The New Financial Capitalists
The New Financial Capitalists
$64.00
USDKohlberg Kravis Roberts's approach to leveraged buyouts was an important aspect of the corporate restructuring and governance reforms in the American economy from the mid-1970s through 1990. During that period, KKR crafted a series of progressively more elaborate deals tailored to specific companies and market conditions. Through its creative debt financing and its relationships with an evolving cast of investors, companies, and managers, KKR drove the scale and scope of the buyout phenomenon to unprecedented highs. This book, first published in 1999, examines KKR's record in detail. Based upon interviews with partners of the firm and on unprecedented access to KKR's records, George Baker and George Smith have written a balanced and enlightening account of how KKR has approached LBOs. The book focuses on KKR's founding, evolution, and innovations as ways to understand issues in modern American business. In examining KKR as a unique form of enterprise, the book bridges the gap between public perception and academic knowledge of the leveraged buyout.
- KKR is still a very prominent New York firm
- Will meet with strong interest from people in finance and business
- Written for the intelligent lay reader
Reviews & endorsements
"This volume is an excellent addition to the literature on mergers, business history, and corporate strategy." H. Mayo, The College of New Jersey
"...an insider's view of the major deals for which KKR is known, including the $31 billion buyout of RJR Nabisco, much of which had not been written about so thoroughly before." Teresa McUsic, Union-Tribune
"...an insider's view of the major deals for which KKR is known, including the $31 billion buyot of RJR Nabisco, much of which has not been written about so thoroughly before." Teresa McUsic, Herald-Leader
"...an insider's view of the major deals for which KKR is known, including the $31 billion buyout of RJR Nabisco, much of which has not been written about so thoroughly before." Teresa McUsic, Orange County Register
"...The New Financial Capitalists is a cerebral book whose greatest appeal will be to financial intellectuals.... ...the major contribution Baker and Smith make to understanding of the KKR phenomenon is their clear linking of the doings of last decade's LBO deal makers to this decade's astonishing stock market ascent." Michael Silverstein, Bloomberg
"The results are a major insider's view of the major deals for which KKR is known, including the $31 billion buyout of RJR Nabisco, much of which has not been written about so thorughly before." Leader-Telegram
"Baker and Smith take readers through a number of these deals, showing not only their initial financial setup, but also what KKR did to improve their value the years. In this analysis, the writing team obtained unprecedented access to the files and personnel of a very private firm." Teresa McUsic, Post & Courier
"Baker...and Smith...provide a well-documented history of Kohlberg Kravis Roberts (KKR) and its development of the leveraged buyout (LBO). This volume is an excellent addition to the literature on mergers, business history, and corporate strategy." Choice
Product details
October 1998Hardback
9780521642606
272 pages
240 × 162 × 22 mm
0.49kg
Available
Table of Contents
- Introduction
- 1. Context and overview
- 2. Recasting the role of debt: creative leverage and buyout financing
- 3. LBO governance and value creation
- 4. When risk becomes real: managing buyouts in distress
- 5. KKR as an institutional form: structure, function and character
- Conclusion.
