Kohlberg Kravis Roberts

KKR & Co. L.P. (formerly known as Kohlberg Kravis Roberts & Co.) is a global
KKR & Co. L.P.
investment firm that manages multiple alternative asset classes, including private
equity, energy, infrastructure, real estate, credit, and, through its strategic partners,
hedge funds. The firm has completed more than 280 private equity investments in
portfolio companies with approximately $545 billion of total enterprise value as of
Type Public
June 30, 2017.[5] As of September 30, 2017, Assets Under Management (“AUM”)
and Fee Paying Assets Under Management (“FPAUM”) were $153 billion and $114 Traded as NYSE: KKR
billion, respectively.[6] Industry Financial
services:
The firm was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis private equity
and George R. Roberts, all of whom had previously worked together at Bear Stearns, (1976–present)
where they completed some of the earliest leveraged buyout transactions. Since its investment banking
founding, KKR has completed a number of transactions including the 1989 (2004–present)
leveraged buyout of RJR Nabisco, which was the largest buyout in history to that Founded 1976 (as Kohlberg
point, as well as the 2007 buyout of TXU, which is currently the largest buyout Kravis Roberts &
completed to date.[7][8] KKR has completed investments in over 160 companies Co.)
since 1977, completing at least one investment in every year except in 1982 and in Founders Henry Kravis
1990.[9] George R. Roberts
Jerome Kohlberg
KKR has offices in 20 cities in 16 countries across 5 continents.[1] The firm is Jr.
currently headquartered in the Solow Building (9 W. 57th Street, New York, NY), Headquarters 9 West 57th Street
but in October 2015, the firm announced its intentions to occupy a newly Suite 4200
constructed 30 Hudson Yards.[10] New York City, New
York, U.S. 10019
In October 2009, KKR listed shares in the company through KKR & Co., an affiliate
Number of 20 offices in 16
that holds 30% of the firm's ownership equity, with the remainder held by the firm's locations countries[1]
partners. In March 2010, KKR filed to list its shares on the New York Stock
Key people Henry R. Kravis
Exchange (NYSE),[11] with trading commencing four months later, on July 15, (Co-Chairman/Co-
2010. CEO)
George R. Roberts
(Co-Chairman/Co-
CEO)
Contents Products Management
buyouts
The Firm KKR Leveraged finance
Investment funds and other affiliates Venture capital
Private equity funds Growth capital
KKR Financial
Revenue US$ 1.865 billion
KKR Private Equity Investors
(2017)[2]
History
Net income US$ 794.4 million
Founding and early history
(2017)[2]
Buyout of RJR Nabisco
Early 1990s: The aftermath of RJR Nabisco AUM US$ 148.5 billion
Early 1990s: Investments (2017)[3]
1996–1999 Total assets US$ 39 billion
2000–2005 (2016)[4]
Since 2005 and the Buyout Boom Number of 1,250 (2017)
employees
 Initial public offering employees
2010 to present day Website www.kkr.com
Notable current and former employees
Works about KKR
See also
Notes
References
External links

The Firm KKR

KKR is led by its executive leadership team, Henry Kravis, George R. Roberts, Joe Bae, and Scott Nuttall.[12] They are supported by
a team of approximately 370 investment professionals and 1,250 total employees, as of June 30, 2017.[13] KKR is headquartered in
the Solow Building at 9 West 57th Street, Manhattan, New York, with offices in Menlo Park, San Francisco, Houston, London,
Dublin, Paris, Madrid, Luxembourg, Hong Kong, Tokyo, Beijing, Shanghai, Mumbai, Dubai, Riyadh, Seoul, São Paulo, Singapore,
and Sydney.[1]

In a 2016 interview with Bloomberg, founder Henry Kravis described KKR in terms of three broad buckets: private markets, public
markets, and capital markets.[14] The firm has traditionally specialized in private equity investments, focusing on specific industry
sectors where the firm has created dedicated investment groups, including:

Core Americas Industries Core European Industries Core Asian Industries

Industrials Business Services Retail & Consumer
Financial Services Retail & Consumer Energy & Resources
Retail & Consumer Energy & Natural Resources Financial Services
Energy Financial Services Healthcare
Technology Healthcare Industrials
Media & Communications Industrials & Chemicals Media & Telecom
Healthcare Infra & Utilities Technology
Hospital & Leisure Technology, Media & Telecom

Investment funds and other affiliates

Private equity funds

KKR has historically relied primarily on private equity funds, pools of committed capital that are raised from a broad array of
institutional investors (e.g., pension funds, insurance companies, investment banks, commercial banks, endowments, fund of funds,
high-net-worth individuals, sovereign wealth funds).[15][16] As of March 31, 2014, KKR had completed fund-raising for
approximately 23 traditional investment funds in the US, Europe and Asia with total committed capital of approximately US$80
billion:
 Vintage Committed
Fund
Year Capital ($m)
KKR Fund 1976 1977 $31
KKR Fund 1980 1980 $357
KKR Fund 1982 1982 $328
KKR Fund 1984 1984 $1,000
KKR Fund 1986 1986 $672
KKR Fund 1987 1987 $6,130
KKR Fund 1993 1993 $1,946
KKR Fund 1996 1996 $6,012
KKR European Fund 1999 $3,085
KKR Millennium Fund 2002 $6,000
KKR European Fund II 2005 $5,751
KKR Fund 2006 2006 $17,642
KKR Asian Fund 2007 $4,000
KKR European Fund III 2008 $6,238
KKR E2 Investors (Annex Fund) 2009 $209
KKR China Growth Fund 2010 $1,010
KKR Natural Resources Fund 2010 $876
KKR Infrastructure Fund 2011 $1,043
KKR North America Fund XI 2012 $8,718
KKR Asian Fund II 2013 $5,825
KKR Real Estate Partners Americas 2013 $1,226
KKR Energy Income and Growth Fund 2013 $1,974

Source: SEC Filings[17]

KKR Financial
KKR Financial (NYSE: KFN) is a real estate investment trust (REIT) and specialty
finance company that invests in residential and commercial mortgage loans and
Type Public company
mortgage-backed securities as well as corporate loans and debt securities, asset- (NYSE: KFN)
backed securities and equity securities. KFN was founded in 2004 raising $795
Founded 2004
million in a private placement and raised $849 million in a June 2005 initial public
offering, increasing the size of the offering from an original $600 million target.[18] Website www.kkrfinancial.com
KKR had initially considered structuring KFN as a business development company
like Apollo Management's Apollo Investment Corporation but chose to pursue the REIT structure to capitalize on the strength in
REIT valuations at the time.[18]

