Stavros: KKR raised preemptive C.H.I. bid four times to $680M
Pete Stavros · SPECIAL ANNOUNCEMENT: Private Equity Deals Podcast · Sep 15, 2022 · at 12:43
KKR partner Pete Stavros discusses the multi-stage bidding process used to acquire garage door manufacturer C.H.I. Overhead Doors outside of a competitive auction.
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“So we bid six hundred and twenty-five million and said we could sign in 72 hours. And they said, that's great. Glad you love it. We're not in that big of a hurry. We suggest you keep playing out the process. Six 50. Six 70. Six 80. I remember I sent an email, the title of which was Last Gasp. This is our last shot, and we're not playing in a process.”
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