Word: ripplewood
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...Holdings was itself formed by the merger of Denon and Marantz, two struggling, mid-to-upper market Japanese audio firms, with an investment by the private-equity group Ripplewood Holdings. Soon after, D&M went on a consolidation spree, snapping up additional A/V brands like Boston Acoustics, Snell Acoustics, Replay TV, Escient and recently Calrec Audio, a British company that builds mixing consoles for broadcast production. Mac fit as the crown jewel. "I call us a big start-up," says Victor Pacor, D&M's president. In the past fiscal year, the company had sales of almost $1 billion...
...sign of the frenzy is deal jumping. In the past, such a tactic was rare in the private-equity club. Historically, going-private transactions were bumped only when a strategic buyer jumped in, such as Whirlpool Corp. against Ripplewood in the Maytag contest, or Building Materials Corp. of America's attempt to bust up the Carlyle Group's buyout of ElkCorp. For PE investors deal jumping was considered a faux pas. "It has long been suspected that there is an unwritten gentleman's agreement among private-equity firms to refrain from jumping each other's deals," said Chris Young, director...
...news that the troubled appliance maker would be sold has stirred up a host of emotions. "It's a fear of the unknown, and there's plenty of unknowns around here these days," says resident Jim McCleary. Maytag is weighing bids from Whirlpool and a private-equity firm, Ripplewood Holdings. Meanwhile, many of the 2,800 Maytag employees in Newton--18% of the population--are worried that they will lose their jobs. Others are sad to watch the Maytag legacy go on the block. Mary Ergenbright's father was a Maytag clerk for 30 years...
...earth. Over the past 15 years, plenty of Western management practices, investors and executives have been tried, with mixed results. For every Ghosn, who is now a national hero for saving Nissan, there is a Rolf Eckrodt, the DaimlerChrysler executive who failed to turn around Mitsubishi Motors. For every Ripplewood Holdings, the U.S. investment firm that bought out and successfully relaunched the bankrupt Long-Term Credit Bank as Shinsei Bank, there is a Carrefour, the French retailer that is withdrawing from the country after just five years. Still, Katz sees slow progress. "For a long time, the Japanese élite...
When U.S. Investment Group, led by U.S.-based Ripplewood Holdings, bought the bankrupt Long Term Credit Bank in 2000 and tapped Masamoto Yashiro to run it, he set out to revolutionize the industry. Since taking the helm of the bank--renamed Shinsei, or Rebirth--Yashiro, 75, has presided over one of the most successful turnarounds in Japanese corporate history. With 30 years experience at Exxon and nine more at Citibank, Yashiro has never been a member of Japan's insular financial community. "I don't follow the Japanese way of doing things," he says. Yashiro talks about competition, profitability...