KKR & Co. L.P.

Type	Public (Euronext: KKR, NYSE: KKR)[1]
Industry	Private equity
Founded	1976
Founder(s)	Jerome Kohlberg, resigned 1987 Henry Kravis, Senior Partner George R. Roberts, Senior Partner
Headquarters	New York, United States 13 offices in 9 countries[2]
Products	Leveraged buyouts, Growth capital
Total assets	$60 billion
Website	www.kkr.com

KKR & Co. L.P. (formerly known as Kohlberg Kravis Roberts & Co.) (NYSE: KKR) is an American-based global private equity firm, specializing in leveraged buyouts, based in New York. The firm sponsors and manages private equity investment funds. Since its inception, the firm has completed over $400 billion of private equity transactions and was a pioneer in the leveraged buyout industry.^[3][4] In March 2010, KKR filed to list its shares on the New York Stock Exchange (NYSE),^[5] with trading commencing on July 15, 2010.

The firm was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. Roberts, all of whom had previously worked together at Bear Stearns, where they completed some of the earliest leveraged buyout transactions. Since its founding, KKR has completed a number of landmark transactions including the 1989 leveraged buyout of RJR Nabisco, which was the largest buyout in history to that point, as well as the 2007 buyout of TXU, which is currently the largest buyout completed to date.^[6][7] KKR has completed investments in over 160 companies since 1977, completing at least one investment in every year except 1982 and 1990.^[8]

KKR is headquartered in New York City with thirteen additional offices in the US, Europe and Asia.^[2] In October 2009, KKR listed shares in the company, through KKR & Co. an affiliate that holds 30% of the firm's ownership equity, with the remainder held by the firm's partners.

The firm[link]

KKR is operated by its managing partners Henry Kravis and George R. Roberts and a team of approximately 140 investment professionals and 400 total employees, organized into industry focused groups.^[3] KKR is headquartered in the Solow Building at 9 West 57th Street in New York City and has offices in Menlo Park, San Francisco, Houston, Washington, DC, London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai, Seoul and Sydney.^[2]

KKR invests primarily through leveraged buyouts as well as growth capital investments (including "PIPE" investments in public companies). It specializes in private equity investments with a focus on specific industry sectors where the firm has created nine dedicated investment groups. The industries in which KKR has developed a specialization include:^[9]

• Chemicals
• Consumer products
• Energy & natural resources
• Financial services
• Health care
• Industrial
• Media and communications
• Retail
• Technology

The professionals in each of KKR's industry-focused groups are expected to have developed a proficiency in the respective industry.^[9]

Investment funds and other affiliates[link]

Private equity funds[link]

KKR has historically relied primarily on private equity funds, pools of committed capital that are raised from a broad array of institutional investors (e.g., pension funds, insurance companies, investment Banks, commercial Banks, endowments, fund of funds, high net worth individuals, sovereign wealth funds).^[3][10] As of the end of 2008, KKR had completed fund-raising for approximately 14 traditional investment funds in the US, Europe and Asia with total committed capital of approximately US$58 billion:

Source: Preqin,^[11] SEC Filings^[3]

KKR Financial[link]

KKR Financial (NYSE: KFN) is a real estate investment trust (REIT) and specialty finance company that invests in residential and commercial mortgage loans and mortgage-backed securities as well as corporate loans and debt securities, asset-backed securities and equity securities. KFN was founded in 2004 raising $795 million in a private placement and raised $849 million in a June 2005 initial public offering, increasing the size of the offering from an original $600 million target.^[12] KKR had initially considered structuring KFN as a business development company like Apollo Management's Apollo Investment Corporation but chose to pursue the REIT structure to capitalize on the strength in REIT valuations at the time.^[12]

KFN was an early casualty of the subprime mortgage crisis and in September 2007, Henry Kravis and George Roberts injected $270 million into the company. On February 20, 2008, KFN was once again forced to delay the repayment of billions of dollars of commercial paper, and began a new round of talks with creditors.^[13] In April, KFN sold a controlling interest in a real estate subsidiary to an investment firm to raise cash and entered an agreement with the noteholders of certain secured commercial paper issued by two asset-backed entities. Following the transaction, KFN converted from a REIT to a limited liability company.^[14]

KKR Private Equity Investors[link]

KKR Private Equity Investors (Euronext: KPE) is a publicly traded private equity fund that invests as a fund of funds in KKR private equity funds. KPE also co-invests in transactions alongside KKR's private equity funds. KPE was founded in 2006. In May 2006, KKR raised $5 billion in an initial public offering for a KPE to serve as a new permanent investment vehicle listing it on the Euronext exchange in Amsterdam. KKR raised three times more than it expected, as many of the investors in KPE were hedge funds seeking exposure to private equity but could not make long term commitments to private equity funds. Because private equity had been booming in preceding years, investing in a KKR fund was attractive to investors.^[15]

However, KPE's first-day performance was lackluster, trading down 1.7% and trading volume was limited.^[16] Initially, a handful of other private equity firms and hedge funds had planned to follow KKR's lead but shelved those plans when KPE's performance continued to falter after its IPO. KPE's stock declined from an IPO price of €25 per share to €18.16 (a 27% decline) at the end of 2007 and a low of €11.45 (a 54.2% decline) per share in Q1 2008.^[17]

KPE disclosed in May 2008 that it had completed approximately $300 million of secondary sales of selected limited partnership interests in, and undrawn commitments to, certain KKR-managed funds in order to generate liquidity and repay borrowings.^[18]

History[link]

Founding and early history[link]

