880:", where a corporate raider or other party would acquire a significant stake in the stock of a company and receive an incentive payment (effectively a bribe) from the company in order to avoid pursuing a hostile takeover of the company. Greenmail represented a transfer payment from a company's existing shareholders to a third-party investor and provided no value to existing shareholders but did benefit existing managers. The practice of greenmail is not typically considered a tactic of private equity investors and is not condoned by market participants.
38:
1115:
them to outflank any response by Kravis's team. KKR's final bid of $ 109, while a lower dollar figure, was ultimately accepted by the board of directors of RJR Nabisco. KKR's offer was guaranteed, whereas the management offer (backed by
Shearson Lehman and Salomon) lacked a "reset", meaning that the final share price might have been lower than their stated $ 112 per share. Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Ross Johnson' unprecedented golden parachute deal.
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1005:, Perelman's Pantry Pride made a successful bid for Revlon, valuing the company at $ 2.7 billion. The buyout proved troubling, burdened by a heavy debt load. Under Perelman's control, Revlon sold four divisions: two of them were sold for $ 1 billion, its vision care division was sold for $ 574 million, and its National Health Laboratories division was spun out to the public market in 1988. Revlon also made acquisitions including
240:
845:" moniker is rarely applied to contemporary private equity investors, there is no formal distinction between a "corporate raid" and other private equity investments acquisitions of existing businesses. The label was typically ascribed by constituencies within the acquired company or the media. However, a corporate raid would typically feature a leveraged buyout that would involve a
997:. Using the Pantry Pride subsidiary of his holding company MacAndrews & Forbes Holdings, Perelman's overtures were rebuffed. Repeatedly rejected by the company's board and management, Perelman continued to press forward with a hostile takeover, raising his offer from an initial bid of $ 47.50 per share until it reached $ 53.00 per share. After receiving a higher offer from a
270:, a producer of greeting cards. The purchase price for Gibson was $ 80 million, of which only $ 1 million was rumored to have been contributed by the investors. By mid-1983, just sixteen months after the original deal, Gibson completed a $ 290 million IPO and Simon made approximately $ 66 million. Simon and Wesray would later complete the $ 71.6 million acquisition of
1284:, who represents a synthesis of the worst features of various famous private equity figures, intends to manipulate an ambitious young stockbroker to take over a failing airline. Although Gekko makes a pretense of caring about the airline, he intends to “wreck” the airline, strip its assets, and lay off its employees before raiding the corporate
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in 1991. Perelman exited the bulk of his holdings in Revlon through an IPO in 1996 and subsequent sales of stock. As of
December 31, 2007, Perelman still retains a minority ownership interest in Revlon. The Revlon takeover, because of its well-known brand, was profiled widely by the media and brought
1114:
quickly introduced a tender offer to obtain RJR Nabisco for $ 90 per share—a price that enabled it to proceed without the approval of RJR Nabisco's management. RJR's management team, working with
Shearson Lehman and Salomon Brothers, submitted a bid of $ 112, a figure they felt certain would enable
748:
The growth the industry was hampered by sharply declining returns and certain venture firms began posting losses for the first time. In addition to the increased competition among firms, several other factors impacted returns. The market for initial public offerings cooled in the mid-1980s before
427:
John
Thompson, son of the founder of convenience store operator 7-Eleven, completed a $ 5.2 billion management buyout of the company. The buyout suffered from the 1987 stock market crash and after failing initially raise high yield debt financing, the company was required to offer a portion of the
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drug stores, Walter
Industries, FEB Trucking and Eaton Leonard. Additionally, the RJR Nabisco deal was showing signs of strain, leading to a recapitalization in 1990 that involved the contribution of $ 1.7 billion of new equity from KKR. Additionally, in response to the threat of unwelcome LBOs,
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came to epitomize the "ruthless capitalism" and "greed" popularly seen to be pervading Wall Street at the time. One of the final major buyouts of the 1980s proved to be its most ambitious and marked both a high-water mark and a sign of the beginning of the end of the boom that had begun nearly a
744:
The public successes of the venture capital industry in the 1970s and early 1980s (e.g., DEC, Apple, Genentech) gave rise to a major proliferation of venture capital investment firms. From just a few dozen firms at the start of the decade, there were over 650 firms by the end of the 1980s, each
1119:
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?". KKR's offer was welcomed by the board, and, to some observers, it
1123:
At $ 31.1 billion of transaction value, RJR Nabisco was by far the largest leveraged buyouts in history. 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. However,
310:
completed the first billion-dollar buyout transaction to acquire the leisure-time company with interests in television, movie theaters and tourist attractions. The buyout comprised the acquisition of 100% of the outstanding shares for $ 842 million and the assumption of $ 170 million of the
381:
The drug store chain was taken private in a management buyout transaction. However, within two years the company was unable to support its debt load and filed for bankruptcy protection. Bondholders in the Revco buyout ultimately contended that the buyout was so poorly constructed that the
602:
Because of the high leverage on many of the transactions of the 1980s, failed deals occurred regularly, however the promise of attractive returns on successful investments attracted more capital. With the increased leveraged buyout activity and investor interest, the mid-1980s saw a major
808:
began to transition toward leveraged buyouts and growth capital investments. Many of these venture capital firms attempted to stay close to their areas of expertise in the technology industry by acquiring companies in the industry that had reached certain levels of maturity. In 1989,
1316:'s profession is incidental to the plot, the selection of the corporate raider who intends to destroy the hard work of a family-run business by acquiring the company in a hostile takeover and then sell off the company's parts for a profit (compared in the movie to an illegal
247:
The beginning of the first boom period in private equity would be marked by the well-publicized success of the Gibson
Greetings acquisition in 1982 and would roar ahead through 1983 and 1984 with the soaring stock market driving profitable exits for private equity investors.