KFN was an early casualty of the subprime mortgage crisis and in September 2007, Henry Kravis and George Roberts injected $270
million into the company. On February 20, 2008, KFN was once again forced to delay the repayment of billions of dollars of
commercial paper, and began a new round of talks with creditors.[19] In April, KFN sold a controlling interest in a real estate
subsidiary to an investment firm to raise cash and entered an agreement with the noteholders of certain secured commercial paper
a [20]
issued by two asset-backed entities. Following the transaction, KFN converted from a REIT toLLC.
KKR Private Equity Investors
KKR Private Equity Investors (Euronext: KPE) is a publicly traded private equity fund
that invests as a fund of funds in KKR private equity funds. KPE also co-invests in
Type Public company
transactions alongside KKR's private equity funds. KPE was founded in 2006. In
(Euronext: KPE)
May 2006, KKR raised $5 billion in an initial public offering for a KPE to serve as a
Founded 2006
new permanent investment vehicle listing it on the Euronext exchange in
Amsterdam. KKR raised three times more than it expected, as many of the investors Website www.kkrpei.com
in KPE were hedge funds seeking exposure to private equity but could not make
long term commitments to private equity funds. As private equity had been booming in preceding years, investing in a KKR fund was
attractive to investors.[21]

However, KPE's first-day performance was lackluster, trading down 1.7% and trading volume was limited.[22] Initially, a handful of
other private equity firms and hedge funds had planned to follow KKR's lead but shelved those plans when KPE's performance
continued to falter after its IPO. KPE's stock declined from an IPO price of €25 per share to €18.16 (a 27% decline) at the end of
2007 and a low of €11.45 (a 54.2% decline) per share in Q1 2008.[23]

KPE disclosed in May 2008 that it had completed approximately $300 million of secondary sales of selected limited partnership
[24]
interests in, and undrawn commitments to, certain KKR-managed funds in order to generate liquidity and repay borrowings.

In October 2009 KPE changed its name to KKR & Co. (Guernsey) L.P.,[25] which was delisted from Euronext Amsterdam in July
. began trading on the New York Stock Exchange under the symbol “KKR”.[26]
2010 while common units of KKR & Co. L.P

History

Founding and early history

Running the corporate finance department for Bear Stearns in the 1960s and 1970s, Jerome Kohlberg and later with protégés Henry
Kravis and George Roberts completed a series of what they described as "bootstrap" investments beginning in 1964–65. They
targeted family-owned businesses, many of which had been founded in the years following World War II which by the 1960s and
1970s were facing succession issues. Many of these companies lacked a viable or attractive exit for their founders as they were too
small to be taken public and the founders were reluctant to sell out to competitors and so a sale to a financial buyer could prove
attractive.[27]

Their acquisition of Orkin Exterminating Company in 1964 is among the first

significant leveraged buyout transactions. In the following years the three Bear
Stearns bankers would complete a series of buyouts including Stern Metals
(1965), Incom (a division of Rockwood International, 1971), Cobblers
Industries (1971), and Boren Clay (1973), as well as Thompson Wire, Eagle
Motors and Barrows through their investment in Stern Metals. Despite a
number of highly successful investments, the $27 million investment in
Cobblers ended in bankruptcy.[28]

Henry Kravis speaking at the World By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and
Economic Forum in 2009 Roberts, which led to the formation of Kohlberg Kravis Roberts & Co. in that
year. Most notably, Bear Stearns executive Cy Lewis had rejected repeated
proposals to form a dedicated investment fund within Bear Stearns and Lewis
took exception to the amount of time spent on outside activities. In 1976, Kravis had been required to serve as interim CEO of a
failing direct mail company named Advo.
The new KKR completed its first buyout, that of manufacturer A.J. Industries, in 1977. KKR raised capital from a small group of
investors including the Hillman Company and First Chicago Bank. By 1978, with the revision of the ERISA regulations, the nascent
KKR was successful in raising its first institutional fund with over $30 million of investor commitments.[29] In 1981, KKR expanded
its investor base significantly when the Oregon State Treasury's public pension fund invested in KKR's acquisition of retailer Fred
[27]
Meyer, Inc. Oregon State remains an active investor in KKR funds.

KKR closed out the 1970s completing the public-to-private buyout of Houdaille Industries in 1979,[30] probably the largest take-
private of a public company to that point. As the 1980s began, KKR was among the most prominent practitioner of leveraged buyouts
and would prove the most prolific of the private equity investors in the 1980s.[27] Among the firm's most notable acquisitions during
the 1980s buyout boom were the following:

Investment Year Company Description Ref.

Malone & 1984 KKR completed the first buyout of a public company by tender of
fer, by acquiring the [31]
Hyde food distributor and supermarket operator together with the company's chairman
Joseph R. Hyde III.
Wometco 1984 KKR completed the first billion-dollar buyout transaction to acquire the leisure-time [32]
Enterprises company with interests in television, movie theaters and tourist attractions. The
buyout comprised the acquisition of 100% of the outstanding shares for $842 million
and the assumption of $170 million of the company's outstanding debt.
Beatrice 1985 KKR sponsored the $6.1 billionmanagement buyout of Beatrice, which owned [33][34]
Companies Samsonite and Tropicana among other consumer brands. At the time of its closing in
1985, Beatrice was the largest buyout completed.
Safeway 1986 KKR completed a friendly $5.5 billion buyout of Safeway to help management avoid [35]
hostile overtures from Herbert and Robert Haft of Dart Drug. Safeway was taken
public again in 1990.
Jim Walter 1987 KKR acquired the company for $3.3 billion in early 1988 but faced issues with the [36][37]
Corp. buyout almost immediately. Most notably, a subsidiary of Jim Walter Corp (Celotex)
(later Walter faced a large asbestos lawsuit and incurred liabilities that the courts ruled would
Industries) need to be satisfied by the parent company . In 1989, the holding company which
KKR used for the Jim Walter buyout filed for Chapter 11 bankruptcy protection.

Buyout of RJR Nabisco

After the 1987 resignation of Jerome Kohlberg at age 61 (he later founded his own private equity firm, Kohlberg & Co.), Henry
Kravis succeeded him as senior partner. Under Kravis and Roberts, the firm was responsible for the 1988 leveraged buyout of RJR
Nabisco. RJR Nabisco proved to be not only the largest buyout in history to that time, at $25 billion ($31.1 billion, including assumed
debt) as well as a high-water mark and sign of the end of the 1980s buyout boom. RJR—Nabisco, which would remain the largest
buyout for the next 17 years, was chronicled in Barbarians at the Gate: The Fall of RJR Nabisco, and later made into a television
movie starring James Garner.[38]

In 1988, F. Ross Johnson was the President and CEO of RJR Nabisco, formed in 1985 by the merger of Nabisco Brands and R.J.
Reynolds Tobacco Company, a leading producer of food products (Shredded Wheat, Oreo cookies, Ritz crackers, Planters peanuts,
Life Savers, Del Monte Fruit and Vegetables, and Snickers Chocolate) as well as Winston, Camel and Salem cigarettes. In October
1988, Johnson proposed a $17 billion ($75 per share) management buyout of the company with the financial backing of investment
bank Shearson Lehman Huttonand its parent company, American Express.[39][40]