Running the corporate finance department for Bear Stearns in the 1960s and 1970s, Jerome Kohlberg and later with protégés Henry Kravis and George Roberts completed a series of what they described as "bootstrap" investments beginning in 1964-65. They targeted family-owned businesses, many of which had been founded in the years following World War II which by the 1960s and 1970s were facing succession issues. Many of these companies lacked a viable or attractive exit for their founders as they were too small to be taken public and the founders were reluctant to sell out to competitors and so a sale to a financial buyer could prove attractive.^[4][19]

Henry Kravis speaking at the World Economic Forum in 2009

Their acquisition of Orkin Exterminating Company in 1964 is among the first significant leveraged buyout transactions.^[20] In the following years the three Bear Stearns bankers would complete a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries (1971), and Boren Clay (1973) as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. Although they had a number of highly successful investments, the $27 million investment in Cobblers ended in bankruptcy.^[21]

By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts leading to their departure and the formation of Kohlberg Kravis Roberts & Co. in that year. Most notably, Bear Stearns executive Cy Lewis had rejected repeated proposals to form a dedicated investment fund within Bear Stearns and Lewis took exception to the amount of time spent on outside activities.^[22]

The new KKR completed its first buyout, that of manufacturer A.J. Industries, in 1977. KKR raised capital from a small group of investors including the Hillman Family^[23] and First Chicago Bank. By 1978, with the revision of the ERISA regulations, the nascent KKR was successful in raising its first institutional fund with over $30 million of investor commitments.^[24] In 1981, KKR expanded its investor base significantly when the Oregon State Treasury's public pension fund invested in KKR's acquisition of retailer Fred Meyer, Inc. Oregon remains an active investor in KKR funds more than 25 years later.^[4]

KKR closed out the 1970s completing the public-to-private buyout of Houdaille Industries in 1979,^[25] probably the largest take-private of a public company to that point. As the 1980s began, KKR was among the most prominent practitioner of leveraged buyouts and would prove the most prolific of the private equity investors in the 1980s.^[4] Among the firm's most notable acquisitions during the 1980s buyout boom were the following:

Barbarians at the Gate - KKR's leveraged buyout of RJR Nabisco[link]

After the 1987 resignation of Jerome Kohlberg at age 61 (he later founded his own private equity firm, Kohlberg & Co.), Henry Kravis succeeded him as senior partner. Under Kravis and Roberts, the firm was responsible for the 1988 leveraged buyout of RJR Nabisco. RJR Nabisco proved to be not only the largest buyout in history to that time, at $25 billion ($31.1 billion, including assumed debt) as well as a high water mark and sign of the end of the 1980s buyout boom. The RJR Nabisco, which would remain the largest buyout for the next 17 years, was chronicled in the book, Barbarians at the Gate: The Fall of RJR Nabisco, and later made into a television movie starring James Garner.^[33]

In 1988, F. Ross Johnson was the President and CEO of RJR Nabisco, formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company, a leading producer of food products (Shredded Wheat, Oreo cookies, Ritz crackers, Planters peanuts, Life Savers, Del Monte Fruit and Vegetables, and Snickers Chocolate) as well as Winston, Camel and Salem cigarettes. In October 1988, Johnson proposed a $17 billion ($75 per share) management buyout of the company with the financial backing of investment bank Shearson Lehman Hutton and its parent company, American Express.^[34][35]

Days later, Kravis, who had originally suggested the idea of the buyout to Johnson, presented a new bid for $20.3 billion ($90 per share) financed with an aggressive debt package.^[36][37][38] KKR also had the support of significant equity co-investments from leading pension funds and other institutional investors. Among KKR's investors included, the Coca-Cola, Georgia-Pacific and United Technologies corporate pension funds as well as the Massachusetts Institute of Technology endowment, the Harvard University endowment and the New York State Common Retirement Fund^[10] However, KKR also faced criticism from existing investors over the firm's use of hostile tactics in the buyout of RJR.^[39]

KKR proposed to provide a joint offer with Johnson and Shearson Lehman but was rebuffed and Johnson attempted to stonewall KKR's access to financial information from RJR.^{[40][41][42][43]} Rival private equity firm, Forstmann Little & Co. was invited into the process by Shearson Lehman but attempted to provide a bid for RJR with a consortium of Goldman Sachs Capital Partners, Procter & Gamble, Ralston Purina and Castle & Cooke.^[44] Ultimately the Forstmann consortium came apart and did not provide a final bid for RJR.^[45] Many of the major banking players of the day, including Shearson Lehman Hutton, Drexel Burnham Lambert, Morgan Stanley, Goldman Sachs, Salomon Brothers and Merrill Lynch were actively involved in advising and financing the parties.

Oreo cookies, one of RJR Nabisco's products

In November 1988, RJR set guidelines for a final bid submission at the end of the month.^[46] The management and Shearson group submitted a final bid of $112, a figure they felt certain would enable them to outflank any response by Kravis and KKR. KKR's final bid of $109, while a lower dollar figure, was ultimately accepted by the board of directors of RJR Nabisco.^[47] KKR's offer was guaranteed, whereas the management offer lacked a "reset", meaning that the final share price might have been lower than their stated $112 per share.^[48] Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Ross Johnson' unprecedented golden parachute deal.^[49][50] TIME magazine featured Ross Johnson on the cover of their December 1988 issue along with the headline, "A Game of Greed: This man could pocket $100 million from the largest corporate takeover in history. Has the buyout craze gone too far?".^[51] KKR's offer was welcomed by the board, and, to some observers, it appeared that their elevation of the reset issue as a deal-breaker in KKR's favor was little more than an excuse to reject Ross Johnson's higher payout of $112 per share. F. Ross Johnson received $53 million from the buyout.^[52] KKR collected a $75 million fee in the RJR takeover.^[53]