362:-based Sterling Jewelers for $ 28 million. Lee reported put in less than $ 3 million and when the company was sold two years later for $ 210 million walked away with over $ 180 million in profits. The combined company was an early predecessor to what is now
1124:
adjusted for inflation, none of the leveraged buyouts of the 2006 – 2007 period would surpass RJR Nabisco. Unfortunately for KKR, size would not equate with success as the high purchase price and debt load would burden the performance of the investment.
927:
in 1985. The result of that takeover was Icahn systematically selling TWA's assets to repay the debt he used to purchase the company, which was described as asset stripping. In later years, many of the corporate raiders would be re-characterized as
1159:. The split would ultimately prove acrimonious as Kohlberg sued Kravis and Roberts for what he alleged were improper business tactics. The case was later settled out of court. Instead, Kohlberg chose to return to his roots, acquiring smaller,
1270:
Although private equity rarely received a thorough treatment in popular culture, several films did feature stereotypical "corporate raiders" prominently. Among the most notable examples of private equity featured in motion pictures included:
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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.
817:
in what would prove to be a disastrous transaction. Whitney's investment in Prime proved to be nearly a total loss with the bulk of the proceeds from the company's liquidation paid to the company's creditors.
277:
Between 1979 and 1989, it was estimated that there were over 2,000 leveraged buyouts valued in excess of $ 250 billion
Notable buyouts of this period (not described elsewhere in this article) include:
745:
searching for the next major "home run". While the number of firms multiplied, the capital managed by these firms increased only 11% from $ 28 billion to $ 31 billion over the course of the decade.
1288:. Gekko would become a symbol in popular culture for unrestrained greed (with the signature line, "Greed, for lack of a better word, is good") that would be attached to the private equity industry.
724:
Additionally, as the market developed, new niches within the private equity industry began to emerge. In 1982, Venture
Capital Fund of America, the first private equity firm focused on acquiring
981:, a distributor of licorice extract and chocolate, that Perelman's father had tried and failed to acquire 10 years earlier. Perelman would ultimately divest the company's core business and use
158:
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completed the first buyout of a public company by tender offer, by acquiring the food distributor and supermarket operator together with the company's chairman Joseph R. Hyde III.
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207:
cycles since the middle of the 20th century. The 1980s saw the first major boom and bust cycle in private equity. The cycle which is typically marked by the 1982 acquisition of
2423:
Fenn, George W., Nellie Liang, and Stephen Prowse. December 1995. The Economics of the Private Equity Market. Staff Study 168, Board of Governors of the Federal Reserve System.
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In later years, Milken and Drexel would shy away from certain of the more "notorious" corporate raiders as Drexel and the private equity industry attempted to move upscale.
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1183:
1572:
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977:. In 1980, Ronald Perelman, the son of a wealthy Philadelphia businessman, and future "corporate raider" having made several small but successful buyouts, acquired
450:) faced a large asbestos lawsuit and incurred liabilities that the courts ruled would need to be satisfied by the parent company. In 1989, the holding company that
1219:
founded in 1989 a successor to Gibbons, Green van Amerongen (founded 1969), a merchant banking firm that completed several early management buyout transactions; and
1500:
1178:
As the market reached its peak in 1988 and 1989, new private equity firms were founded which would emerge as major investors in the years to follow, including:
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2013:
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collapsing after the stock market crash in 1987 and foreign corporations, particularly from Japan and Korea, flooded early stage companies with capital.
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acquired the company for $ 3.3 billion in early 1988 but faced issues with the buyout almost immediately. Most notably, a subsidiary of Jim Walter Corp (
1933:
2335:
2109:
2417:
583:
958:) to give credibility for takeovers, representing the first major blind pool raised for this purpose. Two years later, in 1986, Wickes Companies, a
2495:
1071:. The leveraged buyout was in the amount of $ 25 billion (plus assumed debt), and the battle for control took place in October and November 1988.
800:), among others, began shifting their focus from funding early stage companies toward investments in more mature companies. Even industry founders
1990:
2571:
1432:
1330:
176:
27:
19:
2160:
3057:
2488:
2191:
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1400:
947:, helped raise blind pools of capital with which corporate raiders could make a legitimate attempt to take over a company and provided
2433:
274:. The success of the Gibson Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts.
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would eventually prevail in acquiring RJR Nabisco at $ 109 per share marking a dramatic increase from the original announcement that
586:
and completed a successful initial public offering in the 1990s. The company would be taken private again 17 years later in 2006 by
2097:
Hagedom, Ann (1987-03-09). "Possible Revlon Buyout May Be Sign Of a Bigger Perelman Move in Works". Wall Street Journal. p. 1.
1010:
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reacted negatively to the threat of potential hostile takeover or corporate raid and pursued drastic defensive measures including
2403:
Burrill, G. Steven, and Craig T. Norback. The Arthur Young Guide to Raising Venture Capital. Billings, MT: Liberty House, 1988.
1042:. It was, at that time and for over 17 years, the largest leverage buyout in history. The event was chronicled in the book,
529:
acquired the company and oversaw a major expansion of its titles in the early 1990s before taking the company public on the
400:
completed a friendly $ 5.5 billion buyout of supermarket operator, Safeway, to help management avoid hostile overtures from
243:
Michael Milken, the man credited with creating the market for high yield "junk" bonds and spurring the LBO boom of the 1980s
822:
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would take RJR Nabisco private at $ 75 per share. A fierce series of negotiations and horse-trading ensued which pitted
1076:
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Opler, T. and Titman, S. "The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs."
1345:
1497:
1481:
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Drexel Burnham raised a $ 100 million blind pool in 1984 for Peltz and his holding company Triangle Industries (later
223:
before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s marked by the collapse of
2356:
2332:
2308:
2284:
2260:
2236:
2212:
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1971:
1954:
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1257:, to protect them against hostile takeovers by effectively self-destructing the company if it were to be taken over.
