KOHLBERG & COMPANY

Thesis

Kohlberg & Company is a private equity firm founded in 1987, managing approximately $15 billion in AUM as of September 2024. The firm's tenth fund, Kohlberg Investors X LP, closed at $4.3 billion. They focus on acquiring middle-market companies with enterprise values between $300 million and $1 billion, primarily in the healthcare and services sectors, including specialized areas like Life Sciences Outsourced Services & Supply Chain, Provider Outsourced Services, Payor & Employer Services, Infrastructure Services, Industrial Services, Professional Services, and Financial Services. Kohlberg employs a thesis-driven sourcing strategy, including a "White Paper Program," to identify investment targets. They seek to partner with management teams to drive organic growth, enhance operations, and use M&A for expansion. Their approach prioritizes growth and operational improvements over financial engineering, generally seeking control investments. For Fund X, they target companies with EBITDA between $25 million and $150 million and aim to invest $100 million to $500 million in equity per deal.

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