KKR & Co - lukrative Beteiligungs- und Privat Equity-Geschäfte für jedermann (Seite 8)
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| 3,0000 | +500,00 | |
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Bad Burgers Are Gold to KKR as China Scandals Yield Opportunity
China’s continual food safety scares haven’t spoiled the appetite of Julian Wolhardt, one of KKR & Co.’s top executives in the country. In fact, they’ve been good for deals.
He spent more than two years trying to persuade the chairman of China’s largest chicken breeder and processor, Fujian Sunner Development Co., to accept an investment from KKR, arguing that private-equity backing could help the company take market share. Fu Guangming kept saying no, even after the outbreaks of avian flu in 2013 and early 2014 hurt the poultry industry.
Then, in July last year, Wolhardt got a break. News broke that the Chinese supplier to McDonald’s Corp. and Yum! Brands Inc.’s KFC had been repackaging old meat as new. Amid the outcry that followed, Wolhardt redoubled his efforts. Fu relented. The next month, KKR agreed to buy a $400 million stake in publicly traded Sunner, its biggest investment in China’s food sector.
More than any other buyout firm, KKR has wagered that China’s recurring food-safety scandals can yield windfalls for an investor willing to shoulder the risk. The New York-based firm has spent about $1 billion on five food-related investments in the world’s second largest economy since 2008, spanning everything from milk to fish feed.
Opportune Time
The aftermath of a food scandal is an opportune time to buy, according to Wolhardt: Owners are more willing to sell and rival companies are often battered by the event.
“If you’re a company, when a market incident happens, you want to work with an investor like us to really take advantage of the market downturn,” Wolhardt, 42, said in an interview last month.
China’s food safety hasn’t kept pace with an economic expansion that’s lifted hundreds of millions of people out of poverty since free-market reforms began in 1978, fueling demand for everything from poultry to milk and beef. Scandals ranging from babies poisoned by tainted milk powder to dead pigs found floating in a river serve to regularly remind consumers that the produce they eat might not be safe.
Dairy History
Three of the food deals KKR has struck in China track a similar pattern: They were made amid a food scare and followed by an overhaul of supply-chain procedures, along with expansion plans designed to take advantage of competitors’ weakened positions.
"Everyone knows food safety," said David Liu, 45, KKR’s co-head of private equity in Asia. "There’s interest in the sector, but I don’t think people have done as many deals as we have and made the kind of returns we have."
Before joining KKR in 2006, Liu and Wolhardt worked together at Morgan Stanley’s private equity arm. There, they led a $26 million acquisition of Inner Mongolia Mengniu Dairy Co. in 2002 -- the first foreign private-equity investment in China’s dairy industry.
KKR sealed its first food deal in China in September 2008, a $150 million investment in China Modern Dairy Holdings Ltd. At about the same time, one of China’s biggest-ever food scandals was breaking. Milk and infant formula containing the chemical melamine killed six babies and sickened an estimated 300,000 more. Parents flocked to Hong Kong in search of safe milk powder.
Farm Expansion
As the scandal engulfed some competitors, KKR moved to boost production. Modern Dairy accelerated expansion of farms, increasing its number of dairy cows by almost eight times to 180,000 in the five years after KKR bought its stake. KKR executives spent 16 months working with Modern Dairy management on everything from improving the feed mix for cows to cutting electricity and water usage, according to Liu.
"The crisis is actually a catalyst, because without the incident, people will never bother to tell good milk versus bad milk," Liu said. "When you had the melamine crisis happen, the biggest benefit to us is people are willing to pay a premium for quality milk."
Modern Dairy went public in 2010 and in 2013, KKR sold most of its stake to China Mengniu Dairy Co. -- earning the firm a roughly 300 percent return on its investment. Another dairy investment, Asia Dairy Holdings, has yielded a 250 percent return in about two years. Sunner shares are trading 71 percent higher than the price KKR bought at.
KKR’s first foray into China’s pork industry followed another food fiasco. In March 2013, more than 10,000 dead pigs were found in Shanghai’s Huangpu river, prompting the local government to increase food-safety checks. Three months later, KKR announced a $150 million investment in a meat-processing unit of Cofco Group.
Risky Business
To control disease, KKR reviewed the key vaccines Cofco was using and put newly added hog farms close to slaughtering facilities to enable tracing of every pig’s origin. It set out to increase the number of pigs born, raised, and sold to market by one single sow to about 50 percent above China’s average.