At $31.1 billion of transaction value (including assumed debt), RJR Nabisco was by far the largest leveraged buyout in history.^[54] In 2006 and 2007, a number of leveraged buyout transactions were completed that for the first time surpassed the RJR Nabisco leveraged buyout in terms of nominal purchase price. The deal was first surpassed in July 2006 by the $33 billion buyout of U.S. hospital operator Hospital Corporation of America, in which KKR also participated, though the RJR deal was larger, adjusted for inflation. However, adjusted for inflation, none of the leveraged buyouts of the 2006–2007 period would surpass RJR Nabisco. The RJR transaction benefited many of the parties involved. Investment bankers and lawyers who advised KKR walked away with over $1 billion in fees, and Henry Kravis and George Roberts attracted unprecedented amount of publicity that turned the cousins into instant celebrities. Unfortunately for KKR, size would not equate with success as the high purchase price and debt load would burden the performance of the investment. KKR was able to overcome the RJR Nabisco investment, raising a new investment fund and continuing to invest throughout the 1990s.^[55]

Early 1990s: The aftermath of RJR Nabisco[link]

KKR's headquarters in the Solow Building at 9 West 57th Street in New York City

The buyout of RJR Nabisco was completed in April 1989 and KKR would spend the early 1990s focused on the task of repaying the RJR's enormous debt load through a series of asset sales and restructuring transactions.^[56][57][58] After the RJR Nabisco deal, KKR did not complete a single investment in 1990, the first year with no new investment activity since 1982. In fact, KKR did not complete another major leveraged buyout transaction for over three years, due largely to the shutdown of the high yield bond market and the collapse of Drexel Burnham Lambert which filed for bankruptcy in February 1990. Instead, KKR focused primarily on its existing portfolio companies acquired in the late 1980s buyout boom. Six of KKR's portfolio companies completed IPOs in 1991, including RJR Nabisco and Duracell.^[4]

As the new decade began, KKR was immediately active in restructuring RJR. In January 1990, KKR completed the sale of RJR's Del Monte fruits and vegetables business to a group led by Merrill Lynch. KKR had originally identified a group of divisions that it could sell to reduce debt.^[59] Over the coming years, RJR would pursue a number of additional restructurings, equity injections and public offerings of stock to provide the company with additional financial flexibility. KKR contributed $1.7 billion of new equity into RJR in July 1990 to complete a restructuring of the company's balance sheet that appeased unhappy bondholders. KKR's equity contribution as part of the original leveraged buyout of RJR had been only $1.5 billion.^[60][61] Later, in December 1990, RJR announced an exchange offer that would swap debt in RJR for a new public stock in the company, effectively an unusual means of taking RJR public again and simultaneously reducing debt on the company.^[62] RJR issued additional stock to the public in March 1991 to further reduce debt, resulting in an upgrade of the credit rating of RJR's debt from junk to investment grade.

KKR would begin to reduce its ownership in RJR, when in 1994, its stock in RJR was used as part of the consideration for its leveraged buyout of Borden, Inc., a producer of food and beverage products, consumer products, and industrial products, in a highly complex and unprecedented transaction.^{[63][64][65][66]} The following year, in 1995, KKR would divest itself of its final stake in RJR Nabisco when Borden sold a $638 million block of stock.^[67]

While KKR no longer had any ownership of RJR Nabisco by 1995, its original investment would not be fully realized until KKR finally exited the last of its investment in 2004. After sixteen years of efforts that included contributing new equity, taking RJR public, asset sales and exchanging shares of RJR for the ownership of Borden, Inc., KKR had finally sold the last remnants of its 1989 investment. In July 2004, KKR agreed to sell its stock in Borden Chemical to Apollo Management for $1.2 billion.^[68]

Early 1990s: Investments[link]

In the early 1990s, the absence of an active high yield market prompted KKR to change its tactics, avoiding large leveraged buyouts in favor of industry consolidations through what were described as leveraged buildups or rollups. One of KKR's largest investments in the 1990s was the leveraged buildup of Primedia in partnership with former executives of Macmillan Publishing, which KKR had failed to acquire in 1988.^[69] KKR created Primedia's predecessor, K-III Communications,^[70] a platform to buy media properties, initially completing the $310 million divisional buyout of the book club division of Macmillan Publishing (publisher of The Weekly Reader) and the assets of magazine publisher Intertec Publishing Corporation in May 1989.^[71][72] Throughout the early 1990s, K-III continued to acquire publishing assets, including a $650 million acquisition from News Corporation in 1991.^[73] K-III went public, however instead of cashing out, KKR continued to make new investments in the company in 1998, 2000 and 2001 to support acquisition activity.^[74] Ultimately, in 2005, Primedia redeemed KKR's preferred stock in the company but KKR was estimated to have lost hundreds of millions of dollars on its common stock holdings as the price of the company's stock collapsed.^[72]

In 1991, KKR partnered with Fleet/Norstar Financial Group in the 1991 acquisition of the Bank of New England, from the US Federal Deposit Insurance Corporation.^[75] In January 1996, KKR would exchange its investment for a 7.5% interest in Fleet Bank.^[76] KKR also completed the 1992 buyout of American Re Corporation from Aetna^[77] as well as a 47% interest in TW Corporation, later known as The Flagstar Companies and owner of Denny's in 1992.^[78] Among the other notable investments KKR completed during the early 1990s included World Color Press (1993–95),^[79] RELTEC Corporation (1995) and Bruno's (1995).^[80]

1996–1999[link]

