The Ledger
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Stavros: C.H.I. Employee Ownership Paid $175K Average, Up to $1M
“So the end payouts ended up being 175,000 on average, and we had hourly workers and truck drivers make almost a million dollars.”
Rubenstein: Blackstone, Carlyle, KKR, Apollo make 95% of profits in developed markets
“In the end, if you look at the large firms that we're now talking about, and I'll use the four big ones, Blackstone, Carlyle, KKR, and Apollo. They make 95% of their money in the developed markets. I'm counting China and India, I suppose, is developed for this…”
Mogelof: Evergreen Wealth Products Hold Identical Investments to Drawdown Vehicles
“All of our evergreen investment solutions have the same investments that you would find in our drawdown vehicles, and that's a really important differentiator.”
Mogelof: KKR Public Stock Is Not Pure-Play Private Markets Exposure
“Anyone could buy our stock, which is certainly one way to get exposure to some of these investments. But if you think about it, the investment in KKR stock trades at a multiple to earnings and reflects the number of things that we do here at KKR, which include…”
Stavros: C.H.I. EBITDA Grew Organically from $60M to $130M
“We went from 60 of EBITDA in 1516 was great, 17 was great, 18 was great, 19 was great. We were, I don't know, 130 of EBITDA from 60. All organic, no acquisitions.”
Stavros: 600 C.H.I. employees received a 3.5% option pool
“I think it was three and a half percent of the company in options. Of the 800 folks, maybe the top 200 got outright grants, made meaningful investments in the company, and were traditional management equity plan participants, as you would normally think of it.…”
Stavros: C.H.I. Grew Revenue 120% While Scrap Rose Only 7%
“Revenue was up a 120%. You took all this market share, lead time advantage versus the competition gapped out massively. Despite the 120% revenue growth, scrap only grew seven percent.”
KKR has 25 active broad-based employee ownership programs across US portfolio
“We started that about 12 years ago. Extended that across our entire industrials portfolio over a period of time, so we've done it maybe 12 times with manufacturing businesses, and then in total today have 25 live cases of this across all of our different verti…”
Stavros: KKR Bought C.H.I. at 13x and Exited at 14x EBITDA
“I think we paid 13 times on entry and on exit 14 times or something. There was not a huge uplift in multiple.”
Rubenstein: Blackstone, KKR, and Apollo lacked global footprints when Carlyle expanded
“Blackstone, KKR, and Apollo really hadn't built international businesses, honestly, at that time, as we were beginning to do it.”
Ted Seides: KKR Built a 250-Person Private Wealth Team
“So KKR went from no one in private wealth to a team of 250 reps.”
Mogelof: Modern Fund Vehicles Expand Access Down to Non-Accredited Investors
“Through whether it's an interval fund, a tender offer fund, a non-traded BDC, an operating company, there are now a number of new vehicles that asset managers can utilize, which really widen the aperture for investors to invest. And that includes not just qual…”
Blackstone, Blue Owl, KKR, and Apollo have hundreds serving wealth
“Blackstone has a team of hundreds of people. Blue Owl, hundreds of people, KKR, Apollo, hundreds of people to serve the Wealth Channel.”
Hillman Company anchored Kleiner Perkins Fund 1 and KKR Fund 1
“The 19 seventies venture finally began to take form, and Henry Hillman and my father were anchor investors in Kleiner Perkins Fund One, and a few years later in KKR Fund One.”
Bain, KKR, Merrill Lynch, and Frist Family Backed HCA Equity
“It was Bain Capital, KKR, Merrill Lynch, and the Frist family speaking for the equity, but then we also needed to figure out how do we fill out north of twenty billion dollars worth of debt that was going to need to be underwritten for this transaction.”
Brown: Top PE firms like KKR and Apollo are tokenizing fund interests
“We're also seeing firms, and most recently KKR just announced this. Apollo also announced one. Hamilton Lane as well. They are tokenizing interests of their funds and putting them on the blockchain.”
Stavros: C.H.I.'s OSHA recordable incident rate was 14 per 100 workers
“The injury recordable incident rate, which is OSHA's key metric of safety, was 14 at the time, so what that means is for every hundred people in the plant, how many people per year were getting hurt? It was 14 out of a hundred per year.”
Stavros: Nucor plant workers made roughly $35k in profit sharing last year
“If you look at their financials, I think their manufacturing plant employees made last year on top of their wages, like 35,000 dollars in profit sharing, a lot of money.”