Several days later, Kravis, who had originally suggested the idea of the buyout to Johnson, presented a new bid for $20.3 billion ($90
per share) financed with an aggressive debt package.[41][42][43] KKR had the support of significant equity co-investments from
leading pension funds and other institutional investors. Investors included Coca-Cola, Georgia-Pacific and United Technologies
corporate pension funds, as well as endowments from MIT, Harvard and the New York State Common Retirement Fund[16]
However, KKR faced criticism from existing investors over the firm's use ofhostile tactics in the buyout of RJR.[44]
KKR proposed to provide a joint offer with Johnson and Shearson Lehman but was rebuffed and Johnson attempted to stonewall
KKR's access to financial information from RJR.[45][46][47][48] Rival private equity firm,Forstmann Little & Co. was invited into the
process by Shearson Lehman but attempted to provide a bid for RJR with a consortium ofGoldman Sachs Capital Partners, Procter &
Gamble, Ralston Purina and Castle & Cooke.[49]

Ultimately the Forstmann consortium came apart and did not provide a final bid for RJR.[50] Many of the major banking players of
the day, including Shearson Lehman Hutton, Drexel Burnham Lambert, Morgan Stanley, Goldman Sachs, Salomon Brothers and
Merrill Lynch were actively involved in advising and financing the parties.

In November 1988, RJR set guidelines for a final bid submission at the end of the
month.[51] The management and Shearson group submitted a final bid of $112, a figure
they felt certain would enable them to outflank any response by Kravis and KKR.
KKR's final bid of $109, while a lower dollar figure, was ultimately accepted by the
board of directors of RJR Nabisco.[52] KKR's offer was guaranteed, whereas the
management offer lacked a "reset", meaning that the final share price might have been
lower than their stated $112 per share.[53]
Oreo cookies, one of RJR
Nabisco's products Additionally, many in RJR's board of directors had grown concerned at recent
disclosures of Ross Johnson' unprecedented golden parachute deal.[54][55] Time
Magazine featured Ross Johnson on the cover of their December 1988 issue along with
the headline, "A Game of Greed: This man could pocket $100 million from the largest corporate takeover in history. Has the buyout
craze gone too far?".[56] KKR's offer was welcomed by the board, and, to some observers, it appeared that their elevation of the reset
issue as a deal-breaker in KKR's favor was little more than an excuse to reject Ross Johnson's higher payout of $112 per share.
Johnson received $53 million from the buyout.[57] KKR collected a $75 million fee in the RJR takeover.[58] At $31.1 billion of
gest leveraged buyout in history.[59]
transaction value (including assumed debt), RJR Nabisco was by far the lar

In 2006 and 2007, a number of leveraged buyout transactions were completed which, for the first time, surpassed the RJR Nabisco
leveraged buyout in terms of nominal purchase price. The deal was first surpassed in July 2006 by the $33 billion buyout of U.S.
hospital operator Hospital Corporation of America, in which KKR participated, though the RJR deal was larger, adjusted for
inflation. However, adjusted for inflation, none of the leveraged buyouts of the 2006–07 period would surpass RJR Nabisco. The RJR
transaction benefited many of the parties involved. Investment bankers and lawyers who advised KKR walked away with over $1
billion in fees. Kravis and Roberts attracted an unprecedented amount of publicity that turned the cousins into instant celebrities. Size
did not, however, guarantee success as the high purchase price and debt load would burden the performance of the investment, which
[60]
KKR overcame, raising a new investment fund and continuing to invest throughout the 1990s.

Early 1990s: The aftermath of RJR Nabisco

The buyout of RJR Nabisco was completed in April 1989 and KKR would spend the early 1990s repaying the RJR's enormous debt
load through a series of asset sales and restructuring transactions.[61][62][63] After the RJR Nabisco deal, KKR did not complete a
single investment in 1990, the first such year since 1982. They would not complete another major leveraged buyout transaction for
more than three years, largely because of the shutdown of the high yield bond market and the collapse of Drexel Burnham Lambert
which filed for bankruptcy in February 1990. KKR began to focus primarily on its existing portfolio companies acquired during the
Duracell.[27]
buyout boom of the late 1980s. Six of KKR's portfolio companies completed IPOs in 1991, including RJR Nabisco and

As the new decade began, KKR began restructuring RJR. In January 1990, it completed the sale of RJR's
Del Monte Foods to a group
led by Merrill Lynch. KKR had originally identified a group of divisions that it could sell to reduce debt.[64] Over the coming years,
RJR would pursue a number of additional restructurings, equity injections and public offerings of stock to provide the company with
added financial flexibility. KKR contributed $1.7 billion of new equity into RJR in July 1990 to complete a restructuring of the
company's balance sheet that appeased unhappy bondholders. KKR's equity contribution as part of the original leveraged buyout of

[65][66]
RJR had been only $1.5 billion.[65][66] In mid-December 1990, RJR announced an exchange offer
that would swap debt in RJR for a new public stock in the company, effectively an unusual means
.[67]
of taking RJR public again and simultaneously reducing debt on the company

RJR issued additional stock to the public in March 1991 to further reduce debt, resulting in an
upgrade of the credit rating of RJR's debt from junk to investment grade. KKR began to reduce its
ownership in RJR in 1994, when its stock in RJR was used as part of the consideration for its
leveraged buyout of Borden, Inc., a producer of food and beverage products, consumer products,
and industrial products, in an unprecedented and complex transaction.[68][69] [70][71] The
following year, in 1995, KKR would divest itself of its final stake in RJR Nabisco when Borden
sold a $638 million block of stock.[72] KKR's headquarters in
the Solow Building at 9
While KKR no longer had any ownership of RJR Nabisco by 1995, its original investment would West 57th Street in New
not be fully realized until KKR exited its last investment in 2004. After sixteen years of efforts, York City
including contributing new equity, taking RJR public, asset sales and exchanging shares of RJR for
the ownership of Borden, Inc., KKR finally sold the last remnants of its 1989 investment. In July
2004, KKR agreed to sell its stock inBorden Chemical to Apollo Management for $1.2 billion.[73]

Early 1990s: Investments

In the early 1990s, the absence of an active high yield market prompted KKR to change its tactics, avoiding large leveraged buyouts
in favor of industry consolidations through what were described as leveraged buildups or rollups. One of KKR's largest investments
in the 1990s was the leveraged buildup of Primedia in partnership with former executives of Macmillan Publishing, which KKR had
failed to acquire in 1988.[74] KKR created Primedia's predecessor, K-III Communications,[75] a platform to buy media properties,
initially completing the $310 million divisional buyout of the book club division of Macmillan along with the assets of Intertec
Publishing Corporation in May 1989.[76][77]

During the early 1990s, K-III continued acquiring publishing assets, including a $650 million acquisition from News Corporation in
1991.[78] K-III went public, however instead of cashing out, KKR continued to make new investments in the company in 1998, 2000
and 2001 to support acquisition activity.[79] In 2005, Primedia redeemed KKR's preferred stock in the company but KKR was
[77]
estimated to have lost hundreds of millions of dollars on itscommon stock holdings as the price of the company's stock collapsed.

