Peterson Partners Raises $510M Continuation Fund for Kelso Industries with NorthSands Capital as Lead Investor
Peterson Partners has raised $510 million through its new continuation vehicle, Peterson Kelso Coinvest, LP, to support the growth of Kelso Industries. The fund is focused solely on Kelso, a national MEP services provider and portfolio company under Peterson's Fund VIII and X. NorthSands Capital led the investment with over $450 million committed, while Peterson Partners' flagship fund also rolled its position and added further capital. Kelso was founded in 2021 by Steve Carroll and Steve Nicholson through a partnership with Peterson. The company has grown to operate across more than 40 states with over 4,000 employees. Proceeds from the new funding will be used for strategic acquisitions, talent investment, capability development, and market expansion. Leaders at both Peterson Partners and NorthSands expressed confidence in Kelso's leadership team and growth potential within the MEP services sector. Jefferies LLC served as financial advisor to Peterson, while Mayer Brown, Honigman LLP, and Kirkland & Ellis provided legal counsel for various parties involved.
Topics: fundraising investment M&A private equity