DOCSLIB.ORG

KKR Private Equity Investors Reports Results for Quarter Ended June 30, 2008

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
KKR Private Equity Investors Reports Results for Quarter Ended June 30, 2008 KKR Private Equity Investors Reports Results for Quarter Ended June 30, 2008 July 27, 2008 NAV per Unit of $22.25 as of June 30, 2008 GUERNSEY, Channel Islands--(BUSINESS WIRE)--KKR Private Equity Investors, L.P. (Euronext Amsterdam: KPE), a Guernsey limited partnership that invests its assets in private equity and opportunistic investments identified by Kohlberg Kravis Roberts & Co. (“KKR”), today reported its financial results for the quarter and six months ended June 30, 2008. As of June 30, 2008, KPE’s net asset value (“NAV”) was $4,558.2 million, or $22.25 per unit. Results of Operations Operating results of KPE for the quarter ended June 30, 2008 are highlighted as follows: Net realized loss on investments and foreign currency was $42.5 million. The net realized loss was primarily comprised of $23.4 million from the secondary sales of investments in limited partner interests of the KKR 2006 Fund L.P. (“KKR 2006 Fund”) and the KKR Millennium Fund L.P. (“KKR Millennium Fund”) and $19.9 million from the sale of opportunistic investments in public equities and derivative instruments, offset by a realized gain of $5.7 million from the partial sale of security holdings in Rockwood Holdings, Inc. and the final disposition of KSL Holdings – La Costa by KKR’s private equity funds; Net unrealized depreciation on investments and foreign currency transactions was $98.7 million. The changes in the unrealized fair value of investments from March 31, 2008 to June 30, 2008 were: A net decrease of $138.2 million in the value of the investment in ProSiebenSat.1 Media AG (“ProSieben”), which was marked on a Euro basis from 0.7 times original cost as of March 31, 2008 to 0.2 times as of June 30, 2008, and the related foreign currency exchange contract. Including foreign currency translation, the ProSieben investment was marked on a U.S. dollar basis from 0.9 times to 0.2 times as of June 30, 2008; A net decrease of $48.7 million in the value of the investment in PagesJaunes Groupe S.A. (“PagesJaunes”), based on a market quotation on a U.S. dollar basis, and the related foreign currency exchange contract; A decrease of $48.9 million in the value of the convertible senior note investment in Sun Microsystems, Inc. (“Sun”); A decrease of $34.2 million in the value of Aero Technical Support & Services S.à r.l. (“ACTS”), which was marked on both a Canadian dollar and U.S. dollar basis from 1.0 times original cost to 0.7 times as of June 30, 2008; A decrease of $25.3 million in the value of Legrand Holdings S.A. (“Legrand”), based on a market quotation on a U.S. dollar basis; A decrease of $14.8 million in the value of Capmark Financial Group Inc. (“Capmark”), which was marked from 1.2 times KPE’s cost as of March 31, 2008 to 1.1 times as of June 30, 2008; An increase of $132.8 million in the value of Energy Future Holdings Corp. (“EFH”), which was marked from 1.0 times original cost to 1.4 times as of June 30, 2008; An increase of $31.0 million in the value of the convertible preferred stock investment in Orient Corporation (“Orico”) and the related foreign currency exchange contract; and An increase of $21.2 million in the value of The Nielsen Company, B.V. (“Nielsen”), which was marked from 1.1 times original cost as of March 31, 2008 to 1.2 times as of June 30, 2008. Net investment loss was $18.5 million, which principally represented interest expense and management fees, offset by interest and dividend income; and The net decrease in net assets resulting from operations was $159.7 million and KPE’s total return was (3.4) percent during the quarter. KPE’s total return of (3.4) percent compared to a (3.2) percent return in the S&P 500 Index for the quarter ended June 30, 2008. Operating results of KPE for the six months ended June 30, 2008 are highlighted as follows: Net realized loss on investments and foreign currency was $38.5 million. The net realized loss was primarily comprised of $26.3 million from the sale of opportunistic investments in public equities and derivative instruments and $23.5 million from the secondary sales of investments in limited partner interests of the KKR 2006 Fund and the KKR Millennium Fund, offset by realized gains of $16.0 million from the sale of Demag Holdings, S.