Huge gaps in the government’s enforcement and inspection capabilities make investing in China’s food sector a risky business, according to Paul O’Brien, an analyst at Hangzhou-based ChemLinked Food, an industry researcher.
“Last year’s meat scandal proved that no investment, regardless of the financial stakes or reputation of the stakeholders involved, is insulated from the threat of scandal," he said.
Success in China’s food industry requires more than investing savvy, according to Wolhardt. When KKR invested in Modern Dairy, he lived at one of its farms during the entire due-diligence period to learn the ropes quickly. Two years before KKR even bought into Sunner, he was discussing with Chairman Fu how to make its chicken feed more digestible. Wolhardt regularly attends the annual World Dairy Expo in Wisconsin, a five-day event showcasing the newest technologies available to the industry.
Then there’s the power of experimenting. Wolhardt said he discovered that jabbing cows with vaccine shots while they’re standing still and milking will stress them and hurt production. Testing the pH value of cow manure and checking whether it contains corn kernels can reveal whether the animals are digesting well. And while reading up, his team came across studies that suggested playing classical music will improve milk yields.
"So we started playing music in our milking parlor to really focus on creating a stress-free environment,” he said. Yields rose, and Wolhardt learned another lesson: “Some cows prefer Mozart.”
QUELLE
China’s continual food safety scares haven’t spoiled the appetite of Julian Wolhardt, one of KKR & Co.’s top executives in the country. In fact, they’ve been good for deals.
He spent more than two years trying to persuade the chairman of China’s largest chicken breeder and processor, Fujian Sunner Development Co., to accept an investment from KKR, arguing that private-equity backing could help the company take market share. Fu Guangming kept saying no, even after the outbreaks of avian flu in 2013 and early 2014 hurt the poultry industry.
Then, in July last year, Wolhardt got a break. News broke that the Chinese supplier to McDonald’s Corp. and Yum! Brands Inc.’s KFC had been repackaging old meat as new. Amid the outcry that followed, Wolhardt redoubled his efforts. Fu relented. The next month, KKR agreed to buy a $400 million stake in publicly traded Sunner, its biggest investment in China’s food sector.
More than any other buyout firm, KKR has wagered that China’s recurring food-safety scandals can yield windfalls for an investor willing to shoulder the risk. The New York-based firm has spent about $1 billion on five food-related investments in the world’s second largest economy since 2008, spanning everything from milk to fish feed.
Opportune Time
The aftermath of a food scandal is an opportune time to buy, according to Wolhardt: Owners are more willing to sell and rival companies are often battered by the event.
“If you’re a company, when a market incident happens, you want to work with an investor like us to really take advantage of the market downturn,” Wolhardt, 42, said in an interview last month.
China’s food safety hasn’t kept pace with an economic expansion that’s lifted hundreds of millions of people out of poverty since free-market reforms began in 1978, fueling demand for everything from poultry to milk and beef. Scandals ranging from babies poisoned by tainted milk powder to dead pigs found floating in a river serve to regularly remind consumers that the produce they eat might not be safe.
Dairy History
Three of the food deals KKR has struck in China track a similar pattern: They were made amid a food scare and followed by an overhaul of supply-chain procedures, along with expansion plans designed to take advantage of competitors’ weakened positions.
"Everyone knows food safety," said David Liu, 45, KKR’s co-head of private equity in Asia. "There’s interest in the sector, but I don’t think people have done as many deals as we have and made the kind of returns we have."
Before joining KKR in 2006, Liu and Wolhardt worked together at Morgan Stanley’s private equity arm. There, they led a $26 million acquisition of Inner Mongolia Mengniu Dairy Co. in 2002 -- the first foreign private-equity investment in China’s dairy industry.
KKR sealed its first food deal in China in September 2008, a $150 million investment in China Modern Dairy Holdings Ltd. At about the same time, one of China’s biggest-ever food scandals was breaking. Milk and infant formula containing the chemical melamine killed six babies and sickened an estimated 300,000 more. Parents flocked to Hong Kong in search of safe milk powder.
Farm Expansion
As the scandal engulfed some competitors, KKR moved to boost production. Modern Dairy accelerated expansion of farms, increasing its number of dairy cows by almost eight times to 180,000 in the five years after KKR bought its stake. KKR executives spent 16 months working with Modern Dairy management on everything from improving the feed mix for cows to cutting electricity and water usage, according to Liu.