In 1991, KKR partnered with Fleet/Norstar Financial Group in the 1991 acquisition of the Bank of New England, from the US
Federal Deposit Insurance Corporation.[80] In January 1996, KKR would exchange its investment for a 7.5% interest in Fleet
Bank.[81] KKR completed the 1992 buyout ofAmerican Re Corporationfrom Aetna[82] as well as a 47% interest in TW Corporation,
later known as The Flagstar Companies and owner of Denny's in 1992.[83] Among the other notable investments KKR completed in
the early 1990s includedWorld Color Press (1993–95),[84] RELTEC Corporation (1995) and Bruno's (1995).[85]

1996–1999
By the mid-1990s, the debt markets were improving and KKR had moved on from the RJR Nabisco buyout. In 1996, KKR was able
to complete the bulk of fundraising for what was then a record $6 billion private equity fund, the KKR 1996 Fund.[86] However,
KKR was still burdened by the performance of the RJR investment and repeated obituaries in the media.[87] KKR was required by its
investors to reduce the fees it charged and to calculate its carried interest based on the total profit of the fund (i.e., offsetting losses
[27]
from failed deals against the profits from successful deals).

KKR's activity level would accelerate over the second half of the 1990s making a series of notable investments including Spalding
Holdings Corporation and Evenflo (1996),[88] Newsquest (1996),[89] KinderCare Learning Centers (1997),[90] Amphenol
Corporation (1997),[91] Randalls Food Markets (1997),[92][93] The Boyds Collection (1998),[94] MedCath Corporation (1998),[95]
Willis Group Holdings (1998),[96] Smiths Group (1999), and Wincor Nixdorf (1999).[97]
 KKR's largest investment of the 1990s would be one of its least successful. In
January 1998, KKR and Hicks, Muse, Tate & Furst agreed to the $1.5 billion
buyout of Regal Entertainment Group.[98] KKR and Hicks Muse had initially
intended to combine Regal with Act III Cinemas, which KKR had acquired in
1997 for $706 million[99] and United Artists Theaters, which Hicks Muse had
agreed to acquire for $840 million in November 1997. Shortly after agreeing to
the Regal takeover, the deal with United Artists fell apart, destroying the
strategy to eliminate costs by building a larger combined company.[100] Two
years later, in 2000, Regal encountered significant financial issues and was
forced to file for bankruptcy protection; the company passed to billionaire
KKR acquired Regal Cinemas in 1998,
investor Philip Anschutz.[101]
only to see the company in bankruptcy by
2000

2000–2005
At the start of the 21st century, the landscape of large leveraged buyout firms was
changing. Several large and storied firms, including Hicks Muse Tate & Furst and
Forstmann Little & Company were dragged down by heavy losses in the bursting of
the telecom bubble. Although, KKR's track record since RJR Nabisco was mixed,
losses on such investments as Regal Entertainment Group, Spalding, Flagstar and
Primedia (previously K-III Communications) were offset by successes in Willis
Group, Wise Foods, Inc., Wincor Nixdorf and MTU Aero Engines, among
others.[27] Shoppers Drug Mart, the Canadian
pharmacy was one of several
Additionally, KKR was one of the few firms that was able to complete large successful buyouts in the early
leveraged buyout transactions in the years immediately following the collapse of the 2000s[102]
Internet bubble, including Shoppers Drug Mart and Bell Canada Yellow
Pages.[27][103] KKR was able to realize its investment in Shoppers Drug Mart
through a 2002 IPO and subsequent public stock offerings.[102] The directories business would be taken public in 2004 as Yellow
Pages Income Fund, a Canadian income trust.[104]

In 2004 a consortium comprising KKR, Bain Capital and real estate development
company Vornado Realty Trust announced the $6.6 billion acquisition of Toys "R" Us,
the toy retailer. A month earlier, Cerberus Capital Management, made a $5.5 billion
offer for both the toy and baby supplies businesses.[105] The Toys 'R' Us buyout was one
of the largest in several years.[106] Following this transaction, by the end of 2004 and in
2005, major buyouts were once again becoming common and market observers were
stunned by the leverage levels and financing terms obtained by financial sponsors in
their buyouts.[107]

KKR led a consortium in the In 2005, KKR was one of seven private equity firms involved in the buyout of SunGard
buyout of Toys "R" Us in 2004
in a transaction valued at $11.3 billion. KKR's partners in the acquisition were Silver
Lake Partners, Bain Capital, Goldman Sachs Capital Partners, Blackstone Group,
Providence Equity Partners, and TPG Capital. This represented the largest leveraged buyout completed since the takeover of RJR
Nabisco in 1988. SunGard was the largest buyout of a technology company until the Blackstone-led buyout of Freescale
Semiconductor. The SunGard transaction was notable given the number of firms involved in the transaction, the largest club deal
completed to that point. The involvement of seven firms in the consortium was criticized by investors in private equity who
[108][109]
considered cross-holdings among firms to be generally unattractive.

Since 2005 and the Buyout Boom

In 2006, KKR raised a new $17.6 billion fund the KKR 2006 Fund, with which the firm began executing a series of some of the
largest buyouts in history. KKR's $44 billion takeover of Texas-based power utility, TXU, in 2007, proved to be the largest leveraged
buyout of the mid-2000s buyout boomand the largest buyout completed to date.[110] Among the most notable companies acquired by
KKR in 2006 and 2007 were the following:

Investment Year Company Description Ref.

HCA 2006 KKR and Bain Capital, together with Merrill Lynch and the Frist family (which [111]
had founded the company) completed a $31.6 billion acquisition of the
hospital company, 17 years after it was takenprivate for the first time in a
management buyout. At the time of its announcement, the HCA buyout would
be the first of several to set new records for the largest buyout, eclipsing the
1989 buyout of RJR Nabisco. It would later be surpassed by the buyouts of
Equity Office Properties, and TXU.
NXP 2006 In August 2006, a consortium of KKR, Silver Lake Partners and AlpInvest [112]
Semiconductors Partners acquired a controlling 80.1% share of semiconductors unit ofPhilips
for €6.4 billion. The new company, based in the Netherlands, was renamed
NXP Semiconductors.
TDC A/S 2006 The Danish phone company was acquired by KKR,Apax Partners, [113][114]
Providence Equity Partnersand Permira for €12.2 billion ($15.3 billion), which
at the time made it the second largest European buyout in history
.
Dollar General 2007 KKR completed a buyout of the chain of discount stores operating in the U.S. [115]

Alliance Boots 2007 KKR and Stefano Pessina, the company’s deputy chairman and largest [116][117]
shareholder, acquired the UK drug store retailer for £12.4 billion ($24.8 billion)
including assumed debt, after increasing their bid more than 40% amidst
intense competition fromTerra Firma Capital Partnersand Wellcome Trust.
The buyout came only a year after the merger of Boots Group plc (Boots the
Chemist), and Alliance UniChem plc.
Biomet 2007 Blackstone Group, KKR, TPG Capital and Goldman Sachs acquired the [118]
medical devices company for $11.6 billion.
First Data 2007 KKR and TPG Capital completed the $29 billion buyout of the credit and debit [119][120]
card payment processor and former parent ofWestern Union. Michael
Capellas, previously the CEO ofMCI Communications and Compaq was
named CEO of the privately held company
.
TXU (Energy 2007 An investor group led by KKR andTPG Capital and together with Goldman [122][123]
Future Holdings) Sachs completed the $44.37 billion[121] buyout of the regulated utility and
power producer. The investor group had to work closely with ERCOT
regulators to gain approval of the transaction but had significant experience
with the regulators from their earlier buyout ofTexas Genco. TXU is the
largest buyout in history, and retained this distinction when the announced
buyout of BCE failed to close in December 2008. The deal was notable for a
drastic change in environmental policy for the energy giant, in terms of its
carbon emissions from coal power plants and funding alternative energy.