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and other investors for $ 225 million. Two years later, in October 1990, Uniroyal Goodrich Tire Company was sold to
533:
in 1991. The company would later suffer as a result of its massive debt load and ultimately the bondholders, led by
2010:
821:
Although lower profile than their buyout counterparts, new leading venture capital firms were also formed including
752:
In response to the changing conditions, corporations that had sponsored in-house venture investment arms, including
2579:
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1320:). Ultimately, the corporate raider is won over and chooses not to pursue his original plans for the company.
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among other consumer brands. At the time of its closing in 1985, Beatrice was the largest buyout completed.
3017:
2774:
2446:. Dissertation of the University of St. Gallen. Lichtenstein: Guttenberg AG, 2005. Accessed May 22, 2008.
2113:
3083:
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2463:. GE Capital Speaker Discusses New Trends in Asset Class. Speech to GSB 2/13/2002. Accessed May 22, 2008.
1340:
1245:
1215:
552:
486:
125:
113:
93:
77:
476:, which is an asset manager. Blackstone sold its interest in 1994 and today BlackRock is listed on the
2651:
1223:
263:
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2811:
2749:
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1088:
916:
814:
801:
789:
733:
669:
252:
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2964:
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1987:
1410:
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either sold off or closed these venture capital units. Additionally, venture capital units within
1429:
853:, major layoffs or other significant corporate restructuring activities. Management of many large
2944:
2939:
2894:
2429:
Gladstone, David J. Venture Capital Handbook. Rev. ed. Englewood Cliffs, NJ: Prentice Hall, 1988.
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Organizing venture capital: the rise and demise of American Research and Development Corporation
1300:), sets his sights on New England Wire and Cable, a small-town business run by family patriarch
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923:. Icahn developed a reputation as a ruthless corporate raider after his hostile takeover of
582:
The hospital operator was acquired for $ 5.3 billion in a management buyout led by Chairman
2899:
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By the end of the 1980s the excesses of the buyout market were beginning to show, with the
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proliferation of private equity firms. Among the major firms founded in this period were:
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8:
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1380:
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508:
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2393:. European Private Equity and Venture Capital Association (EVCA). Accessed May 22, 2008.
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firm specializing in the purchase of existing private equity interests, founded in 1989;
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firm specializing in the purchase of existing private equity interests, founded in 1989;
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2909:
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1888:
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1508:
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1405:
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781:
338:
267:
208:
133:
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Littman, Jonathan. "The New Face of Venture Capital." Electronic Business, March 1998.
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over differences in strategy. Kohlberg did not favor the larger buyouts (including
2754:
2623:
2534:
2082:
Stevenson, Richard (1985-11-05). "Pantry Pride Control of Revlon Board Seen Near".
1720:
1171:
would continue investing successfully for another seven years before retiring from
1100:
985:
as a holding company investment vehicle for subsequent leveraged buyouts including
900:
865:
846:
761:
753:
676:
665:
637:
469:
255:
212:
85:
69:
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2515:
2363:
2339:
2315:
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2267:
2243:
2219:
2199:
2195:
2017:
1998:
1994:
1937:
1913:
1867:
1844:
1821:
1798:
1774:
1716:
1676:
1623:
1599:
1576:
1552:
1528:
1504:
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1436:
1116:
1056:
970:
959:
948:
854:
850:
830:
526:
271:
228:
200:
189:
876:. Additionally, the threat of the corporate raid would lead to the practice of "
37:
2759:
2674:
2551:
2511:
2343:
2319:
2295:
2271:
2247:
2223:
1975:
1958:
1941:
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1680:
1603:
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1241:
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which would ultimately prove instrumental in acquiring his biggest target: The
936:
908:
842:
810:
805:
692:
317:
196:
181:
101:
53:
1067:
at the time of the leveraged buyout and Henry Kravis was a general partner at
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873:
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211:
and ending just over a decade later was characterized by a dramatic surge in
204:
105:
2979:
2904:
2876:
2821:
2714:
2426:
Gibson, Paul. "The Art of Getting Funded." Electronic Business, March 1999.
1313:
1308:
1301:
1297:
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1281:
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990:
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765:
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736:, the first private equity firm focused on the energy sector, was founded.
632:
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401:
388:
363:
259:
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used for the Jim Walter buyout filed for Chapter 11 bankruptcy protection.
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1144:
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504:
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359:
220:
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THE MEDIA BUSINESS; Marvel Comic Book Unit Being Sold for $ 82.5 Million
2929:
2699:
2384:
Creative capital : Georges Doriot and the birth of venture capital
1304:
who is principally interested in protecting his employees and the town.
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1006:
884:
660:
617:
534:
216:
2133:
1317:
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836:
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along with his son James A. Kohlberg, at the time a KKR executive.
2449:
National Venture Capital Association, 2005, The 2005 NVCA Yearbook.
769:
564:
418:
239:
1296:(1991) – A self-absorbed corporate raider "Larry the Liquidator" (
969:
In 1985, Milken raised $ 750 million for a similar blind pool for
428:
company's stock as an inducement to invest in the company's bonds.
1768:
Market Place; Boom in Comic Books Lifts New Marvel Stock Offering
1143:(1986) and would later likely have included the 1989 takeover of
1018:
new attention to the emerging boom in leveraged buyout activity.
447:
2477:". Centre for Business Research, University Of Cambridge, 2007.
1029:
Leveraged buyouts in the 1980s including Perelman's takeover of
630:, later Chase Capital Partners and JPMorgan Partners, and today
262:
and a group of investors, which would later come to be known as
192:
experienced growth along parallel although interrelated tracks.
2529:
1556:
1030:
994:
974:
955:
1972:
Market Place; Buyout of Prime Computer Limps Toward Completion
1253:
certain companies adopted a number of techniques, such as the
1107:
were actively involved in advising and financing the parties.
