Welsh Carson Anderson & Stowe Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Welsh Carson Anderson & Stowe has acquired 4 companies. It has also invested in 1 other.

Welsh Carson Anderson & Stowe’s most common sectors for investment arehealthcare services (34%) and information technology (16%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (40%) and secondary buyout (21%). In total, Welsh Carson Anderson & Stowe has invested in 30 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2002 when it acquired Dex Media for $7.1B.

In the last 3 years, Welsh Carson Anderson & Stowe has exited 2 companies. The Firm’s most common exit type is trade sale (62%). Welsh Carson Anderson & Stowe’s largest (disclosed) exit occurred in 2013 when it sold Bausch & Lomb for $8.7B.

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M&A Summary

  • M&A Total Activity164
    • M&A Buy Activity94
    • M&A Sell Activity70
  • Total Sectors Invested 17
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 73
  • M&A Advisors 27

Welsh, Carson, Anderson & Stowe

599 Lexington Ave. Suite 1800,
New York, New York 10022
United States
(212) 893-9500
www.welshcarson.com

Welsh Carson Anderson & Stowe (WCAS) is a mega-sized, specialist private equity firm focused on investments in growth-oriented companies operating within the healthcare and technology/tech-enabled services industries. WCAS will consider small and large transactions; including venture investments, growth equity investments, buy-and-build transactions, public-to-private acquisitions, and corporate carve-outs. The Firm prefers control situations and generally seeks opportunities in the US. Welsh Carson Anderson & Stowe was formed in 1979 and is based in New York City.


Investment Criteria

Sectors of Interest: Automotive, Business Services, Communications, Consumer Products, Consumer Services, Digital Media, E-Commerce, Education, Financial Services, Healthcare Services, Information Technology, Insurance, Life Science, Marketing, Medical Products, Publishing, Software, Staffing, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

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

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.4/yr) # 87 3 3 1 - - 94
vol $29.6B $29.6B
Sell (1.0/yr) # 65 3 2 - - - 70
vol $37.0B $37.0B
  164

