareExitedVisit ↗
PSPowerTeam ServicesEnergyExitedVisit ↗
PRPremia ReNot on recordCurrentNot on record
PPSAVServicesExitedNot on record
RMRefresh Mental HealthHealthcareExitedVisit ↗
RRenfroConsumerExitedVisit ↗
RPReSource ProFinancial ServicesCurrentVisit ↗
RERHI EntertainmentMediaExitedNot on record
RSRisk Strategies CompanyFinancial ServicesExitedVisit ↗
SOSandler O'Neill + PartnersFinancial ServicesExitedVisit ↗
SSavantFinancial ServicesCurrentVisit ↗
SCScient CompaniesServicesExitedNot on record
SDSentinel Data CentersServicesExitedVisit ↗
SCSirius Computer SolutionsServicesExitedVisit ↗
SRSomers ReFinancial ServicesCurrentNot on record
SSouthernCarlsonIndustrialExitedVisit ↗
SSpectramedHealthcareExitedNot on record
TTallgrassEnergyExitedVisit ↗
TTervitaEnergyExitedVisit ↗
TFTexas FoundriesIndustrialExitedNot on record
TPThird Point ReNot on recordCurrentNot on record
TTransDigmIndustrialExitedNot on record
TCTraxys CompaniesServicesExitedNot on record
TLTruck-LiteIndustrialExitedNot on record
TRTyler RefrigerationIndustrialExitedNot on record
USU.S. Electrical ServicesServicesExitedNot on record
UUnilabNot on recordCurrentNot on record
UOUniversal OutdoorMediaExitedNot on record
ULURS LogisticsIndustrialExitedNot on record
ULUS LBMIndustrialExitedVisit ↗
VValenzHealthcareCurrentVisit ↗
VRVenari ResourcesEnergyExitedVisit ↗
WSWaste ServicesServicesExitedNot on record
WAWellington-AltusFinancial ServicesCurrentVisit ↗
WFWickes FurnitureConsumerExitedNot on record
WWilliamsMarstonFinancial ServicesCurrentNot on record
WRWilton ReNot on recordCurrentNot on record
ZEZenith EnergyEnergyCurrentVisit ↗

This list is partial. We are reading the full portfolio from Kelso & Company's own site.

Source: https://www.kelso.com/investments

In the 2027 Digital Value Creation Baseline

1 of Kelso & Company's at least 122 portfolio companies on record were measured in the 2027 Digital Value Creation Baseline (October 2026).

Read the research

Firms that also back Kelso & Company's companies

Co-investor web
Kelso &CompanyStone Point CapitalStone Point Capital: 4 shared companies on recordHarvest PartnersHarvest Partners: 3 shared companies on recordLovell Minnick PartnersLovell Minnick Partners: 2 shared companies on recordMetalmark CapitalMetalmark Capital: 2 shared companies on recordPlatinum EquityPlatinum Equity: 2 shared companies on recordVestar Capital PartnersVestar Capital Partners: 2 shared companies on recordAEA InvestorsAEA Investors: 1 shared companies on recordBain CapitalBain Capital: 1 shared companies on record

Line width shows shared portfolio companies on record in the index. Top 8 co-investors shown.

Questions about Kelso & Company

When was Kelso & Company founded?
Public sources give 1980 as the year Kelso & Company was founded.
Which sectors does Kelso & Company invest in?
Kelso & Company lists Middle market private equity among its focus areas. Of the at least 122 portfolio companies we can classify, the largest groups are Industrials (33), Business Services (21) and Consumer (17).
How many portfolio companies does Kelso & Company have?
PE Firm Index lists at least 122 Kelso & Company portfolio companies as of 2026-11-10. This list is partial: the full portfolio on the firm's own site is still being read.
What deals has Kelso & Company done recently?
The most recent deal on record here is: WilliamsMarston, a Kelso & Company portfolio company, acquired Analytic Vision (2026-11-02). This page lists 5 deals, each with its public source.
Who leads Kelso & Company?
Public sources name Chris Collins (Co-Chief Executive Officer), Frank Loverro (Co-Chief Executive Officer) and Phil Berney (Chairman) among Kelso & Company's leadership.
Which firms are similar to Kelso & Company?
By overlap in portfolio sectors in this index: Lindsay Goldberg, AEA Investors and The Cypress Group.
Sources for this profile, updated 2026-11-10
This profile is based on publicly available information and may be incomplete or outdated. PE Firm Index is not affiliated with Kelso & Company and does not provide investment advice.

Firms similar to Kelso & Company

Lindsay Goldberg
Both hold Industrials and Business Services companies; 68 tracked portfolio companies.
AEA Investors
Both hold Industrials and Business Services companies; 120 tracked portfolio companies.
The Cypress Group
Both hold Industrials and Business Services companies; 20 tracked portfolio companies.
One Rock Capital Partners
Both hold Industrials and Business Services companies; 74 tracked portfolio companies.

Chosen from this index by overlap in portfolio sectors, then by portfolio size. Not a ranking or a recommendation.