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' … laudatory study of [KKR] by two business-school professors, one an economist by training the other an historian. From its formation in 1976, the firm of Jerome Kohlberg, Henry Kravis and George Roberts grew to control 59 billion dollars of assets in 35 companies in 1989. (At the same time in American, only GM, Ford, Exxon and IBM were bigger.) In getting there, KKR pioneered a new approach to management that was to revolutionise the American economy.' The Economist
'Baker and Smith's work is remarkable well documented, provides a clear explanation of the successes and failures of KKR, and successfully sweats its mythically enormous profits down to size, in proportion to the high risk involved.' Contemporary European History
'Baker and Smith's work is remarkable well documented, provides a clear explanation of the successes and failures of KKR, and successfully sweats its mythically enormous profits down to size, in proportion to the high risk involved.' Contemporary European History
Product Description
Kohlberg Kravis Roberts's approach to leveraged buyouts was an important aspect of the corporate restructuring and governance reforms in the American economy from the mid-1970s through 1990. During that period, KKR crafted a series of progressively more elaborate deals tailored to specific companies and market conditions. Through its creative debt financing and its relationships with an evolving cast of investors, companies, and managers, KKR drove the scale and scope of the buyout phenomenon to unprecedented highs. This book examines KKR's record in detail. Based upon interviews with partners of the firm and on unprecedented access to KKR's records, George Baker and George Smith have written a balanced and enlightening account of how KKR has approached LBOs. This book focuses on KKR's founding, evolution, and innovations as ways to understand issues in modern American business. In examining KKR as a unique form of enterprise - one that subscribes to a set of alternative perspectives on business and value creation - the book bridges the gap between public perception and academic knowledge of the leveraged buyout, a crucial phenomenon of modern economic life.
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IN The Man in the White Suit, Alec Guinness plays a mild mannered industrial scientist who discovers a seemingly indestructible fiber. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
IN The Man in the White Suit, Alec Guinness plays a mild mannered industrial scientist who discovers a seemingly indestructible fiber. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
19 of 20 people found the following review helpful
Format:Hardcover
If you are looking at what I have written, you must be considering buying this book. So I guess it's good for me to tell you what this book really is and where its strength lies. This book isn't a gossipy account of interesting people; it isn't (only) an account of what KKR did. It's certainly not a moral debate of whether Henry Kravis is a 'Barbarian'. My opinion is that this is a book which seriously attempts to tell us what leverage buyout really is; and the mentioning of KKR, its deals, its organizational strucuture etc, merely (in a sense) serve as illustrative examples. In other words, I think despite the fact that the authors have very meticulous account of things about KKR, they have something else in mind: the 'leverage buyout story' instead of 'the KKR story'. This is the main difference between this book and others belonging to the same topic. So if you are serious about learning something about leverage buyouts, read on.
The choice of topics and the quality of exposition of the book is truly unmatched by practically any business books I have ever read. That's the main reason behind the five stars. The analysis throughout, especially the middle chapters, is not yet, but close to academic. But wait, before destroying the online sales of the book by using the word 'academic', I must add that the usual attachment of being boring is absolutely absent. It is so well-written and you'll learn so much from the book that chapter 2 alone (or chp 3 or 4) is worth more than the price.
Finally, to give you more information, this is not a book of pathbreaking insights. But who cares? Every new business book claims itself to be a revolution: the 'everything you previously know about xxx is wrong' kind of slogan. In an age awashed with the chic of being new, Geroge Baker offers the rare gem of simply 'putting things into the right perspective'. You want to know somthing about buyouts? Here you are, crystal clear exposition, abundant historical background, good examples, careful documentation, serious analysis, and, well, maybe a little bit of gossip afterall.
6 of 7 people found the following review helpful
Format:Hardcover
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.
1 of 1 people found the following review helpful
Format:Hardcover
Baker and Smith have accomplished two objectives in their short book. On the surface, they have expertly captured the key elements in the development of KKR as the frontrunner of the LBO firm. However, on a deeper level, they have also captured many of the elements that managers and entrepreneurs should consider when running or starting a firm. In this regard, the Preface and Chapter Five are worth the price of admission. For anyone interested in the evolution and history of modern American finance, read this book.
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Most Recent Customer Reviews
A Good Piece of the Puzzle
I thought this book provided valuable information about KKR and the buyout industry. It also provides good definitions of some of the technical terms. Read more
Published on 21 July 1999
Excellent!
As a Wall Street investment banker, I found this to be an excellent look inside the fascinating world of LBO firms and investment banks. Read more
Published on 4 Mar 1999
The best book on the subject, and much more.
KKR was one of the major players during the LBO movement of the 1980s, and an understanding of that phenomenon is not possible without a knowledge of that company's history. Read more
Published on 13 Dec 1998
A history of a major Wall Street bank and more.
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... Read more
Published on 8 Dec 1998
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