Other non-buyout investments completed by KKR during this period included Legg Mason, Sun Microsystems, Tarkett, Longview
Power Plant and Seven Network. In October 2006, KKR acquired a 50% stake in Tarkett, a France-based distributor of flooring
products, in a deal valued at about €1.4 billion ($1.8 billion). On November 20, 2006, KKR announced it would form a A$4 billion
partnership with the Seven Network of Australia.[124] On January 23, 2007, KKR announced it would invest $700 million through a
PIPE investment in Sun Microsystems.[125] In January 2008, KKR announced it had made a $1.25 billion PIPE investment in Legg
Mason through a convertible preferred stockoffering.[126]

In addition to its successful buyout transactions, KKR was involved in the failed buyout of Harman International Industries
(NYSE: HAR), an upscale audio equipment maker. On April 26, 2007, Harman announced it had entered an agreement to be acquired
by KKR and Goldman Sachs.[127] As the financing markets became more adverse in the summer of 2007, the buyout was on tenuous
ground. In September 2007, KKR and Goldman backed out of the $8 billion buyout of Harman. By the end of the day, Harman's
[128]
shares had plummeted by more than 24% upon the news.
 Selected Kohlberg Kravis Roberts 2006–2008 Investments

Hospital Corporation of NXP Semiconductors Dollar General

America

Alliance Boots TXU Sun Microsystems

Legg Mason

Initial public offering

In 2007, KKR filed with the Securities and Exchange Commission[15] to raise $1.25 billion by selling an ownership interest in its
management company.[129] The filing came less than two weeks after the initial public offering of rival private equity firm
Blackstone Group. KKR had previously listed its KPE vehicle in 2006, but for the first time, KKR would offer investors an
ownership interest in the management company itself. The onset of the credit crunch and the shutdown of the IPO market dampened
the prospects of obtaining a valuation attractive to KKR. The flotation was repeatedly postponed, and called off by the end of
August.[130]
The following year, in July 2008, KKR announced a new plan to list its shares. The plan called for KKR to complete a reverse
takeover of its listed affiliate KKR Private Equity Investorsin exchange for a 21% interest in the firm.[131] In November 2008, KKR
announced a delay of this transaction until 2009. Shares of KPE had declined significantly in the second half of 2008 with the onset
of the credit crunch. KKR has announced that it expects to close the transaction in 2009.[132] In October 2009, KKR listed shares in
KKR & Co. on the Euronext exchange, replacing KPE and anticipates a listing on the New York Stock Exchange in 2010. The public
entity represents a 30% interest in Kohlberg Kravis Roberts. In October 2010, KKR acquired about nine members of Goldman Sachs
Group proprietary trading team after entertaining offers from investment firms such as Perella Weinberg and Blackrock. With
Goldman shutting down its proprietary trading operations, its executives, led by Bob Howard, will help KKR expand beyond
leveraged buyouts into areas such as hedge funds.

2010 to present day

In January 2014, KKR acquired Sedgwick Claims Management Services Inc for $2.4 billion from two private equity companies -
Stone Point, and Hellman & Friedman.[133]

In June 2014, KKR announced it was taking a one-third stake in a Spanish energy business of Acciona Energy, at a cost of €417
million ($567 million). The international renewable energy generation business operates renewable assets, largely wind farms, across
14 countries including theUnited States, Italy and South Africa.[134]

In August 2014, KKR announced it was investing $400 million to acquire Fujian Sunner Development, China's largest chicken
farmer, which breeds, processes and supplies frozen and fresh chickens to consumers and corporate clients, such as KFC and
McDonald's, across China.[135]

[136]
In September 2014, the firm invested $90 million in a lighting and electrics firm Savant Systems.

In January 2015, KKR confirmed its purchase of British rail ticket website thetrainline.com, previously owned by Exponent. The
purchase sum is unknown.[137]

On October 12, 2015, KKR announced that it has entered into definitive agreement with Allianz Capital Partners to acquire their
.[138]
majority stake in Selecta Group, a European vending services operator

In February 2016, KKR invested $75 million in commercial real estate lender A10 Capital.[139] On September 1, 2016, KKR
announced that it had acquiredEpicor Software Corporation, an American software company.[140]

In October 2016, it was reported that KKR invested $250 million in OVH to be used for further international expansion.[141] This
funding round valued OVH at over $1 billion, making it aunicorn.

In December 2016, theLonza Group announced it would acquireCapsugel for $5.5 billion from Kohlberg Kravis Roberts.[142]

In February 2017 KKR were reported to be trying to take over the international market research company ARI GfK SE.[143] In July
of the same year KKR acquired WebMD Health Corp for $2.8 billion[144] and in August acquired PharMerica for $1.4 billion
including debt,[145] Pepper Group for $518 million,[146] Covenant Surgical Partners,[147] and Envision Healthcare Corporations
ambulance business for $2.4 billion.[148]

On September 18, 2017, Toys "R" Us, Inc. filed for Chapter 11 bankruptcy, stating the move would give it flexibility to deal with
$5 billion in long-term debt, borrow $2 billion so it can pay suppliers for the upcoming holiday season and invest in improving
current operations.[149][150][151]

Notable current and former employees

Over the years, KKR has seen the departure of many of its original partners, the most notable being original co-founder Jerome
Kohlberg. After a leave of absence due to an illness in 1985, Kohlberg returned to find increasing differences in strategy with his
partners Kravis and Roberts.[152] In 1987, Kohlberg left KKR to found a new private equity firm Kohlberg & Company. Kohlberg &
Company returned to the investment style that Kohlberg had originally practiced at Bear Stearns and in KKR's earlier years,
acquiring smaller, middle-market companies.[27][153][154]

Since 1996, general partners of KKR have included Henry Kravis, George R. Roberts, Paul Raether, Robert MacDonnell, Jose
Gandarillas, Michael Michelson, Saul Fox, James Greene, Michael Tokarz, Clifton Robbins, Scott Stuart, Perry Golkin and Edward
Gilhuly.[155] Among those who left were Saul Fox, Ted Ammon, Ned Gilhuly, Mike Tokarz and Scott Stuart who had been
instrumental in establishing KKR's reputation and track record in the 1980s.[156] KKR remains tightly controlled by Kravis and
Roberts. The issue of succession has remained an important consideration for KKR's future as an ongoing institutionalized firm.

