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Welsh Carson Anderson & Stowe Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Welsh Carson Anderson & Stowe has acquired 6 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) (41%) and secondary buyout (20%). 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 5 companies. The Firm’s most common exit type is trade sale (59%). 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 Activity176
    • M&A Buy Activity101
    • M&A Sell Activity75
  • Total Sectors Invested 17
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 77
  • M&A Advisors 27

Welsh, Carson, Anderson & Stowe

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 (2.4/yr) # 89 6 4 2 - - 101
vol $29.6B $300M $800M $30.7B
Sell (2.0/yr) # 65 5 3 - 2 - 75
vol $37.0B $37.0B
  176

Most Recent M&A

Company Date Value Type
Revel Systems, Inc. 2024-06-14 - Trade Sale
San Francisco, California · www.revelsystems.com
Avetta LLC 2024-04-02 - Secondary Sale
Lehi, Utah · www.avetta.com
EquiLend Holdings LLC 2023-12-07 800M USD Buyout (LBO, MBO, MBI)
New York, New York · www.equilend.com
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 Sale
Newport Beach, California · www.greenstreetadvisors.com
Alert Logic, Inc. 2022-03-09 - Trade Sale
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
Norstella 2022-01-01 - Buyout (LBO, MBO, MBI)
Yardley, Pennsylvania · www.norstella.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Norstella 2022-01-01 Citeline 2022-11-01 2
Yardley, Pennsylvania · www.norstella.com New York, New York · www.citeline.com
Norstella 2022-01-01 Evaluate Ltd. 2022-05-03 1
Yardley, Pennsylvania · www.norstella.com London, United Kingdom · www.evaluate.com
EnableComp LLC 2021-09-23 EnableComp LLC (Old) 2021-12-20 2
Franklin, Tennessee · www.enablecomp.com Franklin, Tennessee · www.enablecomp.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 8 (35%) 300M (26%) 35 (34%) 14.2B (46%)
Information Technology 3 (13%) - 16 (16%) 683M (2%)
Business Services 1 (4%) - 11 (11%) -
Medical Products - - 7 (7%) 4.9B (16%)
Internet Software and Services 3 (13%) - 6 (6%) 56M (< 1%)
Software 2 (9%) - 6 (6%) -
Life Science 3 (13%) 53M (5%) 4 (4%) 53M (< 1%)
Financial Services 1 (4%) 800M (69%) 3 (3%) 800M (3%)
Consumer Services 1 (4%) - 3 (3%) 500M (2%)
Marketing - - 2 (2%) 7.1B (23%)
Communications - - 2 (2%) 1.9B (6%)
Information Services 1 (4%) - 2 (2%) -
Insurance - - 2 (2%) -
Publishing - - 1 (1%) 525M (2%)
Staffing - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Transportation - - 1 (1%) -
Total 23 $1.2B 103 $30.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 21 (91%) 1.1B (95%) 98 (95%) 30.2B (98%)
  Tennessee 3 (13%) - 11 (11%) -
  Texas 2 (9%) - 9 (9%) 11.2B (36%)
  New York 2 (9%) 800M (69%) 7 (7%) 6.0B (19%)
  Pennsylvania 2 (9%) - 7 (7%) 2.3B (7%)
  North Carolina 2 (9%) - 7 (7%) 1.6B (5%)
  California 2 (9%) - 7 (7%) 500M (2%)
  Kentucky 1 (4%) - 4 (4%) 4.1B (13%)
  Minnesota 1 (4%) - 4 (4%) 421M (1%)
  Georgia 1 (4%) - 4 (4%) -
  Florida - - 4 (4%) 850M (3%)
  Virginia - - 4 (4%) -
  Colorado 1 (4%) - 3 (3%) 525M (2%)
  Ohio - - 3 (3%) 475M (2%)
  Connecticut - - 3 (3%) -
  Massachusetts 2 (9%) - 2 (2%) -
  Illinois 1 (4%) 300M (26%) 2 (2%) 300M (1%)
  District of Columbia 1 (4%) - 2 (2%) -
  New Jersey - - 2 (2%) 1.9B (6%)
  Washington - - 2 (2%) -
  Oklahoma - - 1 (1%) 56M (< 1%)
  Arizona - - 1 (1%) -
  Utah - - 1 (1%) -
  Nevada - - 1 (1%) -
  Missouri - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Kansas - - 1 (1%) -
  Iowa - - 1 (1%) -
  Idaho - - 1 (1%) -
United Kingdom 1 (4%) 53M (5%) 2 (2%) 464M (2%)
Canada 1 (4%) - 1 (1%) -
  Alberta 1 (4%) - 1 (1%) -
Austria - - 1 (1%) -
Netherlands - - 1 (1%) -
Domestic 21 (91%) 1.1B (95%) 98 (95%) 30.2B (98%)
Cross-border 2 (9%) 53M (5%) 5 (5%) 464M (2%)
Total 23 $1.2B 103 $30.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (35%) 1.1B (95%) 42 (41%) 2.0B (7%)
Secondary Buyout 5 (22%) - 20 (19%) 4.7B (15%)
Growth Capital 6 (26%) - 12 (12%) -
Going Private 1 (4%) 53M (5%) 7 (7%) 14.9B (49%)
PIPE - - 6 (6%) -
Divestiture 1 (4%) - 4 (4%) 8.6B (28%)
Recapitalization - - 3 (3%) 421M (1%)
Venture - - 3 (3%) -
Consolidation 1 (4%) - 2 (2%) -
Stake Purchase - - 2 (2%) -
Joint Venture 1 (4%) - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 23 $1.2B 103 $30.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 33 (44%) 28.9B (78%)
Secondary Sale 14 (19%) 5.2B (14%)
Trade Sale 12 (16%) 2.2B (6%)
IPO 10 (13%) -
Bankruptcy 3 (4%) -
Merger 2 (3%) 702M (2%)
Unknown 1 (1%) -
Total 75 $37.0B

Top M&A Advisors

Financial Deals
Evercore Group
 3
Lazard
 2
Morgan Stanley
 2
Legal Deals
Ropes & Gray
 16
Kirkland & Ellis
 7
Mintz Levin Cohn Ferris Glovsky and Popeo
 2

Deal Values

buy # Total
> $1B 9 $25.4B
$100M to $1B 10 $5.2B
< $100M 2 $109M
TOTAL $30.7B
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)
20%
21 (20%)
Strategic(s)
4%
4 (4%)
Exited to
Investor(s)
19%
14 (19%)
Strategic(s)
63%
47 (63%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

31.0B 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

FAQ

When was Welsh, Carson, Anderson & Stowe founded?

Welsh, Carson, Anderson & Stowe was founded in 1979.

What type of investor is Welsh, Carson, Anderson & Stowe?

Welsh, Carson, Anderson & Stowe is a private equity firm.

Where is Welsh, Carson, Anderson & Stowe headquartered?

Welsh, Carson, Anderson & Stowe is headquartered in New York, New York.

How much capital does Welsh, Carson, Anderson & Stowe have under management?

Welsh, Carson, Anderson & Stowe has 31.0B USD under management.

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