680:, one of the largest private equity firms, founded in 1985 by
499:
completed a $ 6.6 billion merger with Federated, owner of the
1838:
Uniroyal Goodrich Tire Co reports earnings for Qtr to Sept 30
1260:
1249:
1024:
372:
1280:(1987) – The notorious "corporate raider" and "greenmailer"
883:
Among the most notable corporate raiders of the 1980s were
869:
785:
1792:
Icahn-Led Bondholders Take Control of Marvel From Perelman
1060:
2454:
Private Equity Funds: Business Structure and Operations.
1734:
Canadian Bidder Beats Macy In Fight for Federated Stores
1091:
Many of the major banking players of the day, including
636:, founded in 1984, as a captive investment group within
1955:
HIGH TECH'S GLAMOUR FADES FOR SOME VENTURE CAPITALISTS
1186:, a middle market private equity firm, founded in 1988;
2510:
2110:"Revlon Reports First Profitable Quarter in Six Years"
1265:
1163:
and in 1987, he would found a new private equity firm
935:
Many of the corporate raiders were onetime clients of
2436:, 1946–1973. Working paper 163. Accessed May 22, 2008
1593:
Bankruptcy Court to Assess Validity of Revco Takeover
813:
was acquired in a $ 1.3 billion leveraged buyout by
2309:
Filing Discloses Dispute Over Sale of Sheller-Globe
2050:
1049:, and later made into a television movie starring
837:Corporate raiders, hostile takeovers and greenmail
2042:
219:. The period culminated in the massive buyout of
3070:
2039:. New York: Simon and Schuster, 1988. p. 117–118
366:, one of Europe's largest jewelry retail chains.
2134:Cotten Timberlake and Shobhana Chandra (2005).
739:
732:was founded and then, two years later in 1984,
704:, a European focused firm, founded in 1986; and
203:asset classes has occurred through a series of
2386:. Boston: Harvard Business School Press, 2008
2090:
1640:COMPANY NEWS; Southland Holders Approve Buyout
1175:in 1994 and turning his firm over to his son.
3089:History of private equity and venture capital
2496:
2205:
2101:
1854:
1808:
1331:History of private equity and venture capital
177:history of private equity and venture capital
152:
20:History of private equity and venture capital
2998:Private equity and venture capital investors
1365:Private equity and venture capital investors
234:
2261:Wall Street; A Scion of the L.B.O. Reflects
1831:
829:(originally Draper Associates) in 1985 and
696:, a European focused firm, founded in 1985;
174:relates to one of the major periods in the
3033:
3013:
2970:Taxation of private equity and hedge funds
2787:Private investment in public equity (PIPE)
2503:
2489:
2470:. December 4, 2006. Accessed May 22, 2008.
2136:"Revlon profit first in more than 6 years"
2107:
2075:
2057:. Beverly Hills, CA: Dove Books. pp.
1901:
1899:
1897:
1570:Revco Drugstore Chain In Bankruptcy Filing
1401:Taxation of Private Equity and Hedge Funds
1261:Contemporary reflections of private equity
1231:
1025:RJR Nabisco and the Barbarians at the Gate
412:. Safeway was taken public again in 1990.
358:'s early successes was the acquisition of
159:
145:
2461:Private Equity: past, present, and future
2081:
1227:, a media-focused firm, founded in 1989.
1981:
238:
2413:New York : Harper & Row, 1990.
2391:Why and how to invest in private equity
2127:
2096:
1894:
1038:closed on a $ 31.1 billion takeover of
184:industry, two distinct sub-industries,
3071:
2400:. New York: Simon and Schuster, 1988.
2161:"MacAndrews & Forbes Holdings Inc"
2138:. Bloomberg Publishing. Archived from
1642:. Associated Press, December 9, 1987.
1110:After Shearson Lehman's original bid,
620:out of the management consulting firm
2484:
966:, raised a $ 1.2 billion blind pool.
438:(later Walter Industries, Inc.), 1987
382:transaction should have been unwound.
2048:
1710:Chapter 11 For Kohlberg, Kravis Unit
823:Institutional Venture Partners (IVP)
2444:Value Creation in Leveraged Buyouts
1498:BEATRICE DEAL IS BIGGEST BUYOUT YET
1396:Private investment in public equity
1266:1980s reflections of private equity
1240:of several large buyouts including
13:
2456:New York: Law Journal Press, 1999.
2418:Merchant Banking: Past and Present
2153:
1522:Drexel's Role on Beatrice Examined
1346:Private equity in the 21st century
794:Continental Illinois National Bank
537:would take control of the company.
14:
3100:
1885:Buyout Set For Chain Of Hospitals
1133:Kohlberg Kravis Roberts & Co.
668:), as well as the predecessor of
3053:
3052:
3043:
3042:
3032:
3023:
3022:
3012:
3003:
3002:
2993:
2992:
2468:The History Of Leveraged Buyouts
1670:Takeovers Revert to the Old Mode
36:
2432:Hsu, D., and Kinney, M (2004).
2349:
2325:
2301:
2277:
2253:
2229:
2182:
2171:from the original on 2009-03-03
2112:. Business Wire. Archived from
2027:
2004:
1964:
1947:
1923:
1907:Venture Capital Loses Its Vigor
1877:
1874:, Published: September 23, 1989
1784:
1760:
1743:
1726:
1703:
1686:
1662:
1645:
1633:
1617:Safeway Buyout: A Success Story
1609:
1386:Private equity secondary market
1336:Early history of private equity
1013:in 1989, later selling them to
574:Hospital Corporation of America
472:began the leveraged buildup of
88:and the venture capital bubble)
2770:Publicly traded private equity
2285:Wall Street's Treacherous Side
1815:Company News; Goodrich Outlook
1585:
1562:
1538:
1514:
1490:
1474:
1459:
1446:
1422:
1155:being pursued increasingly by
1003:Forstmann Little & Company
557:Uniroyal Goodrich Tire Company
544:Uniroyal Goodrich Tire Company
1:
3038:List of venture capital firms
2475:THE ECLIPSE OF PRIVATE EQUITY
2376:
2237:Kohlberg In Dispute Over Firm
1851:, Published: October 14, 1988
1466:Malone & Hyde Accepts Bid
774:Court Square Capital Partners
616:, T. Coleman Andrews III and
3018:List of private equity firms
2775:Business Development Company
2420:. FDIC Banking Review. 2000.