"The crisis is actually a catalyst, because without the incident, people will never bother to tell good milk versus bad milk," Liu said. "When you had the melamine crisis happen, the biggest benefit to us is people are willing to pay a premium for quality milk."
Modern Dairy went public in 2010 and in 2013, KKR sold most of its stake to China Mengniu Dairy Co. -- earning the firm a roughly 300 percent return on its investment. Another dairy investment, Asia Dairy Holdings, has yielded a 250 percent return in about two years. Sunner shares are trading 71 percent higher than the price KKR bought at.
KKR’s first foray into China’s pork industry followed another food fiasco. In March 2013, more than 10,000 dead pigs were found in Shanghai’s Huangpu river, prompting the local government to increase food-safety checks. Three months later, KKR announced a $150 million investment in a meat-processing unit of Cofco Group.
Risky Business
To control disease, KKR reviewed the key vaccines Cofco was using and put newly added hog farms close to slaughtering facilities to enable tracing of every pig’s origin. It set out to increase the number of pigs born, raised, and sold to market by one single sow to about 50 percent above China’s average.
Huge gaps in the government’s enforcement and inspection capabilities make investing in China’s food sector a risky business, according to Paul O’Brien, an analyst at Hangzhou-based ChemLinked Food, an industry researcher.
“Last year’s meat scandal proved that no investment, regardless of the financial stakes or reputation of the stakeholders involved, is insulated from the threat of scandal," he said.
Success in China’s food industry requires more than investing savvy, according to Wolhardt. When KKR invested in Modern Dairy, he lived at one of its farms during the entire due-diligence period to learn the ropes quickly. Two years before KKR even bought into Sunner, he was discussing with Chairman Fu how to make its chicken feed more digestible. Wolhardt regularly attends the annual World Dairy Expo in Wisconsin, a five-day event showcasing the newest technologies available to the industry.
Then there’s the power of experimenting. Wolhardt said he discovered that jabbing cows with vaccine shots while they’re standing still and milking will stress them and hurt production. Testing the pH value of cow manure and checking whether it contains corn kernels can reveal whether the animals are digesting well. And while reading up, his team came across studies that suggested playing classical music will improve milk yields.
"So we started playing music in our milking parlor to really focus on creating a stress-free environment,” he said. Yields rose, and Wolhardt learned another lesson: “Some cows prefer Mozart.”
QUELLE
Artikel auf The Market Mogul...
The Story Behind the First Data IPO
First data IPO was finalised on the 14th of October however it was initially filled on the 20th of July. This was the biggest IPO of 2015 till date and is expected to remain as the biggest IPO of the year. This piece will assume the reader has a working knowledge of what an IPO is, in case you don’t this is a brief explanation. An Initial public offering (IPO) is the first sale of private equity to the public, usually this is done by smaller firms looking to raise capital, however in this case first data is a giant in it’s field.
Understanding the reasoning for the IPO timing is linked with understanding the ownership of First Data. First Data is owned by KKR, one of the worlds largest private equity firm. In 2007 KKR purchased first data using an LBO (leverage buyout), this is a technique where one company (KKR) purchases another (First data) financing most (usually 90%) of the purchase through debt/bonds. Collateral for this debt can then be both of these companies’ assets.
First data is KKR’s biggest holding and it’s intention was to leverage the company, use it’s growing revenues to pay back that debt and later sell on the company at a profit. However this LBO occurred in September 2007. Not long after the financial crisis followed, consequently debit and credit card payments declined, cash became hard to come by and more debt was taken on in 2010 and 2011 on high interest rates, however the economy recovery remained extremely slow and First Data financial health did not improve. In fact as of 2013 KKR valued its stake in First Data at just 60¢ on the dollar and the company (First Data) was about to post it’s 6th consecutive annual.
The company
First Data is probably a name the average man is not familiar with, So how does an unknown company become the subject of the biggest IPO of the year one that needed 13 different bookrunners on the deal. Well First data is actually a giant in its field. Whilst it is less popular in the UK first data is one of the biggest firms in the payment services industry. To put that in perspective its 2014 revenue of $11.2 billion compare that to the two most recognisable names in the field MasterCard ($9.5 billion) ($12.7 billion). It’s one of the very few companies to be involved in all 3 areas of the payment services industry.
- With merchant acquiring (the buying and selling of credit card terminals) it’s the largest in the industry.
