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Product details
File Size: 4452 KB
Print Length: 284 pages
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Publisher: Cambridge University Press (October 13, 1998)
Publication Date: March 21, 2014
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B001C4TTOQ
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Although the text is written in a nearly academic tone which sometimes gets boring it contains the wealth of factual informatiion not available anywhere else. Full of details on deal structuring.
As a Wall Street investment banker, I found this to be an excellent look inside the fascinating world of LBO firms and investment banks. (Note: For an insider's view of the financial world, I would also recommend the "Vault Reports Guide to the Top Investment Banking Firms.")
I thought this book provided valuable information about KKR and the buyout industry. It also provides good definitions of some of the technical terms. Towards the end of the book, specifically the last chapter, there is too much cheerleading.
KKR is a truly unique institution. Are they merchant bankers, acting as fiduciaries in behalf of their clients? Or is it accurate to derisively call KKR takeover specialists, rapacious and always on the lookout for corporate prey? It is indeed difficult to pin a generic label on what KKR is doing--it depends on which side of the political fence you are in--but what we do know is that KKR is the acknowledged leader of the leveraged buyout, a branch of private equity investing which allows investors to profit from sizeable anomalies between a company's potential value and its current value, in part through the introduction of substantial levels of debt in a company's capital structure. As Baker and Smith explains: "By employing high levels of debt...they minimized the cost of buying the equity, which they shared with the target companies' managers. Assuming that the cash flows of the acquired businesses would be more than sufficient to repay the borrowing, [KKR's] success depended on a combination of timely debt reduction and the promotion of longer-term efficiency.""The New Financial Capitalists" is by far one of the best books dealing with KKR and LBO finance in general. Apart from providing an inside track with regard to understanding the raison d'etre behind buyouts and their critical success factors, this book has a wealth of information regarding specific transactions led by KKR, of which the $31 billion buyout of RJR Nabisco is undoubtedly the most well-known. The authors conclude that LBOs and, by extension, the existence of private equity takeover specialists such as KKR, yield long-term benefits to the economy which are far in excess of the intermediate costs such as employee dislocation and onerous debt servicing.KKR sought to break new ground in enhancing shareholder value: it compelled investees to maintain a focused business strategy and to divest or spin off underperforming operations, and it was highly instrumental in making corporate America realize that capital is a scarce resource which must be judiciously employed. As an instrument of financial and managerial reform, KKR helped reconcile the interests of corporate managers and shareholders, by requiring senior executives to have a direct economic stake (i.e., become stockholders) in the companies they manage.The analysis of some of KKR's failures underscores that, by using leverage as its weapon of choice, KKR is in effect a high-wire act. However, the presence of debt in the capital structure is also extolled as a disciplining force for managers who have become used to high free cash flow levels and low debt. Thus, what KKR and other LBO practitioners are in effect saying is that a company's operating and investment decisions are not completely independent of its debt-equity ratio.This book deserves to be read because it is an absorbing study of leveraged takeovers seen through the lens of a pioneering firm.
When in 1976 Jerome Kohlberg, Henry Kravis, and George Roberts left Bear Stears to form KKR, Wall Street realized these three dealermakers might become a major force in the restructuring of American big business then beginning. What could not be predicted was the heights KKR would achieve. It has risen from the ranks of upstarts to become a major player in "The New Establishment." While KKR has been the subject of other books and articles, none could be considered "definitive," as is "The New Financial Capitalists." It is more than a history of a bank, however. Baker and Smith have addressed the problem posed by the separation of ownership and management delineated in 1934 by Adolph Berle and Gardner Means in "The Modern Corporation and Private Property," indicating how the leveraged buyout programs of the 1980s helped resolve it.
A very education and interesting book. You will definitely learn about the LBO market.Don't expect to read anything negative about KKR. Of course, its nowhere near anything as self-gratifying as Eisner or Bloomberg's books.All in all, a good book.
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