Kohlberg Kravis Roberts & Co.

from Wikipedia, the free encyclopedia
KKR & CO. LP

logo
legal form Corporation
ISIN US48251W1045
founding 1976
Seat New York City , New York United States
United StatesUnited States 
management Henry R. Kravis,
George R. Roberts
Branch Private equity
Website www.kkr.com

Historical logo

KKR & Co. Inc. (formerly Kohlberg Kravis Roberts & Co. ), based in New York City, is a large publicly traded investment company . KKR was founded in 1976 by Jerome Kohlberg, Jr. , Henry Kravis and George R. Roberts .

Investment strategy

According to its own statement, KKR usually holds stakes in industrial companies for a period of around six to seven years. During this time, the company is made profitable and the proceeds are used to service the borrowed capital raised for the purchase . After the restructuring has been completed, the investment is withdrawn, for example through an IPO or secondary buyout . KKR first became known to a wide audience in 1988 when KKR took over the conglomerate RJR Nabisco Inc. for 25 billion US dollars, one of the largest corporate takeovers at the time. The company essentially consisted of the tobacco company RJ Reynolds , the food company Nabisco and the Del Monte Foods brand . The entire group was sold in parts between 1989 and 1999.

At the end of 2019, KKR closed its largest fund to date for investments in Europe with a volume of 5.8 billion euros. The company intends to invest more in European, and above all German, companies in the health, financial services and retail sectors.

KKR in Germany

KKR has been investing in Germany for many years by participating in companies or by buying companies and has a number of important German companies in its portfolio .

Current holdings

Arago

In 2014, KKR invested 50 million euros in the AI company Arago .

German Estate Group

In 2015, KKR and Deutsche Immobilien Chances Group founded the German Estate Group (GEG) with a focus on commercial real estate.

German fiber optics

In 2015, KKR acquired a majority stake in Deutsche Glasfaser .

Hensoldt (Airbus Defense Electronics)

In 2017, KKR acquired 74.9 percent of the defense electronics division of the Airbus Group , headquartered in the Munich area. At the same time, the name was changed to Hensoldt . In 2018, KKR also took over the remaining shares from Airbus and has been the sole shareholder ever since.

GfK

In March 2017, the KKR holding company Acceleratio Capital NV took over the German market research institute GfK with 96.7 percent via a squeeze-out . GfK is u. a. responsible for determining the TV ratings .

Tele Munich, Universum Film

Since 2017, the media manager and former television presenter Fred Kogel has been building an integrated media group for KKR from several investments. At its core are the TV company Tele München Gruppe , which was taken over in 2019 , the i & u TV founded by Günther Jauch , Wiedemann & Berg Film and Universum Film .

Heidelpay

In 2019, KKR acquired 60% of the Heidelberg payment service provider Heidelpay , with Heidelpay being valued at 600 million euros.

Axel Springer Verlag

On June 12, 2019, KKR announced a voluntary takeover offer from Axel Springer SE , which valued the company at EUR 6.8 billion. In 2020, KKR bought the majority in Axel Springer Verlag and received approval to take the share off the stock exchange. The Springer Verlag includes the Bild-Zeitung , Bild.de , BamS , Sport Bild , Welt , N24 Doku , Businessinsider and Travelbook.

Wella

In May 2020, Coty sold a 60% stake in Wella and other brands in professional cosmetics and hair products KKR; this is happening in a strategic partnership in which Coty will remain as a minority shareholder in these activities and KKR will also acquire shares in Coty.

Former holdings

Wincor Nixdorf

In 1999, KKR and Goldman Sachs bought the ATM and cash register manufacturer Wincor Nixdorf from the Siemens group. After the initial public offering in 2004, the investors sold their remaining shares in January 2005. The number of employees at Wincor Nixdorf had almost doubled under KKR and Goldman Sachs.

Telenorma

In April 2000, KKR bought the telecommunications division Private Netze from Bosch (formerly Telenorma) for 400 million US dollars. The company employed 9,000 people and was renamed Tenovis in the process. After the break-up, significant downsizing and the sale of the manufacturing facilities, Tenovis was sold to Avaya , an American telecommunications company, for $ 635 million in November 2004 . At that time, Tenovis still employed 5,400 people across Europe and had laid off 40 percent of the employees under KKR.

Demag

The Demag - Holding in which seven of the Siemens AG are summarized acquired industrial companies that formerly the Mannesmann belonged Corporation, was acquired of 2002. By 2008, the Demag Holding restructured and sold all essential parts of the company, including KraussMaffei Technologies (formerly Mannesmann Plastics Machineries) and Demag Cranes.