By the mid 1990s, the debt markets were improving and KKR had moved on from the RJR Nabisco buyout. In 1996, KKR was able to complete the bulk of fundraising for what was then a record $6 billion private equity fund, the KKR 1996 Fund.^[81] However, KKR was still burdened by the performance of the RJR investment and repeated obituaries in the media.^[82] KKR was required by its investors to reduce the fees it charged and to calculate its carried interest based on the total profit of the fund (i.e., offsetting losses from failed deals against the profits from successful deals).^[4]

KKR acquired Regal Cinemas in 1998, only to see the company in bankruptcy by 2000

KKR's activity level would accelerate over the second half of the 1990s making a series of notable investments including Spalding Holdings Corporation and Evenflo(1996),^[83] Newsquest (1996),^[84] KinderCare Learning Centers (1997),^[85] Amphenol Corporation (1997),^[86] Randalls Food Markets (1997),^[87] The Boyds Collection (1998),^[88] MedCath Corporation (1998),^[89] Willis Group Holdings (1998),^[90] Smiths Group (1999) and Wincor Nixdorf (1999).^[91]

KKR's largest investment of the 1990s, would unfortunately also be among its least successful. In January 1998, KKR and Hicks, Muse, Tate & Furst agreed to the $1.5 billion buyout of Regal Cinemas.^[92] KKR and Hicks Muse had initially intended to combine Regal with Act III Cinemas, which KKR had acquired in 1997 for $706 million^[93] and United Artists Theaters, which Hicks Muse had agreed to acquire for $840 million in November 1997. Shortly after agreeing to the Regal takeover, the deal with United Artists fell apart, ultimately impacting the strategy to eliminate costs by building a larger combined company.^[94] Just two years later, Regal encountered significant financial issues and was forced to file for bankruptcy protection and the company would pass to investor Philip Anschutz.^[95]

2000–2005[link]

Shoppers Drug Mart, the Canadian pharmacy was one of several successful buyouts in the early 2000s^[96]

At the start of the 21st century, the landscape of large leveraged buyout firms was changing. Several large and storied firms, including Hicks Muse Tate & Furst and Forstmann Little & Company were dragged down by heavy losses in the bursting of the telecom bubble. Although, KKR's track record since RJR Nabisco was mixed, losses on such investments as Regal Entertainment Group, Spalding, Flagstar and Primedia (previously K-III Communications) were offset by successes in Willis Group, Wise Foods, Inc., Wincor Nixdorf and MTU Aero Engines, among others.^[4]

Additionally, KKR was one of the few firms that was able to complete large leveraged buyout transactions in the years immediately following the collapse of the Internet bubble, including Shoppers Drug Mart and Bell Canada Yellow Pages.^[4][97] KKR was able to realize its investment in Shoppers Drug Mart through a 2002 IPO and subsequent public stock offerings.^[96] The directories business would ultimately be taken public in 2004 as Yellow Pages Income Fund, a Canadian income trust.^[98]

KKR led a consortium in the buyout of Toys "R" Us in 2004

In 2004 a consortium comprising KKR, Bain Capital and real estate development company Vornado Realty Trust announced the $6.6 billion acquisition of Toys "R" Us, the toy retailer. A month earlier, Cerberus Capital Management, made a $5.5 billion offer for both the toy and baby supplies businesses.^[99] The Toys 'R' Us buyout was one of the largest in several years.^[100] Following this transaction, by the end of 2004 and in 2005, major buyouts were once again becoming common and market observers were stunned by the leverage levels and financing terms obtained by financial sponsors in their buyouts.^[101]

The following year, in 2005, KKR was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $11.3 billion. KKR's partners in the acquisition were Silver Lake Partners, Bain Capital, Goldman Sachs Capital Partners, The Blackstone Group, Providence Equity Partners, and Texas Pacific Group. This represented the largest leveraged buyout completed since the takeover of RJR Nabisco in 1988. SunGard was the largest buyout of a technology company until the Blackstone-led buyout of Freescale Semiconductor. The SunGard transaction is also notable in the number of firms involved in the transaction, the largest club deal completed to that point. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive.^[102][103]

Since 2005 and the Buyout Boom[link]

In 2006, KKR raised a new $17.6 billion fund the KKR 2006 Fund, with which the firm began executing a series of some of the largest buyouts in history. KKR's $44 billion takeover of Texas-based power utility, TXU, in 2007, proved to be the largest leveraged buyout of the mid-2000s buyout boom and the largest buyout completed to date.^[104] Among the most notable companies acquired by KKR in 2006 and 2007 were the following:

Other non-buyout investments completed by KKR during this period included Legg Mason, Sun Microsystems, Tarkett and Seven Network. In October 2006, KKR acquired a 50% stake in Tarkett, a France-based distributor of flooring products, in a deal valued at about €1.4 billion ($1.8 billion). On November 20, 2006 KKR announced it would form a AU$4 billion partnership with the Seven Network of Australia.^[119] On January 23, 2007, KKR announced it would invest $700 million through a PIPE investment in Sun Microsystems.^[120] In January 2008, KKR announced that it had made a $1.25 billion PIPE investment in Legg Mason through a convertible preferred stock offering.^[121]

In addition to its successful buyout transactions, KKR was involved in the failed buyout of Harman International Industries (NYSE: HAR), an upscale audio equipment maker. On April 26, 2007, Harman announced it had entered an agreement to be acquired by KKR and Goldman Sachs.^[122] As the financing markets became more adverse in the summer of 2007, the buyout was on tenuous ground. In September 2007, KKR and Goldman backed out of the $8 billion buyout of Harman. By the end of the day, Harman's shares had plummeted by more than 24% on the news.^[123]

Selected Kohlberg Kravis Roberts 2006-2008 Investments

Hospital Corporation of America   NXP Semiconductors   Dollar General   Alliance Boots   TXU   Sun Microsystems   Legg Mason