à r.l., the partial sale of security holdings in Rockwood Holdings, Inc. and the final disposition of KSL Holdings – La Costa by KKR’s private equity funds; Net unrealized depreciation on investments and foreign currency transactions was $350.5 million. The changes in the unrealized fair value of investments from December 31, 2007 to June 30, 2008 were: A decrease of $175.6 million in the value of the investment in PagesJaunes, based on a market quotation on a U.S. dollar basis, and the related foreign currency exchange contract; A decrease of $133.6 million in the value of the investment in ProSieben, which was marked on a Euro basis from 0.7 times original cost as of December 31, 2007 to 0.2 times as of June 30, 2008, and the related foreign currency exchange contract. Including foreign currency translation, the ProSieben investment was marked on a U.S. dollar basis from 0.8 times to 0.2 times as of June 30, 2008; A decrease of $94.0 million in the value of the convertible senior note investment in Sun; A decrease of $60.6 million in the value of Legrand, based on a market quotation on a U.S. dollar basis; A decrease of $37.3 million in the value of ACTS, which was marked on both a Canadian dollar and U.S. dollar basis from 1.0 times original cost to 0.7 times as of June 30, 2008; A decrease of $29.9 million in the value of Capmark, which was marked from 1.3 times KPE’s cost as of December 31, 2007 to 1.1 times as of June 30, 2008; An increase of $132.8 million in the value of EFH, which was marked from 1.0 times original cost to 1.4 times as of June 30, 2008; and An increase of $42.7 million in the value of Nielsen, which was marked from 1.0 times original cost to 1.2 times as of June 30, 2008. Net investment loss was $39.5 million, which principally represented interest expense and management fees, offset by interest and dividend income; and The net decrease in net assets resulting from operations was $428.6 million and KPE’s total return was (8.6) percent during the six months ended June 30, 2008. KPE’s total return of (8.6) percent compared to a (12.8) percent return in the S&P 500 Index for the six months ended June 30, 2008. Investments KPE invests its capital as the sole limited partner of KKR PEI Investments, L.P. (the “Investment Partnership”). As of June 30, 2008, the Investment Partnership’s portfolio of private equity investments, net of related financing, and opportunistic investments with a fair value of $5,019.4 million, was comprised of the following: Investments of $1,666.9 million through KKR’s private equity funds: $1,159.0 million in KKR 2006 Fund L.P., $186.2 million in KKR European Fund, Limited Partnership, $182.9 million in KKR Millennium Fund L.P., $86.4 million in KKR European Fund II, Limited Partnership, $43.8 million in KKR Asian Fund, L.P., and $8.6 million in KKR European Fund III, Limited Partnership. Co-investments of $2,506.4 million in the following portfolio companies of KKR’s private equity funds: -- Alliance Boots plc. -- KION Group GmbH -- Biomet, Inc. -- The Nielsen Company B.V. -- Capmark Financial Group Inc. -- NXP B.V. -- Dollar General Corporation -- PagesJaunes Groupe S.A. -- Energy Future Holdings Corp. -- ProSiebenSat. 1 Media AG -- First Data Corporation -- U.S. Foodservice, Inc. -- HCA Inc. Negotiated equity investments of $502.1 million, net of related financing: $224.0 million (net of long-term financing of $350.0 million) of convertible senior notes of Sun, a leading technology company; $196.8 million of convertible preferred stock of Orico, one of the largest consumer credit companies in Japan; and $81.3 million invested in ACTS, a Canadian aircraft maintenance, repair and overhaul company. Opportunistic investments of $344.0 million: Non-private equity fund investment of $173.9 million in SCF; $116.5 million of a fixed income investment; and $53.6 million of publicly traded securities and related derivative instruments. Subsequent Investment Activity Subsequent to June 30, 2008 and through July 25, 2008, the Investment Partnership had investment activity as described below. Dispositions of opportunistic investments valued at $9.7 million as of June 30, 2008 for cash proceeds of $9.6 million, which included sales of publicly traded securities and related derivative instruments and proceeds from securities sold short. Net return of capital of $4.3 million related to an investment in the KKR 2006 Fund. Purchases of opportunistic investments of $9.5 million, which included acquisitions of public equities and related derivative instruments and settlements of securities sold short. As of July 25, 2008, the Investment Partnership’s remaining capital commitments related to limited partner interests in KKR’s private equity funds were as follows, with amounts in thousands, after taking into account the subsequent investment activity described above: KKR 2006 Fund L.P.