2213:BUYOUT PIONEER QUITTING FRAY
1216:Leonard Green & Partners
1127:Two years earlier, in 1987,
740:Venture capital in the 1980s
329:sponsored the $ 6.1 billion
7:
1988:10 Questions for Carl Icahn
1694:Asbestos: The Saga Drags On
1341:Private equity in the 1990s
1324:
1246:Federated Department Stores
1184:Code Hennessy & Simmons
656:Hicks Muse Tate & Furst
487:Federated Department Stores
311:company's outstanding debt.
251:In January 1982, former US
215:(LBO) activity financed by
172:Private equity in the 1980s
10:
3105:
2862:High-net-worth individuals
2652:Leveraged recapitalization
2357:Nabisco Refinance Plan Set
1931:PROSPECTS; Venture Capital
1828:, Published: June 24, 1988
1653:Southland Buyout Hits Snag
1224:Providence Equity Partners
1089:Forstmann Little & Co.
1034:decade earlier. In 1989,
951:financing of the buyouts.
849:of the company, perceived
815:J.H. Whitney & Company
802:J.H. Whitney & Company
670:Haas, Wheat & Partners
664:(and its European spinoff
264:Wesray Capital Corporation
17:
3079:1980s in economic history
2988:
2885:
2804:
2750:Limited liability company
2728:
2710:Venture capital financing
2665:
2657:Dividend recapitalization
2622:
2613:
2570:
2522:
2333:Gibbons, Green Separation
1248:, the 1986 buyout of the
1047:: The Fall of RJR Nabisco
790:Madison Dearborn Partners
734:First Reserve Corporation
628:Chemical Venture Partners
333:of Beatrice, which owned
253:Secretary of the Treasury
235:Beginning of the LBO boom
28:History of private equity
1482:Wometco Agrees To Buyout
1416:
1411:Mergers and acquisitions
872:levels on the company's
2817:Institutional investors
2011:TWA - Death Of A Legend
1232:LBO bust (1990 to 1992)
1161:middle-market companies
1069:Kohlberg Kravis Roberts
983:MacAndrews & Forbes
979:MacAndrews & Forbes
827:Draper Fisher Jurvetson
531:New York Stock Exchange
478:New York Stock Exchange
195:The development of the
2955:Liquidation preference
2920:Distribution waterfall
2872:Sovereign wealth funds
2459:Sharabura, S. (2002).
2409:Barbarians at the Gate
2049:Hack, Richard (1996).
1428:Taylor, Alexander L. "
1173:Kohlberg & Company
1165:Kohlberg & Company
1085:Shearson Lehman Hutton
1077:Shearson Lehman Hutton
1059:was the President and
1045:Barbarians at the Gate
1001:, private equity firm
945:Drexel Burnham Lambert
833:in 1987 among others.
728:interests in existing
645:Hellman & Friedman
553:Clayton & Dubilier
244:
225:Drexel Burnham Lambert
3028:Venture capital firms
2780:Venture capital trust
1487:, September 22, 1983.
1359:Venture capital firms
1195:, the first European
930:Activist shareholders
686:Stephen A. Schwarzman
419:Southland Corporation
242:
180:. Within the broader
3008:Private equity firms
2736:Private equity firms
2685:Post-money valuation
2562:Equity co-investment
2416:Craig. Valentine V.
2020:by Elaine X. Grant,
1891:, November 22, 1988.
1883:Freudenheim, Milt.
1749:HICKS, JONATHAN P.
1723:, December 28, 1989.
1615:FISHER, LAWRENCE M.
1559:, November 17, 1997.
1546:Tom Lee is on a roll
1511:, November 17, 1985.
1353:Private equity firms
1293:Other People's Money
1129:Jerome Kohlberg, Jr.
1015:Procter & Gamble
905:Harold Clark Simmons
784:(the predecessor of
778:CVC Capital Partners
730:private equity funds
518:Marvel Entertainment
509:Abraham & Straus
3058:Portfolio companies
2975:Undercapitalization
2827:Insurance companies
2745:Limited partnership
2690:Pre-money valuation
2466:Trehan, R. (2006).
2355:Wallace, Anise C. "
2322:, October 13, 1989.
2298:, November 6, 1989.
2211:STERNGOLD, JAMES. "
2108:Gale Group (2005).
2036:The Predators' Ball
2001:, February 15, 2007
1997:by Barbara Kiviat,
1961:, February 6, 1987.
1953:LUECK, THOMAS J. "
1905:POLLACK, ANDREW. "
1757:, November 8, 1988.
1659:, November 11, 1987
1630:, October 21, 1988.
1544:Berman, Phyllis. "
1381:Private equity fund
1376:Private equity firm
964:Sanford C. Sigoloff
913:Sir James Goldsmith
718:David M. Rubenstein
712:founded in 1987 by
612:founded in 1984 by
497:Campeau Corporation
299:Wometco Enterprises
52:(origins of modern
30:and venture capital
3084:History of banking
2910:Capital commitment
2680:Business incubator
2647:Buy–sell agreement
2473:Cheffins, Brian. "
2389:Bance, A. (2004).
2368:The New York Times
2362:2009-02-02 at the
2338:2020-10-27 at the
2314:2020-10-27 at the
2307:Bartlett, Sarah. "
2290:2020-10-27 at the
2283:Bartlett, Sarah. "
2266:2020-10-27 at the
2242:2020-10-27 at the
2235:BARTLETT, SARAH. "
2218:2020-10-27 at the
2194:2013-05-21 at the
2053:When Money Is King
2016:2008-11-21 at the
1993:2013-05-29 at the
1936:2020-10-27 at the
1929:Kurtzman, Joel. "
1920:, October 8, 1989.
