Word: kkr
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Starting in the late 1990s, all the big U.S. players, including Blackstone, Kohlberg Kravis Roberts (KKR), Carlyle Group and Texas Pacific Group, set up small-scale European operations. They're now bustling, growing rapidly and accounting for ever more of the U.S. groups' business. In four years, Blackstone's investments in Europe have jumped from about 10% to 30% to 40% of its total business, and the firm has opened offices in London, Hamburg and Paris. "It has become quite a significant part of our business," says Stephen Schwarzman, Blackstone's CEO and one of its co-founders...
...that company merged most of its aircraft operations with a French rival in 2000, MTU was left behind, an orphan inside the huge automaker. To make matters worse, the market for air engines nose-dived after the terrorist attacks of Sept. 11, 2001. Daimler soon looked for a buyer. KKR stepped in and took MTU private in November 2003. Since then it has replaced several top managers, including the chief executive; put the screws to the new bosses to improve operating performance; and, more quickly than initially anticipated, cashed...
...June public offering on the Frankfurt stock exchange set off a stampede by investors. The shares were more than seven times oversubscribed, not least because MTU's sales are rising briskly and its cash flow more than doubled in the first quarter as the aircraft industry picked up again. KKR's total equity investment in MTU was $326 million. Following the IPO, KKR has returned $590 million to its investors, and it continues to hold a 29% stake, valued at $390 million. KKR tripled its money in 19 months...
Foreign investment firms have incentives to improve, not destroy, the businesses they buy. Wincor Nixdorf is a case in point. The German firm, which makes ATMs for banks, was singled out by the SPD's Müntefering in his "locust" critique because of the profits that its investors, KKR and Goldman Sachs, made when they sold out. The two firms acquired Wincor Nixdorf from Siemens in 1999 for $709 million and by the beginning of the year had sold their entire stake, starting with a public offering in 2004. KKR and Goldman haven't disclosed details, but people familiar with...
...Avio, for about €1.5 billion. And now it's bidding for DaimlerChrysler's MTU, which makes military aircraft engines, and is also expected to fetch about €1.5 billion. Industry sources say Carlyle wants to put the two together. But first it must outbid U.S. rivals such as KKR and the Blackstone Group. And Economy Minister Wolfgang Clement said this month he wants the firm to remain German. Carlyle is betting that the MTU-Fiat combination may be the "European solution" needed to satisfy the Germans. Milking The Customer Voters in Seattle, Washington, are steamed over a September ballot...