Founded in 1971 as Kelso Bangert & Company, the firm acted as both an advisor and
merchant bank, both making investments and advising on
mergers and acquisitions. Kelso was founded by
Louis O. Kelso, a lawyer and economist who is given credit for developing the concept for
employee stock ownership plans, in 1956. Kelso, alongside a sister company Louis O. Kelso Inc., focused initially on M&A activity involving Employee Stock Ownership Plans. Kelso raised its first
private equity fund and has had a dedicated private equity investment platform since 1980.
Louis O. Kelso, who died in 1991, transitioned management of the firm to Joseph Schuchert to focus on writing and lecturing. In June 2016, Kelso closed its latest fund at $2.6 billion. == Investments ==