1912:2020-10-27 at the
1889:The New York Times
1872:The New York Times
1866:2008-05-27 at the
1849:The New York Times
1843:2008-05-27 at the
1826:The New York Times
1820:2008-05-27 at the
1797:2020-10-27 at the
1773:2020-10-27 at the
1732:BARMASH, ISADORE.
1715:2008-03-23 at the
1675:2020-10-27 at the
1657:The New York Times
1628:The New York Times
1622:2009-02-20 at the
1598:2020-10-27 at the
1575:2020-10-27 at the
1551:2016-03-27 at the
1533:The New York Times
1527:2020-10-27 at the
1520:STERNGOLD, JAMES.
1509:The New York Times
1503:2009-02-21 at the
1454:Journal of Finance
1435:2013-08-22 at the
1406:Investment banking
1312:(1990) – Although
1244:'s 1988 buyout of
1137:Beatrice Companies
975:Revlon Corporation
941:investment banking
782:First Chicago Bank
672:, founded in 1984;
622:Bain & Company
567:for $ 1.5 billion.
511:department stores.
318:Beatrice Companies
245:
134:COVID-19 recession
3066:
3065:
2915:Capital structure
2800:
2799:
2642:Divisional buyout
2637:Management buyout
2632:Financial sponsor
2452:Schell, James M.
2442:Loos, Nicolaus.
2406:Burrough, Bryan.
2259:ANTILLA, SUSAN. "
2250:, August 30, 1989
2022:St Louis Magazine
1978:, August 12, 1992
1944:, March 27, 1988.
1790:Norris, Floyd. "
1692:Feder, Barnaby.
1683:, January 4, 1988
1668:WAYNE, LESLIE . "
1591:Feder, Barnaby.
1535:, April 28, 1988.
1391:Mezzanine capital
1371:Financial sponsor
1204:Landmark Partners
1153:hostile takeovers
987:Technicolor, Inc.
866:golden parachutes
714:Stephen L. Norris
682:Peter G. Peterson
495:Robert Campeau's
373:Revco Drug Stores
347:Sterling Jewelers
331:management buyout
282:Malone & Hyde
186:leveraged buyouts
169:
168:
3096:
3056:
3055:
3046:
3045:
3036:
3035:
3026:
3025:
3016:
3015:
3006:
3005:
2996:
2995:
2857:Commercial banks
2847:Investment banks
2755:Carried interest
2620:
2619:
2523:Investment types
2505:
2498:
2491:
2482:
2481:
2382:Ante, Spencer.
2371:
2370:, July 16, 1990.
2353:
2347:
2329:
2323:
2305:
2299:
2281:
2275:
2274:, April 24, 1994
2257:
2251:
2233:
2227:
2226:, June 19, 1987.
2209:
2203:
2186:
2180:
2179:
2177:
2176:
2165:Funding Universe
2157:
2151:
2150:
2148:
2147:
2131:
2125:
2124:
2122:
2121:
2105:
2099:
2098:
2094:
2088:
2087:
2079:
2073:
2072:
2056:
2046:
2040:
2031:
2025:
2008:
2002:
1985:
1979:
1968:
1962:
1951:
1945:
1927:
1921:
1903:
1892:
1881:
1875:
1858:
1852:
1835:
1829:
1812:
1806:
1805:, June 21, 1997.
1788:
1782:
1781:, July 15, 1991.
1766:Norris, Floyd.
1764:
1758:
1747:
1741:
1740:, April 2, 1988.
1730:
1724:
1721:Associated Press
1707:
1701:
1700:, April 2, 1989.
1690:
1684:
1666:
1660:
1649:
1643:
1637:
1631:
1613:
1607:
1606:, June 13, 1990.
1589:
1583:
1582:, July 29, 1988.
1568:HOLUSHA, JOHN.
1566:
1560:
1542:
1536:
1518:
1512:
1494:
1488:
1480:Wayne, Leslie.
1478:
1472:
1463:
1457:
1450:
1444:
1443:, July 16, 1984.
1426:
1151:transactions or
1101:Salomon Brothers
901:T. Boone Pickens
847:hostile takeover
843:corporate raider
754:General Electric
726:secondary market
677:Blackstone Group
652:Hicks & Haas
648:founded in 1984;
470:Blackstone Group
268:Gibson Greetings
256:William E. Simon
213:leveraged buyout
209:Gibson Greetings
161:
154:
147:
86:leveraged buyout
70:leveraged buyout
40:
24:
23:
3104:
3103:
3099:
3098:
3097:
3095:
3094:
3093:
3069:
3068:
3067:
3062:
3048:Angel investors
2984:
2935:High-yield debt
2888:financial terms
2887:
2881:
2796:
2724:
2705:Startup company
2661:
2615:
2609:
2566:
2518:
2516:venture capital
2509:
2398:Predator's Ball
2396:Bruck, Connie.
2379:
2374:
2364:Wayback Machine
2354:
2350:
2340:Wayback Machine
2330:
2326:
2316:Wayback Machine
2306:
2302:
2292:Wayback Machine
2282:
2278:
2268:Wayback Machine
2258:
2254:
2244:Wayback Machine
2234:
2230:
2220:Wayback Machine
2210:
2206:
2196:Wayback Machine
2187:
2183:
2174:
2172:
2159:
2158:
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2143:
2132:
2128:
2119:
2117:
2106:
2102:
2095:
2091:
2080:
2076:
2069:
2047:
2043:
2033:Bruck, Connie.
2032:
2028:
2018:Wayback Machine
2009:
2005:
1995:Wayback Machine
1986:
1982:
1970:Norris, Floyd "
1969:
1965:
1952:
1948:
1938:Wayback Machine
1928:
1924:
1914:Wayback Machine
1904:
1895:
1882:
1878:
1868:Wayback Machine
1859:
1855:
1845:Wayback Machine
1836:
1832:
1822:Wayback Machine
1813:
1809:
1799:Wayback Machine
1789:
1785:
1775:Wayback Machine
1765:
1761:
1748:
1744:
1731:
1727:
1717:Wayback Machine
1708:
1704:
1691:
1687:
1677:Wayback Machine
1667:
1663:
1651:Frank, Peter H.
