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HomeAll NewsMost read newsBusiness Leaders Biography
Portrait de Henry Kravis
Birthday : 01/06/1944
Place of birth : Tulsa (Oklahoma) - United States
Public asset : 660,885,197 USD
Country of residence : United States
Linked companies : KKR & Co. Inc. - Axel Springer SE

Biography of Henry Kravis 
He had lived before in East of United States, and then moved in California to study at University of Claremont. In 1969 he got a MBA from Columbia University, and then with his cousin, George R Roberts, he joined the investment bank Bear Stearns. Both worked under the command of Jerome Kohlberg Jr. head corporate finance.

Kohlberg is a precursor of “bootstrap” buyout. He looks for a little enterprises and weakly valued or big group’s branch with the same problems, and then he helps the managers’ team to buy the company.

In 1976, after several negations from Bear Sterns to finance some of his projects, he left the Bank with Henry R Kravis and George R Roberts. Together they funded an investment firm; it will become one of the most important in U.S. the “Kohlberg Kravis Roberts & co", alias KKR.

In the followed six years, Henry Kravis made some partnership in order to buy, to reorganize (discharges, reduce costs, etc.) and to sell company’s assets non performing or branch, before to sell the company at price higher than that which it was bought.

Typically, in takeover’s operations KKR used its own funds for 10% of the purchase price and borrowed the rest, especially with “Junk Bonds” issues.

Among the companies, which were bought from KKR, we can find A.J. Industries, Lily-Tulip and Houdaille Industries. Houdaille Industries was the first big company listed in New York, which was bought with a leverage buyout.

In 1984, KKR made his fist LBO bigger than one million dollars. This was the Wometco’s takeover. In the same year KKR bought Amstar for $450 million and in 1986 he resold for $700 million.

In 1987, Jerome Kohlberg left the firm and Henry Kravis succeeded him as senior partner.

In 1988, KKR took control of RJR Nabisco (giant of tobacco and food and 19th among most big groups in US) for $25 billion, about two times the previous world record for the purchase of commercial enterprise. This biggest financial deal is a subject also of several movies, and instantly Henry Kravis and his cousin George Roberts were transformed as stars beyond financial world.

For its founding KKR, has completed buyout for more than $73 billion concerning 45 companies. Among these we can find Texaco, Gillette, Playtex, Samsonite, etc...Henry Kravis is now a member of the board of many companies (American-Re, Duracell, Union Texas Petroleum…)

In recent years, the results of firm were more mitigated. The firm is still controlled by Kravis and Roberts and it opened also an office in London. However, it lost many of his associates, including many who made his reputation in the 80s.

Kravis’s fortune is estimated at $5.5 billion and he is the 107th richest man in US.
Copyright © 4-traders.com
Anecdotes
Kravis is a pro-republican; he was a supporter and fund raiser for John McCain and George W. Bush.

He was a major contributor during the George HW Bush’s election campaign in 1992.
Citations
"As I said there is nothing wrong with failing. Pick yourself up and try it again. You never are going to know how good you really are until you go out and face failure."

"But once you buy a company, you are married. You are married to that company."

"I was an economics major in college, and every summer after school, I would drive my car from California, from Claremont men's college at the time, to New York. And I worked on Wall Street."

"I always like to refer managers in corporate America as the renters of the corporate assets, not the owners."


Current positions of Henry Kravis 
Holdings of Henry Kravis 
Henry Kravis : Personal Network 
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Henry Kravis : Connections 


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