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Peterson Partners raises $510M continuation vehicle for Kelso Industries with NorthSands Capital, extending ownership of $1B+ revenue MEP services company.
PRIVATESep 21, 2026•about 2 hours ago
Amount Raised
$510 Million
Round Type
Venture - Series Unknown
Investors
Peterson PartnersNorth Sands Capital
Description
Peterson Partners has closed a $510 million continuation vehicle centered on Kelso Industries, a Draper, Utah-based mechanical, electrical and plumbing services company. NorthSands Capital committed more than $450 million as the sole lead investor, while Peterson Partners rolled its existing Fund X investment into the new structure and added additional capital. Kelso has grown to over $1 billion in annual revenue with 4,000+ employees across more than 40 states and 40+ acquired MEP businesses. The transaction provides liquidity to existing investors while funding future growth.
Company Information
Company
Kelso Industries
About
Kelso Industries is a Draper, Utah-based mechanical, electrical, and plumbing (MEP) services company that has grown from startup to over $1 billion in annual revenue. The company operates across more than 40 states with 4,000+ employees and has acquired approximately 40 MEP businesses. Peterson Partners, a Utah-based private equity firm, has extended its ownership through a $510 million continuation vehicle to support further acquisition-driven expansion.
Fundz sees it the moment Kelso Industries raises, hires an exec or expands, usually minutes after it happens, and tells you who to reach.
