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Title: The New Financial Capitalists : Kohlberg Kravis Roberts and the Creation of Corporate Value by George P. Baker, George David Smith ISBN: 0-521-64260-4 Publisher: Cambridge University Press Pub. Date: 13 October, 1998 Format: Hardcover Volumes: 1 List Price(USD): $30.00 |
Average Customer Rating: 4.75 (16 reviews)
Rating: 5
Summary: The New Financial Capitalists
Comment: Baker (Harvard Business School) and Smith (New York Univ.) provide a well-documented history of Kohlberg Kravis Roberts (KKR) and its development of the leveraged buyout (LBO). During the period 1976-93, KKR acquired more than 50 firms with an equity investment of only $10.9 billion. As of 1998, these equity investments were worth $40 billion (an annual return exceeding 28 percent). The authors examine KKR's strategy of identifying undervalued, poorly managed firms with potential to increase cash flow. Each LBO was financed with 80 to 90 percent debt, and equity was provided by a partnership organized by KKR. The LBO managers were required to have a large proportion of their net worth in the equity. After the acquisition, KKR's strategy was to cut costs and increase productivity, quickly pay down the debt, and sell the firm to unlock the equity investment. The large debt service inflicted discipline while management's investment created incentives. By linking managerial and ownership interests, Baker and Smith argue that KKR improved corporate governance and contributed to increases in corporate profits and productivity. This volume is an excellent addition to the literature on mergers, business history, and corporate strategy. Upper-division undergraduate through professional collections as well as large public libraries.
Rating: 4
Summary: A Good Read!
Comment: This revealing book covers a highly charged and controversial period of American investment history. George P. Baker and George David Smith study the emergence of the investment house Kohlberg, Kravis, Roberts (KKR), and follow it during the decade KKR ruled the world of leveraged buyouts. The authors begin with the early days when the partners worked together at Bear Stearns. They track the men as they build their own firm and create their own success. In clear, straightforward language, the book presents KKR's intentions and the economics of leveraged buyouts (LBOs). It discusses KKR's role in structuring and managing the deals. We [...] recommend this book as a must read for anyone interested in LBOs or the history of KKR. Executives at all levels will find the KKR saga interesting and useful.
Rating: 5
Summary: any interest in lbos, this is your guide
Comment: KKR was the first name I heard while researching the Private Equity marketplace for a college paper. It also became the name heard mostly afterwards and rightfully so. Jerome Kohlberg, Henry Kravis and George Roberts are obviously extremely smart and confident guys, fortunately the book exhibits moments of vulnerability; which is helpful for any financial entrepreneur. The only shortfall is that the book isn't longer. I was excited while reading some of the chapters, keep in mind that this is a finance book not the Lord of the Rings. This book is terrific. Enjoy
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Title: Buyout : The Insider's Guide to Buying Your Own Company by Rick Rickertsen, Robert E. Gunther, Michael Lewis ISBN: 0814406262 Publisher: AMACOM Pub. Date: 15 March, 2001 List Price(USD): $32.95 |
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Title: The Vulture Investors, Revised and Updated by Hilary Rosenberg ISBN: 0471361895 Publisher: John Wiley & Sons Pub. Date: 21 January, 2000 List Price(USD): $39.95 |
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Title: Merchants of Debt: Kkr and the Mortgaging of American Business by George Anders ISBN: 1587981254 Publisher: Beard Group Pub. Date: September, 2002 List Price(USD): $34.95 |
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Title: Term Sheets & Valuations - A Line by Line Look at the Intricacies of Venture Capital Term Sheets & Valuations by Alex Wilmerding, Aspatore Books Staff, Aspatore.com ISBN: 1587620685 Publisher: Aspatore Books Pub. Date: 01 January, 2002 List Price(USD): $14.95 |
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Title: Big Deal : Mergers and Acquisitions in the Digital Age by Bruce Wasserstein ISBN: 0446675210 Publisher: Warner Business Pub. Date: 01 September, 2001 List Price(USD): $18.95 |
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