Load more

Recommended publications
  • Euro Stoxx® Multi Premia Index
    EURO STOXX® MULTI PREMIA INDEX Components1 Company Supersector Country Weight (%) SARTORIUS STEDIM BIOTECH Health Care France 1.59 IMCD Chemicals Netherlands 1.25 VOPAK Industrial Goods & Services Netherlands 1.15 BIOMERIEUX Health Care France 1.04 REMY COINTREAU Food, Beverage & Tobacco France 1.03 EURONEXT Financial Services France 1.00 HERMES INTERNATIONAL Consumer Products & Services France 0.94 SUEZ ENVIRONNEMENT Utilities France 0.94 BRENNTAG Chemicals Germany 0.93 ENAGAS Energy Spain 0.90 ILIAD Telecommunications France 0.89 DEUTSCHE POST Industrial Goods & Services Germany 0.88 FUCHS PETROLUB PREF Chemicals Germany 0.88 SEB Consumer Products & Services France 0.87 SIGNIFY Construction & Materials Netherlands 0.86 CARL ZEISS MEDITEC Health Care Germany 0.80 SOFINA Financial Services Belgium 0.80 EUROFINS SCIENTIFIC Health Care France 0.80 RATIONAL Industrial Goods & Services Germany 0.80 AALBERTS Industrial Goods & Services Netherlands 0.74 KINGSPAN GRP Construction & Materials Ireland 0.73 GERRESHEIMER Health Care Germany 0.72 GLANBIA Food, Beverage & Tobacco Ireland 0.71 PUBLICIS GRP Media France 0.70 UNITED INTERNET Technology Germany 0.70 L'OREAL Consumer Products & Services France 0.70 KPN Telecommunications Netherlands 0.68 SARTORIUS PREF. Health Care Germany 0.68 BMW Automobiles & Parts Germany 0.68 VISCOFAN Food, Beverage & Tobacco Spain 0.67 SAINT GOBAIN Construction & Materials France 0.67 CORBION Food, Beverage & Tobacco Netherlands 0.66 DAIMLER Automobiles & Parts Germany 0.66 PROSIEBENSAT.1 MEDIA Media Germany 0.65
    [Show full text]
  • 2019 Annual Report Annual 2019
    a force for good. 2019 ANNUAL REPORT ANNUAL 2019 1, cours Ferdinand de Lesseps 92851 Rueil Malmaison Cedex – France Tel.: +33 1 47 16 35 00 Fax: +33 1 47 51 91 02 www.vinci.com VINCI.Group 2019 ANNUAL REPORT VINCI @VINCI CONTENTS 1 P r o l e 2 Album 10 Interview with the Chairman and CEO 12 Corporate governance 14 Direction and strategy 18 Stock market and shareholder base 22 Sustainable development 32 CONCESSIONS 34 VINCI Autoroutes 48 VINCI Airports 62 Other concessions 64 – VINCI Highways 68 – VINCI Railways 70 – VINCI Stadium 72 CONTRACTING 74 VINCI Energies 88 Eurovia 102 VINCI Construction 118 VINCI Immobilier 121 GENERAL & FINANCIAL ELEMENTS 122 Report of the Board of Directors 270 Report of the Lead Director and the Vice-Chairman of the Board of Directors 272 Consolidated nancial statements This universal registration document was filed on 2 March 2020 with the Autorité des Marchés Financiers (AMF, the French securities regulator), as competent authority 349 Parent company nancial statements under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the 367 Special report of the Statutory Auditors on said regulation. The universal registration document may be used for the purposes of an offer to the regulated agreements public of securities or the admission of securities to trading on a regulated market if accompanied by a prospectus or securities note as well as a summary of all 368 Persons responsible for the universal registration document amendments, if any, made to the universal registration document. The set of documents thus formed is approved by the AMF in accordance with Regulation (EU) 2017/1129.