Most Recent M&A

Company Date Value Type
ImageTrend, Inc. 2023-02-10 - Growth Capital
Lakeville, Minnesota · www.imagetrend.com
United Musculoskeletal Partners 2022-07-20 - Consolidation
Atlanta, Georgia · www.umpartners.com
Green Street Advisors, Inc. 2022-07-19 - Secondary Buyout
Newport Beach, California · www.greenstreetadvisors.com
Alert Logic, Inc. 2022-03-09 - Add-on Acquisition
Houston, Texas · www.alertlogic.com
LIBERTY Dental Plan Corp. 2022-03-02 - Buyout (LBO, MBO, MBI)
Irvine, California · www.libertydentalplan.com
EMS LINQ, Inc. 2022-01-12 - Buyout (LBO, MBO, MBI)
Wilmington, North Carolina · www.linq.com
Leiters 2021-11-09 - Secondary Buyout
Englewood, Colorado · www.leiters.com
Argos Health, Inc. 2021-09-23 - Buyout (LBO, MBO, MBI)
Dallas, Texas · www.complexclaims.com
Kindred Healthcare LLC 2021-06-21 - Add-on Acquisition
Louisville, Kentucky · www.kindredhealthcare.com
Springstone, Inc. 2021-06-15 - Add-on Acquisition
Louisville, Kentucky · www.springstone.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
US Acute Care Solutions 2015-04-13 Alteon Health 2022-02-01 2
Canton, Ohio · www.usacs.com Germantown, Maryland · www.alteonhealth.com
Argos Health, Inc. 2021-09-23 EnableComp LLC 2021-12-20 1
Dallas, Texas · www.complexclaims.com Franklin, Tennessee · www.enablecomp.com
Avetta LLC 2018-03-21 Pegasus 2021-05-07 3
Orem, Utah · www.avetta.com Newcastle, Australia · www.pegasus.net.au
Avetta LLC 2018-03-21 BROWZ LLC 2019-02-14 2
Orem, Utah · www.avetta.com Draper, Utah · www.browz.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 7 (32%) 1.4B (96%) 32 (33%) 13.9B (47%)
Information Technology 2 (9%) - 15 (16%) 683M (2%)
Business Services 1 (5%) - 10 (10%) -
Medical Products - - 7 (7%) 4.9B (17%)
Software 3 (14%) - 6 (6%) -
Internet Software and Services 3 (14%) - 5 (5%) 56M (< 1%)
Consumer Services 1 (5%) - 3 (3%) 500M (2%)
Life Science 2 (9%) 53M (4%) 3 (3%) 53M (< 1%)
Financial Services 1 (5%) - 3 (3%) -
Marketing - - 2 (2%) 7.1B (24%)
Communications - - 2 (2%) 1.9B (6%)
Information Services 1 (5%) - 2 (2%) -
Insurance - - 2 (2%) -
Publishing - - 1 (1%) 525M (2%)
Staffing - - 1 (1%) -
Technology Hardware 1 (5%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 22 $1.5B 96 $29.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 20 (91%) 1.4B (96%) 91 (95%) 29.1B (98%)
  Texas 3 (14%) - 10 (10%) 11.2B (38%)
  Tennessee 1 (5%) - 9 (9%) -
  California 3 (14%) - 7 (7%) 500M (2%)
  North Carolina 2 (9%) 1.4B (96%) 6 (6%) 1.6B (6%)
  Pennsylvania 1 (5%) - 6 (6%) 2.3B (8%)
  New York - - 6 (6%) 5.2B (18%)
  Minnesota 1 (5%) - 4 (4%) 421M (1%)
  Florida - - 4 (4%) 850M (3%)
  Colorado 1 (5%) - 3 (3%) 525M (2%)
  Ohio 1 (5%) - 3 (3%) 475M (2%)
  Georgia 1 (5%) - 3 (3%) -
  Kentucky - - 3 (3%) 4.1B (14%)
  New Jersey - - 3 (3%) 1.9B (6%)
  Connecticut - - 3 (3%) -
  Virginia - - 3 (3%) -
  Massachusetts 2 (9%) - 2 (2%) -
  District of Columbia 1 (5%) - 2 (2%) -
  Washington - - 2 (2%) -
  Iowa 1 (5%) - 1 (1%) -
  Idaho 1 (5%) - 1 (1%) -
  Utah 1 (5%) - 1 (1%) -
  Oklahoma - - 1 (1%) 56M (< 1%)
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Kansas - - 1 (1%) -
  Illinois - - 1 (1%) -
  Arizona - - 1 (1%) -
  Nevada - - 1 (1%) -
  Missouri - - 1 (1%) -
United Kingdom 1 (5%) 53M (4%) 2 (2%) 464M (2%)
Canada 1 (5%) - 1 (1%) -
  Alberta 1 (5%) - 1 (1%) -
Austria - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 20 (91%) 1.4B (96%) 91 (95%) 29.1B (98%)
Cross-border 2 (9%) 53M (4%) 5 (5%) 464M (2%)
Total 22 $1.5B 96 $29.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (32%) - 38 (40%) 942M (3%)
Secondary Buyout 8 (36%) 1.4B (96%) 20 (21%) 4.7B (16%)
Growth Capital 4 (18%) - 10 (10%) -
Going Private 1 (5%) 53M (4%) 7 (7%) 14.9B (50%)
PIPE - - 6 (6%) -
Divestiture 1 (5%) - 4 (4%) 8.6B (29%)
Recapitalization - - 3 (3%) 421M (1%)
Venture - - 3 (3%) -
Consolidation 1 (5%) - 2 (2%) -
Stake Purchase - - 2 (2%) -
Special Situations/Distressed - - 1 (1%) -
Total 22 $1.5B 96 $29.6B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 32 (46%) 28.9B (78%)
Secondary Sale 12 (17%) 5.2B (14%)
Trade Sale 12 (17%) 2.2B (6%)
IPO 9 (13%) -
Bankruptcy 3 (4%) -
Merger 2 (3%) 702M (2%)
Total 70 $37.0B

Top M&A Advisors

Financial Deals
Evercore Group LLC
 3
Lazard Ltd.
 2
Morgan Stanley
 2
Legal Deals
Ropes & Gray
 15
Kirkland & Ellis
 7
Mintz Levin Cohn Ferris Glovsky and Popeo PC
 2

Deal Values

buy # Total
> $1B 9 $25.4B
$100M to $1B 8 $4.1B
< $100M 2 $109M
TOTAL $29.6B
Largest Dex Media, Inc. (inactive)
$7.1B (2002-08-19)
sell # Total
> $1B 9 $23.8B
$100M to $1B 22 $13.0B
< $100M 2 $150M
TOTAL $37.0B
Largest Bausch & Lomb, Inc.
$8.7B (2013-05-27)

M&A Connections

Deals
Acquired from
Investor(s)
22%
21 (22%)
Strategic(s)
4%
4 (4%)
Exited to
Investor(s)
17%
12 (17%)
Strategic(s)
66%
46 (66%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

27.0B USD

Established

1979

Specialist/Generalist

Specialist

Leadership

Bruce Anderson

Founder & General Partner

Patrick Welsh

Founder & General Partner

Russell Carson

Founder & General Partner

Anthony de Nicola

Chairman

David Caluori

General Partner

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