Word: kkr
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...predict that private equity will go through a shakeout similar to what we've seen in the housing market. How does that analogy work? Private-equity firms used the same cheap credit that caused the housing bubble to buy companies. There are about 100 of these firms - KKR, Blackstone and Carlyle are some of the bigger ones - and they buy a company the same way we would buy a house. Put down about 20% and borrow about 80%. The big difference is, the company they're buying borrows the 80%, so they're the ones responsible for repayment. These loans...
Toys "R" Us. Dunkin' Donuts. Univision. Hertz. Those are names of well-known American companies. Bain. Carlyle. Texas Pacific. KKR. Those are names of the lesser-known outfits that bought them in the past year and a half. If you thought the New York Stock Exchange was the place to invest, think again...
...well now that corporate America has learned to downsize itself. Competition from abroad keeps companies on their toes just as well as the threat of a hostile takeover ever did. "The heart and soul has become real business building," says Marc Lipschultz, a partner at Kohlberg Kravis Roberts (KKR...
...town of Limoges, a famed center for French porcelain, Gilles Schnepp has a perspective different from the government's anti--Anglo-Saxon mind-set. He is chief executive of Legrand, a $3 billion electrical equipment company that was acquired late in 2002 by KKR and French group Wendel in France's biggest buyout. Legrand had been in the process of merging with a French competitor, Schneider Electric, and suddenly found itself in limbo after the European Union vetoed the deal on antitrust grounds...
Schnepp says Legrand quickly put in place a reorganization program, even before the private investors bought into the company. Still, once the new owners arrived, "they stimulated our performance," Schnepp says. Overall, "the Legrand model is turning more quickly and more efficiently." KKR and Wendel helped the firm bring in consultants, who recommended sweeping changes to more than 3,000 processes. Result: Legrand has reduced its purchasing costs by about $95 million. "They helped us formulate our needs," Schnepp says. "They gave us confidence to go further" than the firm might otherwise have done. KKR has also encouraged Legrand...