    [Show full text]
  • KKR Appoints Gianemilio Osculati As Senior Advisor
    KKR Appoints Gianemilio Osculati as Senior Advisor October 30, 2008 – Kohlberg Kravis Roberts & Co. ("KKR") today announces that it has appointed Gianemilio Osculati as a Senior Advisor to the firm. Henry R. Kravis said: "Gianemilio's extensive experience in Italy, coupled with his unique network and relationships will bring significant value to our business and enhance KKR's franchise in this market. Gianemilio also brings a tremendous depth of operational expertise which underpins a key value that KKR brings to its portfolio companies". Mr. Osculati, who will be based in Italy, will work closely with KKR Director Mattia Caprioli with a view to further developing KKR's investment opportunities in the country. Gianemilio Osculati said: "I look forward to working with a group of world-class investment professionals to identify opportunities that will deliver value for investors while also strengthening businesses in Italy". KKR has been active in the Italian market for several years. In November 2007, KKR successfully completed the sale of FL Selenia SpA, the manufacturer and distributor of automotive lubricants, to Petronas, a Malaysian petroleum company, in a transaction valued in excess of €1 billion. Since December 2002, KKR and investment company Wendel have jointly controlled Italy-based electrical equipment manufacturer Bticino through their investment in Legrand. In April 2007, KKR partnered with Italian entrepreneur Stefano Pessina to acquire Alliance Boots, a global pharmacy-led health and beauty group, in the largest ever European leveraged buyout valued in excess of £11 billion. About Gianemilio Osculati Mr. Osculati is presently Chairman of Valore SpA, a diversified financial holding company, a position he has held since 2006.
    [Show full text]
  • Gender Diversity Index 2020
    European Women on Boards Gender Diversity Index 2020 This project is co-funded by the Rights, Equality and Citizenship Programme of the European Union 668 COMPANIES STUDIED GDI GENDER DIVERSITY INDEX 34% women on boards Perfect gender equality 28% 1 women in general leadership functions Only 62 companies with a GDI of 0.8 or more 0.8 138 companies 17% 0.7 with a GDI of women in executive level of 0.7 or more company decision-makers 0.56 Average Only 42 companies have a female CEO 0.3 50 companies with a GDI of 0.2 0.3 or less 129 companies have at least one female 22 member of the C-suite companies with a GDI of 0.2 or less Only 9% 0 Chairs of Boards are women This project is co-funded by the Rights, Equality and Citizenship Programme of the European Union Content 04 Executive summary 06 Foreword 08 Introduction 11 Terminology 12 Overall findings 25 Commitment to fostering inclusion and diversity 28 Sectoral findings 31 Country findings 97 Annex – Methodology WOMEN ON BOARDS AND IN CORPORATE LEADERSHIP GENDER DIVERSITY INDEX 2020 3 Executive summary The year 2020 saw many disruptions that shook up not only individual businesses but also our entire economies and societies. Besides the direct health consequences This report analyses women’s participation in of COVID-19, the pandemic damaged the corporate governance in the largest European well-being and work-life balance of many companies that are listed in the STOXX 600 employees while also exposing many to Europe index or, in some countries, national redundancies or temporary unemployment stock exchange indexes.