Initial public offering[link]

In 2007, KKR filed with the Securities and Exchange Commission^[3] to raise $1.25 billion by selling an ownership interest in its management company.^[124] The filing came less than two weeks after the initial public offering of rival private equity firm Blackstone Group. KKR had previously listed its KPE vehicle in 2006, but for the first time, KKR would offer investors an ownership interest in the management company itself. The onset of the credit crunch and the shutdown of the IPO market dampened the prospects of obtaining a valuation that would be attractive to KKR and the flotation was repeatedly postponed, and finally called off by the end of August.^[125]

The following year, in July 2008, KKR announced a new plan to list its shares. The plan called for KKR to complete a reverse takeover of its listed affiliate KKR Private Equity Investors in exchange for a 21% interest in the firm.^[126] In November 2008, KKR announced a delay of this transaction until 2009. Shares of KPE had declined significantly in the second half of 2008 with the onset of the credit crunch. KKR has announced that it expects to close the transaction in 2009.^[127] In October 2009, KKR listed shares in KKR & Co. on the Euronext exchange, replacing KPE and anticipates a listing on the New York Stock Exchange in 2010. The public entity represents a 30% interest in Kohlberg Kravis Roberts.^[128] In October 2010, KKR acquired bout nine members of Goldman Sachs Group proprietary trading team after entertaining offers from investment firms such as Perella Weinberg and Blackrock. With Goldman shutting down its proprietary trading operations, its executives, led by Bob Howard, will help KKR expand beyond leveraged buyouts into areas such as hedge funds.

Notable current and former employees[link]

Over the years, KKR has seen the departure of many of its original partners, the most notable being the most senior of its three co-founders, Jerome Kohlberg. After a leave of absence due to an illness in 1985, Kohlberg returned to find increasing differences in strategy with his partners Kravis and Roberts.^[129] In 1987, Kohlberg left KKR to found a new private equity firm Kohlberg & Company. Kohlberg & Company returned to the investment style that Kohlberg had originally practiced at Bear Stearns and in KKR's earlier years, acquiring smaller, middle-market companies.^{[4][130][131]}

As of 1996, general partners of KKR included Henry Kravis, George R. Roberts, Paul Raether, Robert MacDonnell, Jose Gandarillas, Michael Michelson, Saul Fox, James Greene, Michael Tokarz, Clifton Robbins, Scott Stuart, Perry Golkin and Edward Gilhuly.^[132] Among those who left were Saul Fox, Ted Ammon, Ned Gilhuly, Mike Tokarz and Scott Stuart who were instrumental in establishing KKR's reputation and track record in the 1980s.^[133] KKR remains tightly controlled by Kravis and Roberts. The issue of succession has remained an important consideration for KKR's future as an ongoing institutionalized firm.^[134]

• Saul A. Fox left KKR in 1997 to found Fox Paine & Company, a middle market private equity firm with over $1.5 billion of capital under management^[135][136]
• Clifton S. Robbins left KKR to join competitor General Atlantic Partners in 2000 and later founded Blue Harbour Group,^[137] a private investment firm based in Greenwich, CT.^[138]
• Edward A. (Ned) Gilhuly and Scott Stuart left KKR in 2004 to launch Sageview Capital. Prior to this, Gilhuly was the managing partner of KKR's European operations, based in London and Stuart managed KKR's energy and consumer products industry groups.^[138]
• Ted Ammon, started several new ventures including Big Flower Press, which printed newspaper circulars, and Chancery Lane Capital, a boutique private equity firm, before being murdered in October 2001.^{[138][139][140][141]}
• Paul Hazen, served as chairman and CEO of Wells Fargo (1995–2001).^[142] Hazen would later return to KKR serving as chairman of Accel-KKR, a joint venture with Accel Partners and later as chairman of KKR's publicly listed affiliate, KKR Financial (KFN).
• Clive Hollick, Baron Hollick, CEO of United News and Media (1996–2005)

Works about KKR[link]

See also[link]

• Accel-KKR - a technology-focused private equity firm formed as a joint venture between KKR and venture capital firm Accel Partners
• Jerome Kohlberg
• Henry Kravis
• George R. Roberts

Notes[link]

References[link]

External links[link]

• KKR official website
• Yahoo! - Kohlberg Kravis Roberts & Co. company profile

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Sourav Ganguly

Personal information
Full name	Sourav Chandidas Ganguly
Born	(1972-07-08) 8 July 1972 (age 39) Behala, Calcutta, West Bengal, India
Nickname	The Prince of Calcutta, The Maharaja, Dada, The Warrior Prince
Height	5 ft 11 in (1.80 m)
Batting style	Left-handed
Bowling style	Right arm medium
Role	Batsman
Relations	Snehasish Ganguly (brother), Dona Ganguly (Wife)
International information
National side	India
Test debut (cap 207)	20 June 1996 v England
Last Test	6 November 2008 v Australia
ODI debut (cap 84)	11 January 1992 v West Indies
Last ODI	15 November 2007 v Pakistan
Domestic team information
Years	Team
1990–2010	Bengal
2000	Lancashire
2005	Glamorgan
2006	Northamptonshire
2008–10	Kolkata Knight Riders
2011-present	Pune Warriors India
Career statistics
Competition	Test	ODI	FC	LA
Matches	113	311	254	437
Runs scored	7,212	11,363	15,687	15,622
Batting average	42.17	41.02	44.18	41.32
100s/50s	16/35	22/72	33/89	31/97
Top score	239	183	239	183
Balls bowled	3,117	4,561	11,108	8,199
Wickets	32	100	167	171
Bowling average	52.53	38.49	36.52	38.86
5 wickets in innings	0	2	4	2
10 wickets in match	0	n/a	0	n/a
Best bowling	3/28	5/16	6/46	5/16
Catches/stumpings	71/–	100/–	168/–	131/– column2 = 20-20
Source: CricketInfo, 28 February 2009

