– Peterson Partners closed a $510 million capital raise for Peterson Kelso Coinvest, LP, a single-asset continuation vehicle for Kelso Industries, a Fund VIII and Fund X portfolio company.
– NorthSands Capital served as sole lead investor, committing more than $450 million to the transaction.
– Peterson Partners Fund X rolled its existing position and made an additional investment in Kelso.
– Founded in 2021, Kelso Industries provides mechanical, electrical and plumbing (MEP) services to commercial, institutional and industrial customers.
– Headquartered in Draper, Utah, Kelso operates across more than 40 states and employs more than 4,000 people.
– Proceeds will support strategic acquisitions, investments in people and capabilities, expansion into new markets and new business opportunities.
– Spencer Clawson, Partner at Peterson Partners: “Steve Carroll and Steve Nicholson have built an outstanding business focused on serving some of the most demanding customers and project types in the country.”
– Bruce McEvoy, Managing Partner of NorthSands Capital: “We are thrilled to partner with Peterson and Kelso management.”
– Steve Carroll and Steven Nicholson, co-founders of Kelso Industries: “Building Kelso from the ground up has been the opportunity of a lifetime, and we are grateful to Peterson Partners for their continued support. We look forward to partnering with Peterson and NorthSands as we continue to build the nation’s preferred MEP solutions partner.”