- With a 6-million-customer base (including MacDonald’s and Wal-Mart) generating a staggering 2,300 a second.
- With Transaction processing it controls 42% of all the card transactions in the United States
- Finally with the debit network it has a growing presence through it’s offshoot subsidiary STAR.
First Data processes the equivalent of 10% of US GDP a day, in one of the fastest growing industry that is not very well understood by the public. From 2009 to 2014, credit card, debit card, and electronic payments surged more than 40% in the U.S., to around $6.5 trillion. By 2018 it is expected that 81¢ of every dollar spent will be through this method as opposed to the 65¢ today.
“More and more businesses that used to take only cash, from taxis to dry cleaners, are switching to cards”.
(Tien-tsin Huang, J.P. Morgan)
Why now?
This can give you an indication as to why there was a lot of investor interest in the company, however this doesn’t explain why the decision to go public was taken now. First Data has $22.6 billion in debt (thanks to the LBO back in 2007), at extremely high interest rates. $10 billion of that debt becomes callable in early 2016 with a weighted average coupon of 10.2%. That means if First data can call back those loans they can renegotiate far more favourable terms. Through the first six months of 2015 First Data’s interest costs have consumed nearly 15% of overall revenue. That expense caused First Data to post a net loss of $138 million on revenue of $5.6 billion.
Scott Nuttall head of KKR’s Global Capital and Asset Management Group was prepared to sell off arms of the company in 2013 in order to salvage the investment, however when he turned to now CEO Frank Bisignano to turn the company around. Bisignano persuaded Nuttall in keeping the company intact.
Bisignano instead decided to modernise existing assets. First data bought start-ups such as Clover to gain economies of scale in technology furthermore in June 2014, KKR led a $3.5 billion capital infusion into the company to help it pay down debt. This IPO would help do the exact same thing.
A success or a failure
The IPO raised $2.8 billion giving the company a market cap of $14 billion. The price of the sale $16.39 per share on class A common stock of about 160,000 shares. Whilst the value of the initial purchase $15.81 a share, The IPO price was fairly reasonable. However the modest return compared to say the S&P 500, which is up 31% since the buyout. However for KKR, which, along with its investors, still owns 60% of the company, the investment has swung from a loss of $2.5 billion to a modest gain.
Time will be the juror on whether or not this IPO was successful in achieving its aim. As of 12/11/15 the share price of First Data has risen to 17.71 and the market cap to near 16 billion dollars. 2016 will be a pivotal year, if the callable debt can be refinance on more favourable terms, then First Data may have truly turned the corner. Until then it’s too early to tell but for now there appears to be hope again for a once sinking ship.
The Story Behind the First Data IPO
First data IPO was finalised on the 14th of October however it was initially filled on the 20th of July. This was the biggest IPO of 2015 till date and is expected to remain as the biggest IPO of the year. This piece will assume the reader has a working knowledge of what an IPO is, in case you don’t this is a brief explanation. An Initial public offering (IPO) is the first sale of private equity to the public, usually this is done by smaller firms looking to raise capital, however in this case first data is a giant in it’s field.
Understanding the reasoning for the IPO timing is linked with understanding the ownership of First Data. First Data is owned by KKR, one of the worlds largest private equity firm. In 2007 KKR purchased first data using an LBO (leverage buyout), this is a technique where one company (KKR) purchases another (First data) financing most (usually 90%) of the purchase through debt/bonds. Collateral for this debt can then be both of these companies’ assets.
First data is KKR’s biggest holding and it’s intention was to leverage the company, use it’s growing revenues to pay back that debt and later sell on the company at a profit. However this LBO occurred in September 2007. Not long after the financial crisis followed, consequently debit and credit card payments declined, cash became hard to come by and more debt was taken on in 2010 and 2011 on high interest rates, however the economy recovery remained extremely slow and First Data financial health did not improve. In fact as of 2013 KKR valued its stake in First Data at just 60¢ on the dollar and the company (First Data) was about to post it’s 6th consecutive annual.
The company
First Data is probably a name the average man is not familiar with, So how does an unknown company become the subject of the biggest IPO of the year one that needed 13 different bookrunners on the deal. Well First data is actually a giant in its field. Whilst it is less popular in the UK first data is one of the biggest firms in the payment services industry. To put that in perspective its 2014 revenue of $11.2 billion compare that to the two most recognisable names in the field MasterCard ($9.5 billion) ($12.7 billion). It’s one of the very few companies to be involved in all 3 areas of the payment services industry.