    [Show full text]
  • FTSE Developed Europe Ex UK ESG Low Carbon Emissions Select Index
    2 FTSE Russell Publications FTSE Developed Europe ex UK ESG 19 August 2021 Low Carbon Emissions Select Index Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) ABB 0.05 SWITZERLAND H & M Hennes & Mauritz AB B 0.45 SWEDEN Sandvik AB 0.23 SWEDEN ABN AMRO Bank NV 0.07 NETHERLANDS Hannover Rueck SE 0.01 GERMANY Sanofi 0.29 FRANCE Adidas 0.22 GERMANY Heineken Holding 0.06 NETHERLANDS Santander Bank Polska SA 0.2 POLAND Aegon NV <0.005 NETHERLANDS Heineken NV 0.13 NETHERLANDS SAP 1.54 GERMANY Ahold Delhaize 0.01 NETHERLANDS Henkel KG Pref 0.01 GERMANY Schneider Electric 4.13 FRANCE AIB Group 0.49 IRELAND Holcim 0.01 SWITZERLAND SEB 0.01 FRANCE Akzo Nobel 0.07 NETHERLANDS Huhtamaki 0.01 FINLAND Securitas AB B 0.23 SWEDEN Allegro 0.29 POLAND Inditex 3.71 SPAIN SGS S.A. 1.3 SWITZERLAND Allianz SE 0.77 GERMANY Indutrade AB 0.01 SWEDEN Siemens AG 0.41 GERMANY Alstom 0.01 FRANCE Infineon Technologies AG 0.06 GERMANY Siemens Gamesa Renewable Energy 0.09 SPAIN Amadeus IT Group SA 0.18 SPAIN ING Group CVA 0.07 NETHERLANDS SA Arkema 0.01 FRANCE Intesa Sanpaolo 0.02 ITALY Signify NV 0.01 NETHERLANDS ASML Holding 4.55 NETHERLANDS JC Decaux 0.02 FRANCE SimCorp 0.01 DENMARK Atlas Copco A 0.01 SWEDEN Jeronimo Martins 0.02 PORTUGAL Skandinaviska Enskilda Banken AB A 0.96 SWEDEN Atos SE 1.57 FRANCE KBC Group 2.38 BELGIUM Skandinaviska Enskilda Banken AB C 0.01 SWEDEN AXA 0.05 FRANCE Kering 0.12 FRANCE SKF B 0.02 SWEDEN Banco Bilbao Vizcaya Argentaria
    [Show full text]
  • Legrand's Digital Transformation Journey
    Digital Leadership Legrand’s journey: how collaboration and culture change have driven new digital innovations An interview with Frédéric Levaux Legrand Frédéric Levaux, Legrand Legrand is a global specialist that offers a range of products and solutions that connect millions of buildings to energy, data, and lighting – from energy distribution to digital infrastructures. With a presence in nearly 90 countries – and a workforce of over 37,000 people – Legrand reported 2017 sales of more than €5.5 billion. As Legrand’s chief digital officer, Frédéric Levaux is responsible for driving digital transformation across the Group. This primarily covers two areas: using digital to improve and transform industrial capabilities at Legrand and using digital to make Legrand a better workplace. An MBA graduate of HEC Paris, Frédéric is a veteran of digital innovation projects and new ventures. He has co-founded several start-ups, including a venture capital- backed mobile software publishing firm. The Capgemini Research Institute spoke with Frédéric to understand more about Legrand‘s digital transformation. 2 Taking Digital Transformation to the Next Level: Lessons from the Leaders Legrand’s digital transformation journey What was the impetus for Legrand’s digital transformation? able to leverage this data to improve the customer experience and identify ways to connect an entire The history of Legrand is a traditional industrial ecosystem. With this experience, we are now able company focused on manufacturing electrical to connect all the dots and accelerate our efforts. switches and outlets in a slow-moving industry. However, I would say that we are still in the first Digital was not on top of the agenda.