MTU Aero Engines

In 2003, KKR acquired MTU Aero Engines of DaimlerChrysler and the company brought on 6 June 2005 to the Stock Exchange . On September 19, 2005 it was included in the MDAX . In January 2006, KKR sold all remaining shares.

Dual system Germany

At the end of 2004, KKR submitted a takeover offer for Duales System Deutschland AG (DSD AG), which valued the company at 260 million euros. KKR carried out the takeover in a clever way by raising more than half of this purchase price with 160 million euros through bank loans, which KKR transferred to the acquired company Duales System Deutschland with retroactive effect from January 1, 2005. After an anonymous criminal complaint, the Cologne public prosecutor dealt with the case. The anonymous plaintiff held the report by the auditing company PricewaterhouseCoopers, on which the purchase price was based, to be an incorrect courtesy report. According to analyst opinions quoted in an article in Die Welt, the company should have been worth between 1.3 and 1.6 billion euros at the time of purchase. In November 2010 it was announced that KKR is selling DSD to a group of investors around the British investment company Solidus Partners, who are thus supporting CEO Stefan Schreiter and other company managers in the management buyout.

Auto -teile-Unger ("ATU")

After the canceled IPO of the auto repair shop chain Auto -teile-Unger ("ATU"), KKR took over a stake of around 80 percent from Doughty Hanson & Co for around 1.45 billion euros in the second half of 2004 . In 2013, KKR got out and the investor Centerbridge became the majority owner of the company.

Semiconductor Products Group

Another acquisition by KKR was the Department of Semiconductor Products Group of Agilent (2005 to IPO 2009).

Philips Semiconductors

In summer 2006, KKR bought Philips Semiconductors (now NXP Semiconductors), a former division of Royal Philips Electronics , together with other holding companies ( Silver Lake Partners , Bain Capital , Apax Partners and AlpInvest ) . As a result of this transition, approx. 550 employees and approx. 100 employees from suppliers will be laid off at the company's Böblingen site (ICB). In autumn 2008, NXP announced the closure of additional factories within the company. Affected this time u. a. ME in Hamburg-Lokstedt . 850 employees are to be laid off at this location; two other locations worldwide will also be completely closed. After restructuring, NXP went public in 2010 and in 2014 KKR sold its last shares in the company.

Kion

At the beginning of November 2006, KKR and Goldman Sachs Capital Partners took over the former forklift truck division of Linde AG at a price of around 4 billion euros. Shortly before, the division had been renamed from Linde (after the takeover of BOC) to the Kion Group . In 2012, the Chinese company Weichai took over a quarter of the shares, and in 2013 the company went public. In 2015, KKR and Goldman Sachs Capital Partners sold their last stake.

BMG Rights Management

Since the summer of 2009, KKR had a 51 percent stake in BMG Rights Management GmbH , with Bertelsmann AG holding the remaining shares . In the first quarter of 2013, Bertelsmann bought back all of the shares in BMG held by KKR.

Versatel

In May 2011, KKR submitted a takeover offer for the telecommunications service provider Versatel . The takeover was completed in December 2011 with the squeeze-out . In September 2014 United Internet took over 100 percent of the shares in the now restructured company. In March 2016, the name was changed to 1 & 1 Versatel .

WMF

In 2012, KKR took over the majority in WMF from Capvis . In 2016 the company was taken over by the French SEB Group.

Hertha BSC

In January 2014, KKR acquired a 9.7 percent stake in Hertha BSC GmbH & Co. KgaA of the Bundesliga club Hertha BSC for 61.2 million euros . All shares were repurchased by Hertha BSC in 2018.

Also in 2014, a fund managed by KKR invested in the leasing company for rail vehicles European Locomotive Leasing . The company takes care of the rental and maintenance of electric locomotives. The shares in this were sold at the end of 2019.