1650:
1646:
1638:
1634:
1624:Wayback Machine
1614:
1610:
1600:Wayback Machine
1590:
1586:
1577:Wayback Machine
1567:
1563:
1553:Wayback Machine
1543:
1539:
1529:Wayback Machine
1519:
1515:
1505:Wayback Machine
1496:Dodson, Steve.
1495:
1491:
1479:
1475:
1471:, June 12, 1984
1464:
1460:
1451:
1447:
1437:Wayback Machine
1427:
1423:
1419:
1327:
1268:
1263:
1234:
1169:Jerome Kohlberg
1057:F. Ross Johnson
1027:
971:Ronald Perelman
960:holding company
949:high-yield debt
868:and increasing
855:publicly traded
851:asset stripping
839:
831:Canaan Partners
742:
584:Thomas J. Frist
527:Ronald Perelman
435:Jim Walter Corp
272:Atlas Van Lines
237:
229:high-yield debt
201:venture capital
190:venture capital
165:
29:
22:
12:
11:
5:
3102:
3092:
3091:
3086:
3081:
3064:
3063:
3061:
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3010:
3000:
2989:
2986:
2985:
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2977:
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2912:
2907:
2902:
2897:
2891:
2889:
2883:
2882:
2880:
2879:
2874:
2869:
2867:Family offices
2864:
2859:
2854:
2852:Merchant banks
2849:
2844:
2839:
2834:
2829:
2824:
2819:
2814:
2808:
2806:
2802:
2801:
2798:
2797:
2795:
2794:
2789:
2784:
2783:
2782:
2777:
2767:
2762:
2760:Management fee
2757:
2752:
2747:
2742:
2732:
2730:
2726:
2725:
2723:
2722:
2717:
2712:
2707:
2702:
2697:
2692:
2687:
2682:
2677:
2675:Angel investor
2671:
2669:
2663:
2662:
2660:
2659:
2654:
2649:
2644:
2639:
2634:
2628:
2626:
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2564:
2559:
2554:
2549:
2544:
2539:
2538:
2537:
2526:
2524:
2520:
2519:
2512:Private equity
2508:
2507:
2500:
2493:
2485:
2479:
2478:
2471:
2464:
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2450:
2447:
2440:
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2421:
2414:
2404:
2401:
2394:
2387:
2378:
2375:
2373:
2372:
2348:
2346:, May 5, 1989.
2344:New York Times
2324:
2320:New York Times
2300:
2296:New York Times
2276:
2272:New York Times
2252:
2248:New York Times
2228:
2224:New York Times
2204:
2181:
2152:
2126:
2100:
2089:
2084:New York Times
2074:
2067:
2041:
2026:
2024:, October 2005
2003:
1980:
1976:New York Times
1963:
1959:New York Times
1946:
1942:New York Times
1922:
1918:New York Times
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1876:
1853:
1830:
1807:
1803:New York Times
1783:
1779:New York Times
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1755:New York Times
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1738:New York Times
1725:
1702:
1698:New York Times
1685:
1681:New York Times
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1644:
1632:
1608:
1604:New York Times
1584:
1580:New York Times
1561:
1537:
1513:
1489:
1485:New York Times
1473:
1469:New York Times
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1323:
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1305:
1289:
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1264:
1262:
1259:
1242:Robert Campeau
1233:
1230:
1229:
1228:
1220:
1212:
1200:
1192:Coller Capital
1188:
1131:resigned from
1093:Morgan Stanley
1026:
1023:
937:Michael Milken
917:Saul Steinberg
909:Kirk Kerkorian
897:Robert M. Bass
841:Although the "
838:
835:
811:Prime Computer
806:Warburg Pincus
741:
738:
722:
721:
705:
697:
693:Doughty Hanson
689:
673:
649:
641:
625:
600:
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579:
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501:Bloomingdale's
492:
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236:
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197:private equity
182:private equity
167:
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149:
141:
138:
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129:
128:
122:
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117:
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102:dot-com bubble
97:
96:
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81:
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65:
64:
58:
57:
54:private equity
49:
48:
42:
41:
33:
32:
9:
6:
4:
3:
2:
3101:
3090:
3087:
3085:
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2898:
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2860:
2858:
2855:
2853:
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2848:
2845:
2843:
2840:
2838:
2835:
2833:
2832:Fund of funds
2830:
2828:
2825:
2823:
2822:Pension funds
2820:
2818:
2815:
2813:
2810:
2809:
2807:
2803:
2793:
2790:
2788:
2785:
2781:
2778:
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2773:
2772:
2771:
2768:
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2763:
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2758:
2756:
2753:
2751:
2748:
2746:
2743:
2741:
2737:
2734:
2733:
2731:
2727:
2721:
2720:Venture round
2718:
2716:
2713:
2711:
2708:
2706:
2703:
2701:
2698:
2696:
2693:
2691:
2688:
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2676:
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2630:
2629:
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2612:
2606:
2603:
2601:
2598:
2596:
2593:
2591:
2588:
2586:
2583:
2581:
2580:Early history
2578:
2577:
2575:
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2197:
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2189:Game of Greed
2185:
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2166:
2162:
2156:
2142:on 2006-02-18
2141:
2137:
2130:
2116:on 2017-08-09
2115:
2111:
2104:
2093:
2086:. p. D5.