Sourav Chandidas Ganguly ( pronunciation (help·info); born 8 July 1972) is a former Indian cricketer, and captain of the Indian national team. Born into an affluent family, Ganguly was introduced into the world of cricket by his elder brother Snehasish. He is regarded as one of India's most successful captains in modern times.^[1] He started his career by playing in state and school teams. Currently, he is the 5th highest run scorer in One Day Internationals (ODIs) and was the 3rd person in history to cross the 10,000 run landmark, after Sachin Tendulkar and Inzamam Ul Haq. Wisden ranked him the sixth greatest one day international batsman of all time, next to Viv Richards, Sachin Tendulkar, Brian Lara, Dean Jones and Michael Bevan.^[2]

After a series of playing in different Indian domestic tournaments such as the Ranji and Duleep trophies, Ganguly got his big-break while playing for India on their tour of England. He scored 131 runs and cemented his place in the Indian team. Ganguly's place in the team was assured after successful performances in series against Sri Lanka, Pakistan and Australia, winning the Man of the Match awards. In the 1999 Cricket World Cup, he was involved in a partnership of 318 runs with Rahul Dravid, which remains the highest overall partnership score in the World Cup tournament history.

Due to the match-fixing scandals in 2000 by other players of the team, and for his poor health, Indian captain Sachin Tendulkar resigned his position, and Ganguly was made the captain of the Indian cricket team. He was soon the subject of media criticism after an unsuccessful stint for county side Durham and for taking off his shirt in the final of the 2002 Natwest Trophy. He led India into the 2003 World Cup final, where they were defeated by Australia. Due to a decrease in individual performance, he was dropped from the team in the following year. Ganguly was awarded the Padma Shri in 2004, one of India's highest civilian awards. He returned to the National team in 2006, and made successful batting displays. Around this time, he became involved in a dispute with Indian team coach Greg Chappell over several misunderstandings. Ganguly was again dropped from the team, however he was selected to play in the 2007 Cricket World Cup.

Ganguly joined the Kolkata Knight Riders team as captain for the Indian Premier League Twenty20 cricket tournament in 2008. The same year, after a home Test series against Australia, he announced his retirement from international cricket. He continued to play for the Bengal team and was appointed the chairman of the Cricket Association of Bengal's Cricket Development Committee. The left-handed Ganguly was a prolific One Day International (ODI) batsman, with over 11,000 ODI runs to his credit. He is one of the most successful Indian Test captains to date, winning 21 out of 49 test matches. An aggressive captain, Ganguly is credited with having nurtured the careers of many young players who played under him, and transforming the Indian team into an aggressive fighting unit.

Biography[link]

1972–89: Early life and introduction to cricket[link]

Sourav Ganguly was born on 8 July 1972 in Calcutta, and is the youngest son of Chandidas and Nirupa Ganguly.^[3][4] Chandidas ran a flourishing print business and was one of the richest men in the city.^[5] Ganguly had a luxurious childhood and was nicknamed the 'Maharaja', meaning the 'Great King'. Since the favourite sport for the people of Calcutta was the game of football, Ganguly was initially attracted to the game. However, academics came in-between his love for sports and Nirupa was not very supportive of Ganguly taking up cricket or any other sport as a career.^[6][7] By then, his elder brother Snehasish was already an established cricketer for the Bengal cricket team. He supported Ganguly's dream to be a cricketer and asked their father to get Ganguly enrolled in a cricket coaching camp during his summer holidays. Ganguly was studying in tenth grade at that time.^[8]

Despite being right-handed, Ganguly learnt to bat left-handed so he could use his brother's sporting equipment.^[6] After he showed some promise as a batsman, he was enrolled in a cricket academy. An indoor multi-gym and concrete wicket was built at their home, so he and Snehasish could practice the game. They used to watch a number of old cricket match videos, especially the games played by David Gower, whom Ganguly admired.^[5] After he scored a century against the Orissa Under–15 side, he was made captain of St Xavier's School's cricket team, where several of his teammates complained against what they perceived to be his arrogance.^[6][9] While touring with a junior team, Ganguly refused his turn as the twelfth man, as he reportedly felt that the duties involved, which included organising equipment and drinks for the players, and delivering messages, were beneath his social status.^[10] Ganguly purportedly refused to do such tasks as he considered it beneath his social status to assist his teammates in such a way.^[11] However, his playmanship gave him a chance to make his first-class cricket debut for Bengal in 1989, the same year that his brother was dropped from the team.^[6][12]

1990–96: Career beginning and debut success[link]

