Word: kohlberg
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Another Harvard expert on human development,whose conclusions sharply conflict withGilligan's, said yesterday that he welcomes thejunior professor "most warmly." Lawrence Kohlberg,a professor of education and social psychology,said Gilligan "will add a great deal to the HumanDevelopment Department...
...scale of the Kohlberg Kravis buyouts is pushing the reticent company into the spotlight and raising skepticism about the ambitious reach of its deals. In April the firm wrapped up the largest LBO in history, the $6.2 billion purchase of Beatrice, the food and consumer-products conglomerate...
...company, Kohlberg Kravis taps a pool of money from outside partners (minimum investment: $20 million each), which it combines with some funds of its own to form essentially a down payment. The new owners raise the rest of the purchase price by having the company take out bank loans and issue securities, which are often called junk bonds because they pay high interest rates but are unusually risky. Kohlberg Kravis makes its profits from several different aspects of the deals, including fees for arranging them, estimated at $160 million last year, and capital gains on its stock investment when...
...Kohlberg Kravis was formed in 1976, when Jerome Kohlberg, now 61 and the firm's patriarch, and George Roberts, 42, left the Bear, Stearns investment house to start out on their own. Roberts recruited a cousin, Henry Kravis, 42, and later his brother-in-law, Robert MacDonnell, 47. They began arranging buyouts of small companies like A.J. Industries, a manufacturer of brake drums and other components, in which Kohlberg Kravis invested only $1.7 million in 1977 but earned back $66.3 million after it was resold. Today, after more than 20 buyouts, the four partners are worth an estimated $150 million...
...firm's exploits have grown, so has the criticism. Some investors claim that Kohlberg Kravis leverages its deals too far, loading up the bought- out companies with a debt burden that could be fatal in a recession. Another development that may derail Kohlberg Kravis is the federal tax reform movement, which appears likely to limit some of the write-offs that help make LBOs such lucrative investments. That prospect has already slowed the pace of most Wall Street LBO specialists, with the notable exception of Kohlberg Kravis...