Now that The Carlyle Group has finally amended its filings to include how it pays its executives, it’s become easier to compare how much money some of the most high profile executives in the industry make. Sister magazine Buyouts compared Carlyle Group’s figures for 2011 with 2010 figures for executives at Apollo Global Management, The […]Continue
Google has poured $94 million into a portfolio of four solar photovoltaic projects being built by solar developer Recurrent Energy, the company announced on its blog. The deal brings Google’s investment in clean energy to more than $915 million. Google is investing alongside Kohlberg Kravis Roberts & Co. and Recurrent Energy in the projects, which are being built near Sacramento, Calif., and are designed to provide energy to the grid. In a blog post, Google said it will provide a $94 million equity investment, and SunTap Energy, a new venture formed by KKR, will provide the remaining equity.Continue
China Tianrui Group Cement, a company backed by buyout firm Kohlberg Kravis Roberts & Co., has raised $124 million in an initial public offering in Hong Kong, Reuters reported, citing IFR. The company, based in Henan province in eastern China, priced roughly 401 million new shares at HK$2.41 each, putting the deal at HK$966.17 million ($124.12 million), wrote Reuters.Continue
Former Kohlberg & Co. Co-Managing Partner Chris Lacovara is transitioning out of the firm as it seeks to raise $1.5 billion for its next fund, sister publication Buyouts reported. The mid-market buyout fund, started by Kohlberg Kravis & Roberts & Co. co-founder Jerome Kohlberg in 1987, has so far raised $520 million for Kohlberg Investors […]Continue
Private equity group KKR & Co. is about to secure a deal to buy Capital Safety Group, a British manufacturer of safety equipment to protect against falls, for about $1.1 billion, Reuters reported Monday. Capital Safety Group is currently owned by Arle Capital Partners.Continue
China Development Bank Corp. is setting up an overseas investment platform and forming a partnership with private equity firms TPG Capital and Kohlberg Kravis Roberts & Co., Reuters reported over the weekend, citing the official China Daily.Continue
Mick Lopez has joined VC-backed Aricent Group as its new chief financial officer. Previously, he worked at Cisco Systems as vice president of corporate finance and operations. The Aricent Group is based in New Jersey, and backed by Kohlberg Kravis Roberts & Co., Sequoia Capital, The Family Office, Delta Partners, and the Canadian Pension Plan Investment Board.Continue
Kohlberg Kravis Roberts & Co. is buying a 12.5% equity stake in Saba Infraestructuras, a Spanish operator of car parks and logistics parks. KKR joins a consortium of shareholders including Spanish savings bank Criteria CaixaHolding, investment firm Torreal and mid-market buyout shop ProA Capital.Continue
In the last six months, European buyout shop Permira has signed as many acquisitions in the United States—three—as it had in the entire eight years since first opening an office in New York in 2002, Buyouts writes in a profile of the firm published Monday.
The deals mark the culmination of an almost decade-long expansion that began with the New York office and continued with a Menlo Park office, opened in 2008. In between, in 2005, the firm hired Tom Lister, a 13-year veteran of Forstmann Little & Co., to lead the effort. Permira’s premise for its U.S. expansion was to help its European-based companies expand here and, eventually, to start buying U.S.-based companies the firm thought it could expand globally.
“We opened the New York office with definitely a ‘walk before you …Continue
First came word from the Wall Street Journal earlier this month that New York buyout shop Vestar Capital Partners is beating a complete retreat from its European operations.
And then yesterday the Financial Times reported that Fort Worth, Texas-based TPG Capital is rearranging priorities in Europe, placing less emphasis on buyouts and more on non-performing loans and restructuring. (Sources confirmed the main thrust of both stories to me; Vestar Capital, which has had offices in Europe since 1999, has decided to focus laser-like on the United States, its primary market over its last several funds. The withdrawal has been several years in the making.)
You’d think buyout firms have had a hard time generating solid returns on their European investments. But, if so, that’s not always been the case, judging from the results of five European funds in the returns database of sister magazine Buyouts. Managed by The Carlyle Group, Kohlberg, Kravis Roberts & Co., and Hicks, Muse, Tate & Furst, the five, running from vintage years 1998 to 2005, have generated a median investment multiple of 2x and a median internal rate of return of 21.5 percent.
Perhaps tellingly, the worst performer to date is also the youngest–the 2005 KKR European Fund II, which is just slightly in the black according to backer Oregon Public Employees Retirement Fund. Click through below to see more details on the performance of this and the other four U.S.-sponsored European funds in our database.Continue
Reuters reported this weekend that buyout firms including Kohlberg Kravis Roberts & Co. and TPG Capital are mulling the purchase of a minority stake in Yahoo. The firms are reportedly looking to buy stakes of up to 20%. The firms have signed confidentiality agreements with Yahoo.Continue
Germany’s biggest steelmaker ThyssenKrupp invited private equity buyers to a roadshow about a sale of its stainless business, Reuters reported Wednesday. Among the firms invited to participate were Apollo, Blackstone Group and Kohlberg Kravis Roberts & Co., Reuters said.Continue
Kohlberg Kravis Roberts & Co. has apppointed Claire Scobee Farley and David Rockecharlie, founders of RPM Energy, as Managing Directors. PRESS RELEASE Kohlberg Kravis Roberts & Co. (together with its affiliates, “KKR”) today announced that Claire Scobee Farley and David Rockecharlie, founders of RPM Energy LLC (“RPM”), will join the firm as Managing Directors, effective […]Continue
Private equity activity in the energy and power sector has picked up lately, with U.S.-based sponsors closing 39 control-stake deals globally with a disclosed deal value of $5 billion in 2011 as of Sept. 30, according to a Buyouts feature to be published Monday. That puts them on pace to outdo last year’s results, when […]Continue
A consortium led by online shopping mall operator InterPark Corp. has signed a deal to take over Samsung Group procurement arm iMarketKorea Inc. in a deal worth more than 422 billion won ($378.4 million), Reuters reported Friday. On Monday, the InterPark-led consortium beat private equity firms KKR & Co. and MBK Partners when it was picked as preferred bidder for iMarketKorea, set up by Samsung in 2000 to provide goods and maintenance services for business clients, Reuters wrote.Continue
Kohlberg Kravis Roberts & Co. is planning to launch a new pan-Asia fund to raise as much as $6 billion in the first quarter of 2012, Reuters reported. KKR is not as far progressed with its plans as TPG Capital, which set a mid-October launch date for its Asia fund of up to $5 billion, or Bain Capital, which is already raising a new Asia fund of at least $2 billion. KKR’s existing Asia fund is among the largest ever raised by a private equity firm for the region, along with a $4.12 billion fund raised by CVC Capital Partners Asia in 2008, and TPG’s $4.25 billion TPG Capital Partners V fund raised in 2008, data provider Preqin says.Continue
Saying markets are “not friendly,” one of The Carlyle Group’s co-founders said that the firm may actually not go through with its planned initial public offering after all. “We’re in no hurry,” said Daniel D’Aniello, one of Carlyle’s three co-founders, who was speaking Tuesday at the Quebec City Conference in Canada. “We’ve been around for […]Continue
TPG Capital expects to open an office in Houston next month, a source told Buyouts. It’s hardly a geographic leap, considering TPG is based in Fort Worth. But it’s indicative of the firm’s heightened interest in energy and power, among the most popular sectors for PE firms of late. From Oct. 1, 2009 through Sept. […]Continue