The Lord's Pavillion

Following a prolific Ranji season in 1990–91,^[13] Ganguly scored three runs in his One Day International (ODI) debut for India against the West Indies in 1992.^[3][14] He was dropped immediately since he was perceived to be "arrogant" and his attitude towards the game was openly questioned. It was rumored that Ganguly refused to carry drinks for his teammates, commenting that it was not his job to do so, later denied by him. Consequently, he was removed from the team.^[6][11] He toiled away in domestic cricket, scoring heavily in the 1993–94 and 1994–95 Ranji seasons.^[15][16] Following an innings of 171 in the 1995–96 Duleep Trophy, he was recalled to the National team for a tour of England in 1996, in the middle of intense media scrutiny.^[17] He played in a single ODI,^[18] but was omitted from the team for the first Test. However, after teammate Navjot Singh Sidhu left the touring, citing ill-treatment by then captain Mohammad Azharuddin,^[19][20] Ganguly made his Test debut against England in the Second Test of a three-match series at Lord's Cricket Ground alongside Rahul Dravid.^[21] England had won the First Test of the three-match series; however, Ganguly scored a century, becoming only the third cricketer to achieve such a feat on debut at Lord's, after Harry Graham and John Hampshire. Andrew Strauss and Matt Prior have since accomplished this feat, but Ganguly's 131 still remains the highest by any batsman on his debut at the ground.^[20] India was not required to bat in the second innings due to the match ending in a draw.^[22] In the next Test match at Trent Bridge he made 136, thus becoming only the third batsman to make a century in each of his first two innings (after Lawrence Rowe and Alvin Kallicharran). He shared a 255 run stand with Sachin Tendulkar, which became at that time the highest partnership for India against any country for any wicket outside India. The Test again ended in a draw, handing England a 1–0 series victory; Ganguly scored 48 in the second innings.^[23][24]

1997–99: Marriage, Opening in ODIs and World Cup '99[link]

Ganguly in Sri Lanka in 2008.

Weeks after his successful tour of England, Ganguly eloped with childhood sweetheart Dona Roy. The bride and groom's family were sworn enemies at that point and this news caused an uproar between them. However, both families reconciled and a formal wedding was held in February 1997.^[6][25] Same year, Ganguly scored his maiden ODI century by hitting 113, opposed to Sri Lanka's team total of 238. Later that year, he won four consecutive man of the match awards, in the Sahara Cup with Pakistan; the second of these was won after he took five wickets for 16 runs off 10 overs, his best bowling in an ODI. After a barren run in Test cricket his form returned at the end of the year with three centuries in four Tests all against Sri Lanka two of these involved stands with Sachin Tendulkar of over 250.^[3]

During the final of the Independence Cup at Dhaka in January 1998, India successfully chased down 315 off 48 overs, and Ganguly won the Man of the Match award.^[26] In March 1998 he was part of the Indian team that defeated Australia; in Kolkata, he took three wickets having opened the bowling with his medium pace.^[27]

Ganguly was part of the Indian team that competed in the 1999 Cricket World Cup in England. During the match against Sri Lanka at Taunton, India chose to bat. After Sadagoppan Ramesh was bowled, Ganguly scored 183 from 158 balls, and hit 17 fours and seven sixes. It became the second highest score in World Cup history and the highest by an Indian in the tournament. His partnership of 318 with Rahul Dravid is the highest overall score in a World Cup and is the second highest in all ODI cricket.^[28][29] In 1999–00, India lost Test series to both Australia and South Africa that involved a combined total of five Tests.^[30][31] Ganguly struggled scoring 224 runs at 22.40; however his ODI form was impressive, with five centuries over the season taking him to the top of the PwC One Day Ratings for batsmen.^[32] Around the same time, allegations came that Ganguly was romantically involved with South Indian actress Nagma, something he denied.^[33]

2000–05: Ascension to captaincy and accolades[link]

The shirt that Ganguly took off at the finals of the Natwest Trophy, on display at a store in London.

In 2000, after the match fixing scandal by some of the players of the team,^[34] Ganguly was named the Captain of the Indian cricket team. The decision was spurred due to Tendulkar stepping down from the position for his health, and Ganguly being the vice-captain at that time.^[6] He began well as a captain, leading India to a series win over South Africa in the five-match one day series and led the Indian team to the finals of the 2000 ICC KnockOut Trophy.^[6] He scored two centuries, including one in the final; however, New Zealand still won by four wickets.^[35] The same year, Ganguly tried his hand at county cricket career in England but was not successful.^[36] In "The Wisden Cricketer", reviewers Steve Pittard and John Stern called him as "The imperious Indian—dubbed 'Lord Snooty'". They commented:

"At the crease it was sometimes uncertain whether his partner was a batsman or a batman being dispatched to take his discarded sweater to the pavilion or carry his kit bag. But mutiny was afoot among the lower orders. In one match Ganguly, after reaching his fifty, raised his bat to the home balcony, only to find it deserted. He did not inspire at Glamorgan or Northamptonshire either. At the latter in 2006 he averaged 4.80 from his four first-class appearances."^[37]

His Lancashire teammate Andrew Flintoff thought him to be aloof and compared his attitude to that of Prince Charles.^[9] In Australia's three Test and five match ODI tour of India in early 2001, Ganguly caused controversy by arriving late for the toss on four occasions, something that agitated opposing captain Steve Waugh.^[38] In the Fourth ODI, he caused further controversy by failing to wear his playing attire to the toss, something considered unusual in cricket circles.^[39] However, India won the Test series 2–1, ending Australia's run of 16 consecutive Test match victories in the Second Test.^[40] The match saw India looking set for defeat after conceding a first innings lead of 274. Waugh chose to enforce the follow-on and V. V. S. Laxman (281) and Rahul Dravid (180) batted for the entire fourth day's play to set Australia a target of 384 on a dusty, spinning wicket. The Australians were unable to survive and became only the third team to lose a Test after enforcing the follow-on.^[41][42][43] In November 2001, Ganguly's wife Dona gave birth to their daughter Sana Ganguly.^[6] At the Border-Gavaskar Trophy of 2001, During the final match of the 2002 Natwest Trophy held in Lords after a stunning performance by team mates Yuvraj Singh and Mohammad Kaif, Ganguly took off his shirt in public and brandished it in the air to celebrate India's winning of the match.^[44] He was later strongly condemned for tarnishing the "gentleman's game" image of cricket and disrespecting Lords protocol. Ganguly said that he was only mimicking an act performed by the British all-rounder Andrew Flintoff during a tour of India.^[45] In 2003, India reached the World Cup Final for the first time since 1983, where they lost to the Australians.^[46] Ganguly had a successful tournament personally, scoring 465 runs at an average of 58.12, including three centuries.^[47]