Scott C. Nuttall (born 1972), heads KKR's fastest-growing department, the Global Capital and Asset Management
Group, which includes Asset Management, Capital Markets and Client and Partner Group. He joined KKR in
November 1996 after leaving theBlackstone Group. His group, the firm's fastest-growing division, has $25 billion
under management. With the support of co-founder George Roberts, Nuttall has largely spearheaded the campaign
to expand KKR beyond its institutional investors (legacy and otherwise) into credit investment, and alternative
[157][158][159] He has been named Co-
investments, pointing out that there are billions "in revenues up for grabs".
Presidents and Co-Chief Operating Officers with Joseph Bae on July 17, 2017 to be responsible for the day-to-day
operations of the firm. He will concentrate on KKR's corporate and real estate credit, capital markets, hedge fund
and capital raising businesses together with the firm's corporate development, balance sheet and strategic growth
initiatives.[160] New York Times called him and Joseph Bae as potential successors. [161] He graduated from
University of Pennsylvaniawith a Bachelor of Science degree.
Joseph Bae (born circa 1972) joined KKR fromGoldman Sachs in 1996. Most recently, he was the Managing
Partner of KKR Asia and the Global Head of KKR's Infrastructure and Energy Real Asset businesses. .Mr Bae has
been the architect of KKR's Asian expansion since 2005. He has been named Co-Presidents and Co-Chief
Operating Officers with Scott Nuttall on July 17, 2017 to be responsible for the day-to-day operations of the firm. Mr
.
Bae will focus on KKR's global private equity businesses as well as the Firm's real asset platforms across energy ,
.[160] He graduated with a Bachelor of Arts degree from Harvard College.
infrastructure and real estate private equity
Alexander Navab joined KKR fromGoldman Sachs in 1993 and was the former Head of Americas Private
Equity.[162] After spending 24 years at the firm, he stepped down as part of the Nuttall-Bae transition and would
retire.[160] In September 2017, he was elected toColumbia University Board of Trustees.[163] He was born in
Isfahan, Iran, but followed his family and became a refugee in Greece following theIranian Revolution. They
immigrated to the United States two years later . He received a bachelor of arts degree fromColumbia College,
Columbia University, and an MBA degree from Harvard Business School. In 2016, he was honored withEllis Island
Medal of Honor.[164]
Saul A. Fox left KKR in 1997 to foundFox Paine & Company, a middle market private equity firm with over $1.5
billion of capital under management[165][166]
Clifton S. Robbins left KKR to join competitorGeneral Atlantic Partnersin 2000 and later founded Blue Harbour
Group,[167] a private investment firm based inGreenwich, Connecticut.[168]
Edward A. Gilhuly and Scott Stuart left KKR in 2004 to launchSageview Capital. Prior to this, Gilhuly was the
managing partner of KKR's European operations, based in London; Stuart managed KKR's energy and consumer
products industry groups.[168]
Ted Ammon, started several new ventures including Big Flower Press, which printed newspaper circulars, and
Chancery Lane Capital, a boutique private equity firm, before being murdered in his Long Island home October
2001. The lover of his estranged, now deceased wife,Generosa, was later convicted.[168][169][170][171]
Paul Hazen, served as chairman and CEO ofWells Fargo (1995–2001).[172] Hazen later returned to KKR to serve
as chairman of Accel-KKR, a joint venture with Accel Partners and later as chairman of KKR's publicly listed af
filiate,
KFN.
Clive Hollick, Baron Hollick, CEO of United News and Media(1996–2005)
fairs.[173]
Ken Mehlman joined KKR in 2008 as Global Head of Public Af
[174]
David Petraeus, selected to serve as chairman of the newly formed KKR Global Institute (2013—present)
Joseph Grundfest, Professor at Stanford Law School and youngest SEC Commissioner

Works about KKR

Baker, George; Smith, George (1998).The New Financial Capitalists: KKR and the Creation of Corporate alue.
V
New York: Cambridge University Press. ISBN 978-0-521-64260-6.
Anders, George (1992).Merchants of Debt: KKR and the Mortgaging of American Business
. New York: BasicBooks.
ISBN 978-0-465-04522-8.
Bartlett, Sarah (1991).The Money Machine: How KKR Manufactured Power & Profits
. New York: Warner Books.
ISBN 978-0-446-51608-2.
 Burrough, Bryan (1990).Barbarians at the Gate. New York: Harper & Row. ISBN 0-06-016172-8.

