KKR in 2004: Looking for the Second Act

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

Case Details:


Case Code : BSTA050 For delivery in electronic format: Rs. 500;
For delivery through courier (within India): Rs. 500 + Rs. 25 for Shipping & Handling Charges


Case Length : 17 Pages
Period : 1976 - 2004
Organization : Kohlberg, Kravis, Roberts & Co (KKR)
Pub Date : 2004
Teaching Note : Not Available
Countries : Global
Industry : Finance


Kohlberg, Kravis, Roberts & Co (KKR), one of the most well-known leveraged buyouts (LBO) firms, is at the crossroads. KKR typically used debt to buy out companies by raising money from institutional investors. While one founder Jerome Kohlberg (Kohlberg) has left the firm many years ago (1987), the other founders Henry Kravis (Kravis) and George Roberts (Roberts) having turned 60 are on the verge of retirement. The LBO business has been facing severe competition from other firms. As the number of attractive deals has decreased, buyout firms are sharing takeover targets. Competition from Thomas H Lee, Warburg Pincus, Carlyle and Blackstone is increasing. The case discusses the changing scenario in the LBO business and the future of KKR.


  Page No.
Introduction 1
KKRs Business Model 1
Background Note 4
Recent Developments 6
At The Crossroads 11
Looking Ahead 14
Exhibits -


KKR (Kohlberg, Kravis, Roverts), KKRs business model, Leveraged buyouts (LBO), LBO business, RJR Nabisco, KKR takeovers, Covanta Energy Group, Motoren and Turbinen Union (MTU), KKR BDC, PanAmSat, CSFB (Credit Suisse First Boston), Henry Kravis, Corporate strategy

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