 Founded in 1971 as Kelso Bangert & Company, the firm acted as both an advisor and merchant bank, both making investments and advising in 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.