Individual evidence

  1. ↑ Big number. Issue 51/1988, page 83. Der Spiegel, accessed on November 30, 2010 .
  2. ↑ When the age of financial jugglers began. Die Welt, November 30, 2008, accessed November 29, 2010 .
  3. ↑ cf. also Burrough, Bryan: The Wall Street Journal and Helyar, John: Barbarians at the Gate: The Fall of RJR Nabisco
  4. ↑ KKR: A lot of play money for KKR and ex-Springer manager Wiele. Retrieved February 10, 2020 .
  5. ↑ KKR plans multi-billion-euro expansion into German property market . In: Reuters . January 13, 2015 (English, reuters.com [accessed January 12, 2018]).
  6. ↑ Fast Internet: Investor KKR wants to expand fiber optic network in Germany . In: Spiegel Online . July 20, 2015 ( spiegel.de [accessed January 12, 2018]).
  7. ↑ Airbus sells defense electronics to US investor KKR. In: spiegel.de. March 19, 2016, accessed May 12, 2020 .
  8. ↑ Dominik Ploner: KKR buys out Airbus from Hensoldt. In: FINANCE magazine. September 28, 2018, accessed May 12, 2020 .
  9. ↑ Acceleratio Capital NV: Amount of cash compensation for squeeze-out at GfK SE communicated . Tagesspiegel (online), June 2, 2017
  10. ↑ DWDL: Kogel and KKR take over Jauch's production company i & u TV , March 29, 2019
  11. ↑ DWDL: Next departure in Kogel's new group of companies , August 8, 2019
  12. ↑ KKR values ​​Heidelpay at 600 million euros. Retrieved August 16, 2019 .
  13. ↑ KKR offers 40% premium to buy out Axel Springer minorities . In: Reuters . June 12, 2019 (English, reuters.com [accessed June 14, 2019]).
  14. ↑ ARD: KKr takes over Wella majority , May 11, 2020
  15. ↑ Successful follow-up placement: KKR and Goldman Sachs sell the remaining shares. In: Wincor Nixdorf AG press releases on wincor-nixdorf.com. January 27, 2005, archived from the original on December 4, 2008 ; Retrieved October 25, 2008 .
  16. ↑ Werner Rügemer: The looters are coming. KKR, Cerberus, Lone Star A new type of investor from the USA discovers Germany's financial oasis. Retrieved May 12, 2020 .
  17. ↑ KKR announces takeover offer for DSD AG. In: finanznachrichten.de. November 30, 2004, accessed June 20, 2019 .
  18. ↑ Buyer KKR retroactively transfers liabilities of 160 million euros. In: spiegelgruppe.de. July 21, 2005, accessed June 20, 2019 .
  19. ↑ Public prosecutor investigates the Green Dot. In: Der Tagesspiegel. June 10, 2007, accessed June 20, 2019 .
  20. ↑ Carsten Dierig: Public prosecutors are targeting the Green Dot. In: welt.de. July 15, 2007, accessed June 20, 2019 .
  21. ^ Deutsche Umwelthilfe eV: "Green point" as a black hole? September 12, 2006, accessed June 20, 2019 .
  22. ↑ Financial investor KKR sells "Green Dot". In: Handelsblatt. November 11, 2010, accessed June 20, 2019 .
  23. ↑ KKR sells Green Dot. In: Manager magazine. November 11, 2010, accessed June 20, 2019 .
  24. ↑ ATU is sold - investor Centerbridge Partners takes over shares . In: tire press . December 5, 2013 ( reifenpresse.de [accessed January 12, 2018]).
  25. ↑ Kirk Lindstrom: Avago's Successful IPO . In: Seeking Alpha . August 7, 2009 (English, seekingalpha.com [accessed January 12, 2018]).
  26. ↑ KKR's NXP Raises $ 476 Million After Cutting IPO Price . In: Bloomberg.com . August 5, 2010 ( bloomberg.com [accessed January 12, 2018]).
  27. ↑ Private Equities Cut Ties to NXP | EE Times. Retrieved January 12, 2018 .
  28. ↑ Europe's largest forklift company: KKR and Goldman get out - manager magazin . In: manager magazin . ( manager-magazin.de [accessed January 12, 2018]).
  29. ↑ Press release from BMG Rights Management GmbH (in English)
  30. ↑ Versatel AG ad hoc announcement of May 19, 2011  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Toter Link / www.versatel.de  
  31. ↑ Versatel AG ad hoc announcement of December 14, 2011  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Toter Link / www.versatel.de  
  32. ↑ Exit: PE investor KKR sells Versatel to United Internet . ( finance-magazin.de [accessed January 12, 2018]).
  33. ↑ Article Wirtschaftswoche
  34. ↑ Cutlery manufacturer: WMF sold to France for almost 1.6 billion . In: Spiegel Online . May 23, 2016 ( spiegel.de [accessed January 12, 2018]).
  35. ↑ Financial investor KKR joins Bundesliga club Hertha BSC. Morgenpost.de, accessed on January 31, 2014 .
  36. ↑ Football investors: Hertha and the "grasshopper". November 14, 2018, accessed January 25, 2019 .
  37. ^ KKR Supports New Locomotive Leasing Company for Europe. Accessed April 28, 2020 (English).
  38. ↑ KKR to exit European Locomotive Leasing | PitchBook. Accessed April 28, 2020 (English).
  39. ↑ Selin Bucak: KKR exits European infrastructure asset in € 1bn deal. Retrieved April 28, 2020 (UK English).

Coordinates: 40 ° 45 ′ 49 ″  N , 73 ° 58 ′ 29 ″  W.