Word: buyouts
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Enter Macy's. The 130-year-old company, founded by a former Nantucket whaler, stunned Wall Street by joining the fray. Chairman Edward Finkelstein, a shrewd, 40-year veteran with the company, had taken the firm private in a $3.7 billion leveraged buyout in 1986. Loaded with debt after that deal, Macy's seemed incapable of takeovers. Says Pavlos Alexandrakis, a retail analyst for Argus Research: "It's the last company you would expect to be out shopping...
...diplomacy at Georgetown University: "We are not going to have our economy taken over by foreigners unless it continues to decline for 50 or 60 years." That holds true even though a couple of Asian shoppers, South Korea and Taiwan, have barely begun to make strides in the U.S. buyout market. Yet as foreigners continue to rush in, new American properties are constantly being built to balance the outside purchases. In real estate alone, the U.S. annually constructs some $30 billion worth of shopping malls, $10 billion worth of factories and $6 billion worth of hotels...
...transaction was a big-league leveraged buyout, the increasingly popular type of acquisition financed largely through borrowed funds. In this case, Lewis got the money from the high-rolling Drexel Burnham Lambert investment firm. When the takeover is completed, TLC is expected to rake in $2 billion in annual revenues -- far more than the $173.5 million reported last year by Johnson Publishing (Ebony magazine), which topped Black Enterprise magazine's list of the largest black-owned companies. Says Lewis of his new stature: "I like to stretch myself. I like to face challenges...
...years of growth almost without pause has added $2 trillion to stock values and is helping the economy keep expanding. Cash is flooding in faster than ever, but doomsayers worry about possible parallels to 1929. -- A fired Eastern Air Lines mechanic details his accusations of sloppy maintenance. -- A leveraged buyout creates the largest black- owned company in America...
Sharing equally in their firm's good fortunes this year were three partners of the San Francisco- and Manhattan-based investment firm of Kohlberg Kravis Roberts. Masters of the so-called leveraged buyout, Jerome Kohlberg, 62, Henry Kravis, 43, and George Roberts, 44, each earned $50 million. Neck and neck were former Treasury Secretary William Simon, 59, chairman of Wesray Capital in Morristown, N.J., an investment firm, and Raymond Chambers, 44, president of that company. They pulled down an estimated $45 million to $50 million each...