    [Show full text]
  • Press Release
    Press release Arborus and Orange reveal the first International Charter for inclusive Artificial Intelligence, under the esteemed patronage of the French Secretary of State for the Digital Sector Paris, 21 April 2020 The Arborus and Orange Fund revealed today the first International Charter for inclusive Artificial Intelligence, under the esteemed patronage of Cédric O, French Secretary of State for the Digital Sector, attached to the Minister of Economy and Finance and the Minister of Public Action and Accounts. This Charter is intended to be a reference for all companies that are committed to equal opportunities. Its purpose is to guarantee Artificial Intelligence (AI) that is designed, deployed and operated in a responsible and inclusive way. This initiative, which is the first step towards the creation of a GEEIS-AI* label over the coming months, also benefits from the support of Delphine O, Ambassador and Secretary General of the UN Women’s Global Forum, and Nicole Ameline, Vice-Chair of the UN CEDAW Committee. “Artificial Intelligence is taking on an increasingly important role in our society, which will need time to recover after the current health crisis. We need to be vigilant in order to ensure that automatic decisions based on the processing of algorithms do not discriminate against women due, for example, to the quality of the data used or the design of the code, a field still dominated by men. We must therefore encourage companies to ensure neutral AI development with initiatives such as the International Charter for inclusive AI”, stated Cédric O, French Secretary of State for the Digital Sector, attached to the Minister of Economy and Finance and the Minister of Public Action and Accounts.
    [Show full text]
  • Eastman Kodak Company
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) x Definitive Proxy Statement o Definitive Additional Materials o Soliciting Material Pursuant to §240.14a-12 EASTMAN KODAK COMPANY (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): x No fee required. o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: o Fee paid previously with preliminary materials. o Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule
    [Show full text]
  • Imaging Technology Innovation
    EASTMAN KODAK COMPANY 2005 ANNUAL REPORT and 2006 PROXY STATEMENT IMAGING TECHNOLOGY Eastman Kodak Company 343 State Street Rochester, NY 14650 www.kodak.com www.kodakgallery.com CC5-05/06 CAT No. 1989623 EASTMAN KODAK COMPANY 2005 ANNUAL REPORT NOTICE OF 2006 ANNUAL MEETING INNOVATION AND PROXY STATEMENT EASTMAN KODAK COMPANY Kodak is the world’s foremost imaging innovator, providing leading products and services to the photographic, graphic communications and healthcare markets. With sales of $14.3 billion in 2005, the company is committed to a digitally oriented growth strategy focused on helping people better use meaningful images and information in their life and work. Consumers use Kodak’s system of digital and traditional image capture products and services to take, print and share their pictures anytime, anywhere; businesses effectively communicate with customers worldwide using Kodak solutions for prepress, conventional and digital printing and document imaging; creative professionals rely on Kodak technology to uniquely tell their story through moving or still images; and leading healthcare organizations rely on Kodak’s innovative products, services and customized workfl ow solutions to help improve patient care and maximize effi ciency and information sharing within and across their enterprise. For information visit: www.kodak.com. CHAIRMAN’S LETTER To Our Shareholders: In 2005, for the fi rst time in Kodak’s history, more than half of our revenue came from digital products and services, and we solidifi ed our leading market share in many of the consumer and commercial digital categories in which we participate. We completed an aggressive acquisitions program in our Graphic Communications business, setting the stage for that segment to contribute signifi cantly to digital sales and earnings in 2006.
    [Show full text]
  • BST Complet BD-09-02-16.Pdf
    BST_1couv-15.indd 1 04/01/2016 16:37 SOLUTI SUC Global networking, ongoing social change and rapid t developme challenges for international pr management team to coping with incr tasks, it helps if y a single, compe BST_1couv-15.indd 2 04/01/2016 16:37 02-03 LEGRAND, A GLOBAL PLAYER A real one-stop shop for solutions This brochure aims to introduce you 04-05 OUR BUSINESS powered by experts, Legrand offers to Legrand and the wide range of a wide spectrum of products and the services it offers for the most diverse 06-07 TWO GROWTH ENGINES kind of expertise you would expect spectrum of projects. But with over OUR from a truly global player : 200,000 products available in all, 08-09 COMMITTED TO RESPONSIBLE DEVELOPMENT this brochure can obviously only • State-of-the-art solutions from the provide a first glance. 10-11 SOCIAL RESPONSIBILITY DAY BY DAY SOLUTIONS – globally recognised generalist brands Legrand and Bticino. Your Legrand contact partner will 12-13 LIMITING ENVIRONMENTAL IMPACT be happy to help if you require more YOUR • Special brands for projects which detailed information. 14-15 SUPPORT YOU CAN RELY ON call for expert solutions (e.g. in data centers, healthcare, assisted living or SUCCESS large industrial projects) that allow for seamless integration with other 16-23 TECHNICAL INFRASTRUCTURES Global networking, ongoing social systems. change and rapid technological 24-31 COMMUNAL AREAS developments all pose new • Perfectly networked support challenges for international project and service teams based both at 32-41 HOSPITALITY SOLUTIONS management teams. When it comes headquarters and locally, to guide to coping with increasingly complex you and your project from the initial 42-55 RESIDENTIAL SOLUTIONS tasks, it helps if you can focus on quotation, via commissioning, right a single, competent, reliable and through to the after-sales service – 56-63 HEALTHCARE SOLUTIONS dynamic partner.