See also
Jerome Kohlberg
Henry Kravis
George R. Roberts

Notes
1. KKR locations (http://www.kkr.com/our-firm/locations)(company Web site); retrieved March 8, 2010. Archived (http
s://web.archive.org/web/20090118094022/http://www .kkr.com/company/locations.cfm)January 18, 2009, at the
Wayback Machine.
2. http://files.shareholder.com/downloads/KKR/5188986754x0x927263/F025B0A8-67D2-4C04-84CD-
91150B1DE1F6/KKR_Q4_16_Earnings_Release.pdf
3. "BRIEF-KKR & co LP reports second quarter 2017 results"(https://www.reuters.com/article/brief-kkr-co-lp-reports-se
cond-quarter-2/brief-kkr-co-lp-reports-second-quarter-2017-results-idUSASB0BB24)
. Reuters. July 27, 2017.
4. http://ir.kkr.com/common/download/download.cfm?companyid=KKR&fileid=930140&fileke
y=C070EEBD-B0D9-49A9-
8346-B3E15E803AA6&filename=SEC-KKR-1404912-17-5.pdf
5. "KKR Private Equity" (http://www.kkr.com/businesses/private-equity). kkr.com.
6. "KKR & Co. L.P. - Current Report" (http://ir.kkr.com/kkr_ir/secfiling.cfm?filingid=1404912-17-18&cik=1404912)
.
ir.kkr.com. Retrieved 2017-11-03.
7. "What's An Aging 'Barbarian' To Do?" (https://query.nytimes.com/gst/fullpage.html?res=9804E5D61331F935A1575B
C0A9679C8B63) The New York Times, August 26, 2001.
8. What Does Henry Kravis Want? (https://www.nytimes.com/2008/09/07/business/07kkr.html). The New York Times,
September 6, 2008
9. KKR Investment History(http://www.kkr.com/kpe/investment_history.cfm) (company website); retrieved February 16,
2009. Archived (https://web.archive.org/web/20081218095513/http://www .kkr.com/kpe/investment_history.cfm)
December 18, 2008, at theWayback Machine.
10. "KKR to Relocate Corporate Headquarters to Manhattan's rTansformative New Neighborhood on the West Side |
Business Wire" (http://www.businesswire.com/news/home/20151029005269/en/KKR-Relocate-Corporate-Headquart
ers-Manhattan%E2%80%99s-Transformative-Neighborhood). www.businesswire.com. Retrieved 2015-12-31.
11. "KKR Files for NYSE Listing"(https://web.archive.org/web/20100317011332/http://www
.pehub.com/66024/kkr-files-f
or-nyse-listing), March 17, 2010.
12. "KKR Appoints Joe Bae and Scott Nuttall as Co-Presidents and Co-Chief Operating Of
ficers" (http://media.kkr.com/
media/media_releasedetail.cfm?ReleaseID=1033326) . media.kkr.com.
13. "KKR Team" (http://www.kkr.com/our-firm/team). kkr.com.
14. Kelly, Jason (June 13, 2016)."Henry Kravis Q&A: 'Worry About What You Might Lose on the Downside'" (https://ww
w.bloomberg.com/features/2016-henry-kravis-interview/). Bloomberg Markets.
15. KKR & Co. L.P., Form S-1 (https://www.sec.gov/Archives/edgar/data/1404912/000104746907005446/a2178646zs-1.
htm), Securities And Exchange Commission, July 3, 2007
16. "Several Giant Pension Funds Investing in Of
fer for Nabisco" (https://query.nytimes.com/gst/fullpage.html?res=940D
E3D71F30F932A05753C1A96E948260). The New York Times, October 31, 1988.
17. KKR & Co. L.P., Form 10-Q (http://ir.kkr.com/kkr_ir/secfiling.cfm?filingID=1104659-14-35344&CIK=1404912)
,
Securities And Exchange Commission, March 31, 2014
18. "KKR Financial REIT IPO debuts: Kohlberg Kravis Roberts manages trust"
(http://www.marketwatch.com/news/story/
kkr-financial-ipo-rises-800m/story.aspx?guid=%7Bdaec71ec-08e5-427c-b48e-08591f3550ac%7D) ,
Marketwatch.com, June 24, 2005.
19. KKR arm in talks after fresh repayment delays(https://www.reuters.com/article/companyNews/idUST328076200802
20). Reuters, February 20, 2008.
20. "Kohlberg Affiliate Sells Stake in Unit"(https://query.nytimes.com/gst/fullpage.html?res=9504E4D91F30F932A35757
C0A96E9C8B63), Reuters, April 1, 2008.
21. "Opening Private Equity's Door, at Least a Crack, to Public Investors"(https://www.nytimes.com/2006/05/04/busines
s/worldbusiness/04place.html). The New York Times, May 4, 2006.
22. Timmons, Heather. "Private Equity Goes Public for $5 Billion. Its Investors Ask, ‘What's Next?’"
(https://www.nytimes.
com/2006/11/10/business/10private.html). The New York Times, November 10, 2006
23. Anderson, Jenny. "Where Private Equity Goes, Hedge Funds May Follow"(https://www.nytimes.com/2006/06/23/bus
iness/23insider.html), New York Times, June 23, 2006.
24. KKR Private Equity Investors Reports Results for Quarter Ended March 31, 2008
(http://www.kkrpei.com/pdfs/KKRP
EI-PR_05_07_08.pdf) Archived (https://web.archive.org/web/20090320131106/http://www .kkrpei.com/pdfs/KKRPEI-
PR_05_07_08.pdf) March 20, 2009, at theWayback Machine.. KKR Private Equity Investors Press Release, May 7,
2008; retrieved February 16, 2009.
25. see pdf-document (http://www.afm.nl/registers/fv_documents/4210.pdf), retrieved in January 2015
26. statement on KKR (http://www.kkr.com/_files/pdf/KKR_in_Germany-at_a_glance.pdf)Archived (https://web.archive.o
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27. Kohlberg Kravis Roberts & Co. Company History(http://www.fundinguniverse.com/company-histories/Kohlberg-Kravi
s-Roberts-amp;-Co-Company-History.html). Funding Universe; retrieved February 16, 2009.
28. Burrough, Bryan. Barbarians at the Gate. New York: Harper & Row, 1990; pp. 133-136.
29. Burrough, Bryan. Barbarians at the Gate(New York: Harper & Row, 1990), pp. 136-140.
30. Holland, Max (1989), When the Machine Stopped: A Cautionary T
ale from Industrial America, Boston: Harvard
Business School Press,ISBN 978-0-87584-208-0, OCLC 246343673 (https://www.worldcat.org/oclc/246343673).,
pp. 149–169.
31. Malone & Hyde Accepts Bid(https://query.nytimes.com/gst/fullpage.html?res=9902E3DA133BF931A25755C0A9629
48260) The New York Times, June 12, 1984.
32. Wayne, Leslie. "Wometco Agrees To Buyout" (https://select.nytimes.com/gst/abstract.html?res=F30614FC355C0C71
8EDDA00894DB484D81), The New York Times. September 22, 1983.
33. Dodson, Steve. "Beatrice Deal Is Biggest Buyout Yet" (https://select.nytimes.com/gst/abstract.html?res=F50E17F638
5C0C748DDDA80994DD484D81). The New York Times, November 17, 1985.
34. Sterngold, James. "Drexel's Role in Beatrice Deal Examined"(https://query.nytimes.com/gst/fullpage.html?res=940D
E1DC1038F93BA15757C0A96E948260). The New York Times, April 28, 1988.
35. Fisher, Lawrence M. Safeway Buyout: A Success Story(https://query.nytimes.com/gst/fullpage.html?res=940DE0D8
163BF932A15753C1A96E948260). The New York Times, October 21, 1988.
36. Feder, Barnaby. "Asbestos: The Saga Drags On"(https://query.nytimes.com/gst/fullpage.html?res=950DE5DF133FF
931A35757C0A96F948260). The New York Times, April 2, 1989.
37. "Chapter 11 For Kohlberg, Kravis Unit"(https://query.nytimes.com/gst/fullpage.html?res=950DE0D7143AF93BA1575
1C1A96F948260). The New York Times, December 28, 1989.
38. "The Granddaddy Of All Takeovers" (https://query.nytimes.com/gst/fullpage.html?res=9C0CE6DA1530F932A15752C