By 2004, he had achieved significant success as captain and was deemed as India's most successful cricket captain by sections of the media. However, his individual performance deteriorated during his captaincy reign, especially after the World Cup, the tour of Australia in 2003 and the Pakistan series in 2004.^[48][49] In 2004, Australia won a Test series in India for the first time since 1969. It was speculated that Ganguly was in disagreement with the head of cricket in Nagpur over the type of pitch to be used for the Third Test. The groundsmen went against Ganguly, leaving a large amount of grass on the pitch. Some experts indicated that the reason for this was for "spite or revenge" against the Indian captain. When Australia's stand-in-captain, Adam Gilchrist, went to the toss, he noticed Rahul Dravid was waiting instead of Ganguly, leaving him to ask Dravid where Ganguly was. Dravid could not give a definitive answer, saying: "Oh, who knows?"^[38][50]

Following indifferent form in 2004 and poor form in 2005, he was dropped from the team in October 2005.^[51] Having been nominated and rejected in 2000, when the game suffered a tarnished reputation due to match fixing scadals,^[34] the captaincy was passed to Dravid, his former deputy. Ganguly decided against retiring and attempted to make a comeback to the team.^[11] Ganguly was awarded the Padma Shri in 2004, one of India's highest awards. He was presented with the award on June 30, 2004, by then President of India, Dr. A. P. J. Abdul Kalam.^[52][53]

2006–07: Comeback and rift with Greg Chappell[link]

Ganguly signing autographs outside his residence.

In September 2005, Greg Chappell became the coach for the India tour of Zimbabwe. Ganguly's dispute with him resulted in many headlines. Chappell had emailed the Board of Control for Cricket in India, stating that Ganguly was "physically and mentally" unfit to lead India and that his "divide and rule" behaviour was damaging the team.^[11] This email was leaked to the media and resulted in huge backlash from Ganguly's fans. Ganguly had enlisted the support from the Indian media and eventually the board had to intervene and order a truce between the pair.^[11] BCCI president Ranbir Singh Mahendra issued a statement that,

"In view of the decision that cricket is to go forward, both the coach and the captain have been asked to work out a mutual and professional working relationship. For this, performance will be the criteria, applicable to captain, coach and players. [...] Of course the captain controls the game, the coach does his own job. Mutual trust is important. Henceforth no player/captain/coach will write or have any interaction with the media. Going to the media will lead to disciplinary action."^[54]

Ganguly, Chappell and the Indian team manager for the Zimbabwe tour, Amitabh Choudhary, were asked to appear before the BCCI committee, where it was reported that assurance of working together was given by them.^[54] Consequently, due to his poor form and differences with the coach, Ganguly was dropped as the captain of the team, with Dravid taking his place.^[55] Chandresh Narayan, chief correspondent for The Times of India, commented that "The row with Greg Chappell just added to the mystery, but he was going through a really bad patch then, his only score [of note] was a hundred against Zimbabwe and that didn't count for much."^[11] Ten months later, during India's tour to South Africa, Ganguly was recalled after his middle order replacements Suresh Raina and Mohammad Kaif suffered poor form.^[56]

Following India's poor batting display in the 2006 ICC Champions Trophy^[57] and the ODI series in South Africa, in which they were whitewashed 4-0,^[58] Ganguly made his comeback to the Test team.^[59] Wasim Jaffer, Zaheer Khan and Anil Kumble had earlier been selected for the one-day squad, despite their recent poor performances.^[60] Many saw this as an indictment of coach Greg Chappell's youth-first policy.^[61] Coming in at 37/4, Ganguly scored 83 in a tour match against the rest of South Africa, modifying his original batting style and taking a middle-stump guard,^[62] resulting in India winning the match.^[63] During his first Test innings since his comeback, against South Africa in Johannesburg his score of 51 helped India to victory, marking the first Test match win for the team in South Africa.^[64][65] Though India lost the series, Ganguly accumulated the most runs on the scoring chart.^[66] After his successful Test comeback he was recalled for the ODI team, as India played host to West Indies^[67] and Sri Lanka^[68] in back to back ODI tournaments. In his first ODI innings in almost two years,^[69] he scored a matchwinning 98.^[70] He performed well in both series, averaging almost 70^[69] and won the Man of the Series Award against Sri Lanka.^[71]

Ganguly was alloted a place in the official team for the 2007 Cricket World Cup.^[72] He was the leading scorer for India in their first round defeat against Bangladesh.^[73] After India were knocked out of the tournament in the group stage, there were reports of a rift between certain members of the Indian team and Chappell. Ganguly was alleged to have ignored instructions from the team management to score quickly.^[74] After Tendulkar issued a statement saying that what hurt the team most was that "the coach has questioned our attitude", Chappell decided not to renew his contract with the Indian team and left his post as coach, citing "family and personal reasons".^[75] On 12 December 2007, Ganguly scored his maiden double century of his career while playing against Pakistan. He scored 239 runs in the first innings of the third and final Test match of the series. He was involved in a 300  run partnership for the fifth wicket with Yuvraj Singh.^[76] Ganguly remained prolific in both Test and ODI cricket in the year 2007. He scored 1106 Test runs at an average of 61.44 (with three centuries and four fifties) in 2007 to become the second highest run-scorer in Test matches of that year after Jacques Kallis.^[77] He was also the fifth highest run-scorer in 2007 in ODIs, where he scored 1240 runs at an average of 44.28.^[78]