    [Show full text]
  • In Recent Years, Surplus Cash and Increased Liquidity Have Made It Increasingly Difficult for Private Equity Funds to Find Good Deals
    10 MASTERING FINANCIAL MANAGEMENT / PRIVATE EQUITY PRIVATE EQUITY / MASTERING FINANCIAL MANAGEMENT 11 Private equity funds look for strength in numbers In recent years, surplus cash and increased liquidity have made it increasingly difficult for private equity funds to find good deals. The solution may include consortium investments and specialised portfolios hirty years ago, the private the ∑12bn leveraged buy-out of Wind, the Ital- With state-owned assets of approximately ■ Substantial capital flows to private equity equity industry was not really ian telecommunications company; the $11.4bn ∑700bn privatised in Europe over the last 30 can be self-defeating in the sense that too an industry at all – the practice buy-out of SunGard, the US financial services years, the key question is: how much is left? much money is chasing too few deals. This of buying shares in private com- and data recovery company; the $6.6bn acqui- According to the website Privatization problem was identified by Professors Paul A panies for investment purposes sition of Toys R Us, the USretailer; and theBarometer EU governments still hold direct Gompers and Josh Lerner of Harvard Busi- was confined mainly to wealthy ∑4.3bn buy-out of Amadeus, the Spanish and indirect stakes worth almost ∑300bn, ness School, who found that the greater the Tfamilies, and they generally wanted to invest provider of IT solutions to the travel industry. mostly in France, Germany and Italy. How- supply of private equity capital to a fund, the in small, fast-growing companies at an early Venture capital also had a strong year, with ever, the actual privatisation potential is higher the prices paid for the acquired com- stage of development.
    [Show full text]
  • PRESS RELEASE November 9, 2011
    PRESS RELEASE November 9, 2011 Not for distribution, directly or indirectly, in the United States, Canada, Australia or Japan. Wendel reports a circa € 191 million capital gain from the sale of a 4.9% stake of Legrand’s share capital Wendel and Kohlberg Kravis Roberts & Co. (together with its affiliates, "KKR") have announced the successful completion of the joint sale of 24.3 million shares of Legrand, representing 9.2% of Legrand’s share capital, at a price of 24 euros per share. In this context, Wendel sold approximately 13 million shares or 4.9% of Legrand’s share capital for a global amount of € 313 million and a capital gain of around € 191 million. Following the sale of approximately 890 000 Legrand shares at an average price of approximately 24 euros per share during last September and the transaction completed today, Wendel holds approximately 5.8% of the share capital of Legrand and approximately 10.1% of its voting rights. Wendel and KKR have signed last March a new shareholders’ agreement relating to their shareholding in Legrand in which both parties have decided to continue co-operating with respect to the management of their shareholding as well as the governance of Legrand, and to act in concert with respect to Legrand. The transaction completed today doesn’t change the representation of Wendel and KKR on the board of directors of Legrand. After Legrand announced solid 9-month and third quarter 2011 results in line with its objectives, with a good organic growth, the pursuit of the strategy consisting in self-financed and targeted acquisitions of small and mid- size companies, offering high growth potential and strong market positions, Wendel reiterates its confidence in the development of Legrand in the future and in the soundness and quality of the business model of Legrand.
    [Show full text]