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These costs savings were fully implemented on a run-rate basis within two years of Kelso’s investment.Timely, successful integration led by a combined Progressive/PMSI management team positioned the business for a sale to a strategic buyer.
The combination created the largest dedicated PBM serving the workers’ compensation industry.Kelso installed Brian Clingen as CEO - Brian had previously been CFO of Universal Outdoor, a Kelso Fund V company.Kelso also hired Jim Hallett, the former CEO of ADESA, to run the used vehicle division.Kelso had identified this opportunity for a strategic exit in a rapidly consolidating industry as part of its investment thesis.The Kelso Healthcare Services team had evaluated the PBM sector in depth prior to the Helios investment.Eagle Foods (“Eagle”) is a leading domestic manufacturer of canned milk, popcorn and other salty snack products.
Eagle operates in two stable and growing categories within canned milk with #1 branded market share in sweetened condensed milk and #2 branded share in evaporated milk, as well as #1 private label market share in each category. Cretors is one of the fastest growing brands in the ready-to-eat popcorn category.
KAR was formed in April 2007 by taking ADESA, a publicly-traded company, private and combining it with Insurance Auto Auctions (“IAAI”), an existing Kelso portfolio company.
IAAI was an ideal platform to consolidate the auction industry by building out a national physical footprint and online business to compete with the only two other national competitors.
Eagle’s products have a rich history with the 150-year heritage of the iconic Eagle canned milk brand and strong consumer awareness of the Cretors family name as the inventors of the popcorn machine. He assembled a team of food industry veterans to help build the Eagle platform, and the team committed to invest substantial equity in the company.
Kelso was selected by Paul Wagstaff, a successful and seasoned food executive, to build a food platform together. Our ability to move quickly through an accelerated due diligence process and cause minimal business disruption to the seller was critical to being selected as the preferred buyer of the Eagle canned milk assets.
Kelso’s focus on the PBM sector and industry relationships allowed us to identify a strategic (Progressive) with which to partner in the acquisition of PMSI.