2085:
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2068:0-7871-1033-7
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2019:
2015:
2012:
2007:
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1999:TIME magazine
1996:
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1117:TIME magazine
1113:
1108:
1106:
1105:Merrill Lynch
1102:
1098:
1097:Goldman Sachs
1094:
1090:
1086:
1082:
1078:
1074:
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921:Asher Edelman
918:
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890:
889:Victor Posner
886:
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874:balance sheet
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795:
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762:Chemical Bank
759:
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597:
596:Merrill Lynch
593:
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566:
562:
561:B.F. Goodrich
558:
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353:
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218:
214:
210:
206:
205:boom and bust
202:
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157:
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143:
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119:
118:
115:
112:
111:
107:
106:credit crunch
103:
99:
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91:
87:
83:
82:
79:
76:
75:
71:
67:
66:
63:
60:
59:
55:
51:
50:
47:
46:Early history
44:
43:
39:
35:
34:
31:
26:
25:
21:
16:
2980:Vintage year
2905:Capital call
2877:Crowdfunding
2812:Corporations
2715:Venture debt
2584:
2453:
2407:
2397:
2383:
2351:
2327:
2303:
2279:
2255:
2231:
2207:
2184:
2173:. Retrieved
2164:
2155:
2144:. Retrieved
2140:the original
2129:
2118:. Retrieved
2114:the original
2103:
2092:
2083:
2077:
2052:
2044:
2034:
2029:
2021:
2006:
1983:
1966:
1949:
1925:
1879:
1856:
1833:
1810:
1786:
1762:
1745:
1728:
1705:
1688:
1664:
1647:
1635:
1611:
1587:
1564:
1540:
1516:
1492:
1476:
1461:
1448:
1430:Buyout Binge
1424:
1314:Richard Gere
1309:Pretty Woman
1307:
1302:Gregory Peck
1298:Danny DeVito
1291:
1286:pension fund
1282:Gordon Gekko
1275:
1269:
1235:
1222:
1214:
1202:
1190:
1182:
1177:
1126:
1122:
1109:
1055:
1051:James Garner
1043:
1028:
1020:
1009:in 1987 and
999:white knight
991:Pantry Pride
968:
953:
934:
893:Nelson Peltz
882:
862:poison pills
858:corporations
840:
820:
766:CCMP Capital
758:Paine Webber
751:
747:
743:
723:
707:
699:
691:
675:
666:Lion Capital
659:
658:, and today
655:
651:
643:
633:CCMP Capital
631:
627:
609:Bain Capital
607:
601:
592:Bain Capital
572:
542:
516:
485:
459:
433:
417:
387:
371:
364:Signet Group
346:
316:
297:
281:
276:
260:Ray Chambers
250:
246:
194:
175:
171:
170:
61:
15:
2842:Foundations
2765:Pledge fund
2557:Secondaries
1824:, REUTERS,
1277:Wall Street
1255:poison pill
1209:secondaries
1207:, an early
1197:secondaries
1145:RJR Nabisco
1139:(1985) and
1065:RJR Nabisco
1040:RJR Nabisco
701:BC Partners
614:Mitt Romney
406:Robert Haft
360:Akron, Ohio
266:, acquired
221:RJR Nabisco
120:(expansion)
3073:Categories
2930:Envy ratio
2837:Endowments
2700:Seed money
2614:Terms and
2377:References
2175:2008-05-16
2146:2007-03-20
2120:2007-02-07
1367:(category)
1361:(category)
1355:(category)
1238:bankruptcy
1147:), highly
1087:and later
1007:Max Factor
885:Carl Icahn
661:HM Capital
618:Eric Kriss
535:Carl Icahn
217:junk bonds
18:See also:
2900:Cap table
2805:Investors
2729:Structure
2547:Mezzanine
2535:Leveraged
1318:chop shop
1149:leveraged
878:greenmail
825:in 1980,
555:acquired
474:BlackRock
461:BlackRock
410:Dart Drug
339:Tropicana
335:Samsonite
126:The 2020s
114:The 2010s
94:The 2000s
78:The 1990s
62:The 1980s
2950:Leverage
2886:Related
2616:concepts
2360:Archived
2336:Archived
2312:Archived
2288:Archived
2264:Archived
2240:Archived
2216:Archived
2192:Archived
2169:Archived
2014:Archived
1991:Archived
1934:Archived
1910:Archived
1864:Archived
1841:Archived
1818:Archived
1795:Archived
1771:Archived
1713:Archived
1673:Archived
1620:Archived
1596:Archived
1573:Archived
1549:Archived
1525:Archived
1501:Archived
1433:Archived
1325:See also
1083:against
939:, whose
770:Citicorp
654:, later
565:Michelin
505:Filene's
231:market.
227:and the
2960:M&A
2667:Venture
2572:History
2542:Venture
2202:, 1988)
1456:, 1993.
1141:Safeway
962:run by
796:(today
772:(today
764:(today
448:Celotex
402:Herbert
389:Safeway
354:One of
104:to the
2925:EBITDA
2624:Buyout
2552:Growth
2530:Buyout
2065:
1861:INSIDE
1557:Forbes
1103:, and
1031:Revlon
1011:Betrix
995:Revlon
956:Triarc
943:firm,
792:) and
577:, 1989
547:, 1988
521:, 1988
490:, 1988
464:, 1988
422:, 1987
392:, 1986
376:, 1986
349:, 1985
321:, 1985
302:, 1984
284:, 1984
2740:funds
2605:2020s
2600:2010s
2595:2000s
2590:1990s
2585:1980s
1417:Notes
1250:Revco
559:from
72:boom)
2792:SPAC
2738:and
2695:SAFE
2514:and
2366:."
2063:ISBN
1957:."
1940:."
1916:."
1801:."
1555:."
993:and
919:and
870:debt
804:and
788:and
786:GTCR
776:and
756:and
716:and
684:and
594:and
507:and
404:and
337:and
199:and
188:and
2965:PME
2945:IRR
2940:IPO
2895:AUM
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1112:KKR
1081:KKR
1073:KKR
1063:of
1061:CEO
1036:KKR
932:".
925:TWA
768:),
588:KKR
452:KKR
444:KKR
408:of
398:KKR
327:KKR
308:KKR
290:KKR
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1896:^
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