0A966958260), The New York Times Book Review, January 21, 1990.
39. "Nabisco Executives Offer $17 Billion for Company" (https://query.nytimes.com/gst/fullpage.html?res=940DE3D8113
AF932A15753C1A96E948260). The New York Times, October 21, 1988.
40. "Shearson Risks, Rewards on RJR Nabisco"(https://query.nytimes.com/gst/fullpage.html?res=940DE6DD143EF931
A15753C1A96E948260). The New York Times, October 22, 1988.
41. "Nabisco Bid Seen by Kohlberg"(https://query.nytimes.com/gst/fullpage.html?res=940DE1DF1738F937A15753C1A
96E948260). The New York Times, October 24, 1988.
42. "Buyout Specialist Bids $20.3 Billion For RJR Nabisco"(https://query.nytimes.com/gst/fullpage.html?res=940DE0DF
123AF936A15753C1A96E948260). The New York Times, October 25, 1988.
43. "RJR Nabisco Bid Gives New Respectability o
T Giant Deals Financed With Huge Debt"(https://query.nytimes.com/g
st/fullpage.html?res=940DE5DB113FF935A15753C1A96E948260) . The New York Times, October 26, 1988.
44. "Concern Over Kohlberg, Kravis Strategy"(https://query.nytimes.com/gst/fullpage.html?res=940DE5DC153CF931A3
5752C1A96E948260). The New York Times, November 2, 1988.
45. "RJR Nabisco Bidders Said to Talk" (https://query.nytimes.com/gst/fullpage.html?res=940DE5DA103FF935A15753C
1A96E948260). The New York Times, October 26, 1988.
46. "The Nabisco Battle's Key Moment"(https://query.nytimes.com/gst/fullpage.html?res=940DE1DB123CF931A35751C
1A96E948260). The New York Times, December 2, 1988.
47. Joint Deal For Nabisco Is Rejected(https://query.nytimes.com/gst/fullpage.html?res=940DE7DA1639F934A15753C1
A96E948260). The New York Times, October 27, 1988.
48. RJR Nabisco Will Give Kohlberg, Kravis Data(https://query.nytimes.com/gst/fullpage.html?res=940DE7DA133CF93
AA15753C1A96E948260). The New York Times, October 27, 1988
49. Forstmann Declines to Bid on RJR Nabisco(https://query.nytimes.com/gst/fullpage.html?res=940DE6D8153EF934A
25752C1A96E948260). The New York Times, November 17, 1988.
50. "Suitors Quarrel Over RJR Nabisco"(https://query.nytimes.com/gst/fullpage.html?res=940DE1D9153BF93BA35752
C1A96E948260). The New York Times, November 8, 1988.
51. RJR Nabisco Discloses Guidelines for Its Buyout(https://query.nytimes.com/gst/fullpage.html?res=940DEEDE103D
F93AA35752C1A96E948260). The New York Times, November 9, 1988.
52. "RJR Nabisco Suitor Claims $24.88 Billion V
ictory" (https://query.nytimes.com/gst/fullpage.html?res=940DE2DB1E3
BF932A35751C1A96E948260). The New York Times, December 1, 1988.
53. "RJR Nabisco Explains Its Choice"(https://query.nytimes.com/gst/fullpage.html?res=940DE6D91039F93BA35751C1
A96E948260). The New York Times, December 8, 1988
54. "Nabisco Executives to Take Huge Gains in Their Buyout" (https://query.nytimes.com/gst/fullpage.html?res=940DE4
DF133CF936A35752C1A96E948260). The New York Times, November 5, 1988.
55. "A Growing Backlash Against Greed"(https://query.nytimes.com/gst/fullpage.html?res=940DEFDD1E3CF930A2575
2C1A96E948260). The New York Times, November 13, 1988
56. "Game of Greed" (http://www.time.com/time/magazine/0,9263,7601881205,00.html), Time Magazine (1988)
57. "Losers Get Some Spoils In Fight for RJR Nabisco"(https://query.nytimes.com/gst/fullpage.html?res=940DE2D6153
CF931A35751C1A96E948260). The New York Times, December 2, 1988
58. "Kohlberg, Kravis to Collect $75 Million RJR Nabisco Fee"(https://query.nytimes.com/gst/fullpage.html?res=950DE3
DF1331F932A35751C0A96F948260). The New York Times, February 1, 1989.
59. "RJR Nabisco, An Epilogue"(https://query.nytimes.com/gst/fullpage.html?res=9806E0D7173EF931A25750C0A96F9
58260). The New York Times, March 12, 1999.
60. "2 Buyout Firms Build New Funds"(https://query.nytimes.com/gst/fullpage.html?res=9C0CE4D8153CF930A15752C
1A966958260). The New York Times, November 23, 1990.
61. "Kohlberg, Kravis Now RJR's Owner"(https://query.nytimes.com/gst/fullpage.html?res=950DE6DE123AF93AA1575
7C0A96F948260). Associated Press, April 29, 1989.
62. "History Of The RJR Nabisco Takeover" (https://query.nytimes.com/gst/fullpage.html?res=940DE2D8103CF931A357
51C1A96E948260). The New York Times, December 2, 1988.
63. "Is RJR Worth $25 Billion?" (https://query.nytimes.com/gst/fullpage.html?res=940DE0D7103CF931A35751C1A96E9
48260) The New York Times, December 2, 1988.
64. "RJR Completes Sale of Del Monte"(https://query.nytimes.com/gst/fullpage.html?res=9C0CE5D61631F932A25752
C0A966958260). The New York Times, January 11, 1990.
65. "Kohlberg, Kravis, Roberts Loan to RJR Renegotiated"(https://query.nytimes.com/gst/fullpage.html?res=9C0CE3D9
163DF934A15755C0A966958260). The New York Times, June 27, 1990.
66. "RJR Move Helps Lift 'Junk Bonds'"(https://query.nytimes.com/gst/fullpage.html?res=9C0CE4DC1139F934A25754C
0A966958260). The New York Times, July 17, 1990.
67. "RJR Offers Cash and Stock for 'Junk Bonds'" (https://query.nytimes.com/gst/fullpage.html?res=9C0CE0D8173CF93
BA25751C1A966958260). The New York Times, December 18, 1990.
68. Agrees to a Takeover (https://query.nytimes.com/gst/fullpage.html?res=9507E2DB143BF930A2575AC0A962958260
Borden). The New York Times, September 13, 1994.
69. "Kohlberg's Impetus in Borden Deal"(https://query.nytimes.com/gst/fullpage.html?res=9505E1DC153BF937A2575A
C0A962958260). The New York Times, September 14, 1994.
70. "Borden Signs Agreement for Sale to Kohlberg"(https://query.nytimes.com/gst/fullpage.html?res=990CE3DA153AF9
37A1575AC0A962958260). The New York Times, September 24, 1994.
71. "Kohlberg, Kravis Says It Has Control of Borden"(https://query.nytimes.com/gst/fullpage.html?res=9C01E4DA1138F
931A15751C1A962958260). The New York Times, December 22, 1994.
72. "Kohlberg, Kravis Plans to Divest Remaining Stake in RJR Nabisco"(https://query.nytimes.com/gst/fullpage.html?res
=990CE0DE1339F935A25750C0A963958260) . The New York Times, March 16, 1995.
73. "Apollo Buys Borden Chemical for $649 million"(https://query.nytimes.com/gst/fullpage.html?res=9C01EFD9143BF9
34A35754C0A9629C8B63). The New York Times, July 7, 2004.
74. "Kohlberg Ends Bid for Macmillan"(https://query.nytimes.com/gst/fullpage.html?res=940DE3D81438F937A35752C1
A96E948260). The New York Times, November 4, 1988.
75. K-III's New Name To Be 'Primedia' (https://query.nytimes.com/gst/fullpage.html?res=9C06E4DA1630F932A35752C1
A961958260). The New York Times, November 1, 1997.
76. "Macmillan Book Club Unit And a Publisher Being Sold"(https://query.nytimes.com/gst/fullpage.html?res=950DE1DB
113AF930A15756C0A96F948260). The New York Times, May 23, 1989.
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External links
Yahoo! – Kohlberg Kravis Roberts & Co. company profile

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