Welsh, Carson, Anderson & Stowe Portfolio and Acquisitions

Welsh, Carson, Anderson & Stowe has invested in over 100 companies across various industries.

Their portfolio includes companies like 3M, which they invested in from 1977 to 2017, and they also have a stake in companies like Alcon, a leading eye care company.

One notable acquisition is their investment in 3M, which they held for 40 years, and also their investment in Alcon, a company that has made significant advancements in eye care technology.

Their investments have led to significant returns, with the firm having generated over $2.5 billion in net gains since its founding in 1970.

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WCAS was formed in 1979 by three founders: Patrick Welsh, Russell Carson, and Bruce Anderson. They had a strong background in finance, with Welsh and Carson previously serving as president and Chairman of Citicorp Venture Capital.

WCAS started as a venture capital firm, with its first Equity Partnership totaling $33 million in commitments.

WCAS has been in business for over four decades, having raised over $27 billion of capital as of 2019. This capital was raised through 13 equity partnerships and four subordinated debt partnerships.

The healthcare sector received a significant portion of the capital raised, with $8 billion devoted to it.

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Welsh, Carson, Anderson & Stowe has a history of making strategic investments and acquisitions in the technology sector. One notable example is their former holding in Amdocs, where they once owned as much as 35% of the firm.

WCAS eventually distributed all holdings in Amdocs to its partners, leaving them with no direct stake in the company. This move allowed them to diversify their portfolio and explore new investment opportunities.

In the late 1990s, WCAS acquired Bridge Information Systems, which later went on to file for bankruptcy in 2001. The company's units were subsequently sold to several entities, including Reuters.

Here are some key facts about WCAS's investments and acquisitions:

WCAS has a history of investing in technology companies. They once held a significant stake in Amdocs, with as much as 35% of the firm at one point. By September 2003, they had distributed all their holdings in Amdocs to their partners, leaving them with no direct holdings.

One notable acquisition was Bridge Information Systems in 1995, but the company ultimately filed for bankruptcy in 2001. This led to the sale of its units to several entities, including Reuters.

WCAS also had a stake in Windstream, selling their 4.1% stake back to the company in 2006 as part of Windstream's acquisition of Windstream Yellow Pages.

Here's a quick rundown of WCAS's former tech holdings:

WCAS's portfolio investments have yielded impressive results. There are 40 current or former public companies in WCAS's two core industries that can trace their roots to the firm.

These companies have a combined market capitalization exceeding $100 billion.

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Welsh, Carson, Anderson & Stowe (WCAS) has signed a definitive agreement to acquire Green Street Advisors from Golden Gate Capital. This acquisition aligns well with WCAS's long history of investing in market-leading technology and information services companies.

The transaction is expected to accelerate organic growth, investing in product innovation and strategically pursuing M&A, building on Green Street's 30+ years of market leadership and successful history of product expansion initiatives.

Management will re-invest a portion of their proceeds to retain a meaningful ongoing interest in the Company, ensuring a smooth transition and continued growth.

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Welsh, Carson, Anderson & Stowe (WCAS) has a significant presence in the technology sector, with a diverse portfolio of companies across various sub-sectors.

WCAS acquired a majority stake in Avetta, a risk management software vendor based in Irvine, California, in 2018. This investment highlights the firm's focus on supporting growth-stage companies in the technology sector.

One notable investment in the software as a service (SaaS) space is Clearwater Analytics, a financial technology firm that provides software offerings. WCAS has also invested in Paycom, a company that provides cloud-based human capital management software.

In addition to software companies, WCAS has also invested in technology-enabled service providers, such as Electronic Evidence Discovery and Service Repair Solutions.

Here's a list of some of the technology companies in WCAS's portfolio:

Welsh Carson's legal team argued that the FTC's complaint targeted "mere investors" and challenged established corporate law principles.

The firm's actions were consistent with typical private equity practices, involving advisory support and financial oversight.

In response to the FTC's accusation, Welsh Carson maintained that their actions were lawful and did not exploit their market position.

FTC Chair Lina Khan condemned what she described as unlawful tactics, accusing USAP and Welsh Carson of exploiting their market position to increase anesthesia service prices.

The dismissal of the antitrust suit marks a significant victory for WCAS and the private equity sector.

Welsh Carson's legal team successfully defended the firm against the FTC's allegations, securing a major win for the private equity industry.

USAP, established in Texas in 2012, has expanded its operations to eight states, but the FTC's accusations of a "roll-up scheme" were ultimately dismissed.

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