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Beginnings Henry Kravis attended a prep school in Connecticut as a child and headed off to Claremont McKenna in California. Reportedly, Henry spent his freshman year without much focus. However, by his senior year, Henry Kravis managed to turn things around and earned a spot at Columbia Business School. He later ended up at Bear Stearns with thanks going to an intervening cousin, George Roberts, who worked at the firm. Jerome Kohlberg became a mentor to both men and taught them about leveraged buyouts (LBO), or bootstrap acquisition. Later all three men joined forces to found Kohlberg, Kravis, Roberts & Co., an early pioneer in the LBO business. One of the most notable contributions by Henry Kravis for KKR was a $31 billion hostile takeover of RJR Nabisco. This feat was later chronicled by John Helyar and Bryan Burrough in Barbarians At The Gate. This accomplishment transformed Henry Kravis into one of the most prominent financiers of his time. Nearly thirty decades after its original founding, KKR remains one of the top companies in private equity circles. Notable In 2006, Henry Kravis orchestrated a $33 billion dollar deal to acquire the country's largest chain of hospitals, HCA and then further impressed his colleagues with a $45 billion dollar buyout of the energy company TXU combined with TPG and Goldman Sachs. During the summer of 2007, the often frantic deal-making stance of KKR came to a quick halt. The failing credit market impeded future deals, as well as threatened to break deals that were in the process of being negotiated. The subsequent mortgage issues managed to delay Henry Kravis' plans to take KKR public. Also damaged by the credit crisis was KKR Financial, an affiliated mortgage-related securities investment fund. In 2008, Kravis sold off Kohlberg, Kravis, and Roberts' controlling stake in the company. Retirement Henry Kravis retired in 1987, but his name is still embossed on his old office door. The third founding member of KKR, George Roberts, continues to work at the company, with his main base of operations being located in Menlo Park. Personal Causes Henry Kravis has been the city's most active philanthropist and has been a board member at Mount Sinai since 1981. In 1988, he donated $10 million dollars to Mount Sinai and has since contributed millions more, including a $15 million dollar contribution in 2002 to fund the hospital's Valentin Fuster-led heart center. In 2006, Henry donated over $10 million dollars to the Columbia Business School and has underwritten a wing at the Metropolitan Museum, as well as two galleries at MoMA. Campaign Support As a reliable Republican party donor, Henry Kravis actively raised money for both of President George Bush's campaigns and played a part in organizing the Republican convention in New York in 2004. When 2007 arrived, Henry announces his official support for Senator John McCain and additionally signed on as New York state's fundraising co-chair. Hobbies Henry Kravis has continuously kept up with his love of golf that began while in college. Quite often, Henry can be found out on the golf course hitting around a few balls. Over the years, Henry has amassed an impressive art collection - a collection including works by Renoir, Sisley, and Monet. Recently he has begun selling many of his impressionist paintings and is more inclined to purchase contemporary works.
Article Source: http://www.bharatbhasha.net Article Url: http://www.bharatbhasha.net/legal.php/222624 Article Added on Tuesday, March 9, 2010
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