- With merchant acquiring (the buying and selling of credit card terminals) it’s the largest in the industry.
- With a 6-million-customer base (including MacDonald’s and Wal-Mart) generating a staggering 2,300 a second.
- With Transaction processing it controls 42% of all the card transactions in the United States
- Finally with the debit network it has a growing presence through it’s offshoot subsidiary STAR.
First Data processes the equivalent of 10% of US GDP a day, in one of the fastest growing industry that is not very well understood by the public. From 2009 to 2014, credit card, debit card, and electronic payments surged more than 40% in the U.S., to around $6.5 trillion. By 2018 it is expected that 81¢ of every dollar spent will be through this method as opposed to the 65¢ today.
“More and more businesses that used to take only cash, from taxis to dry cleaners, are switching to cards”.
(Tien-tsin Huang, J.P. Morgan)
Why now?
This can give you an indication as to why there was a lot of investor interest in the company, however this doesn’t explain why the decision to go public was taken now. First Data has $22.6 billion in debt (thanks to the LBO back in 2007), at extremely high interest rates. $10 billion of that debt becomes callable in early 2016 with a weighted average coupon of 10.2%. That means if First data can call back those loans they can renegotiate far more favourable terms. Through the first six months of 2015 First Data’s interest costs have consumed nearly 15% of overall revenue. That expense caused First Data to post a net loss of $138 million on revenue of $5.6 billion.
Scott Nuttall head of KKR’s Global Capital and Asset Management Group was prepared to sell off arms of the company in 2013 in order to salvage the investment, however when he turned to now CEO Frank Bisignano to turn the company around. Bisignano persuaded Nuttall in keeping the company intact.
Bisignano instead decided to modernise existing assets. First data bought start-ups such as Clover to gain economies of scale in technology furthermore in June 2014, KKR led a $3.5 billion capital infusion into the company to help it pay down debt. This IPO would help do the exact same thing.
A success or a failure
The IPO raised $2.8 billion giving the company a market cap of $14 billion. The price of the sale $16.39 per share on class A common stock of about 160,000 shares. Whilst the value of the initial purchase $15.81 a share, The IPO price was fairly reasonable. However the modest return compared to say the S&P 500, which is up 31% since the buyout. However for KKR, which, along with its investors, still owns 60% of the company, the investment has swung from a loss of $2.5 billion to a modest gain.
Time will be the juror on whether or not this IPO was successful in achieving its aim. As of 12/11/15 the share price of First Data has risen to 17.71 and the market cap to near 16 billion dollars. 2016 will be a pivotal year, if the callable debt can be refinance on more favourable terms, then First Data may have truly turned the corner. Until then it’s too early to tell but for now there appears to be hope again for a once sinking ship.
Artikel auf iNTELLiGENT iNVESTiEREN...
Börsenticker: KKR will WMF wieder verkaufen - für 2 Milliarden Dollar
Der Finanzinvestor KKR & Co. strebt nach Informationen des Nachrichtendienstes Reuters den Verkauf seiner Beteiligung WMF an. Das 1832 gegründete Unternehmen beschäftigt weltweit 6.000 Angestellte an mehr als 40 Standorten.
KKR hatte die Württembergische Metallwarenfabrik im Jahr 2012 übernommen und nach einem Squeeze-out der Minderheitsaktionäre erst in diesem Jahr von der Börse genommen. Seinerzeit wurde WMF mit rund 600 Mio. EUR bewertet und KKR möchte nun rund das Dreifache erlösen, rund 1,8 Mrd. EUR (2 Mrd. USD). Zu diesem Zweck wird auch mit direkten Wettbewerbern von WMF verhandelt, sowohl über die Übernahme des gesamten Unternehmens, wie auch über Teilverkäufe. Neben der Sparte der Gastronomieautomaten ist WMF auch bei Geschirr und Tischkultur stark positioniert.
KKR hatte die Anleger jüngst mit der Meldung verschreckt, künftig nur noch eine feste Quartalsdividende von 0,16 USD je Aktie ausschütten zu wollen, was bei einem Kurs von 15 EUR eine stark gekürzte Dividendenrendite von "nur" noch 3,9 Prozent ausmacht. Im Gegenzug hatte man ein Aktienrückkaufprogramm im Volumen von 500 Mio. USD angekündigt. KKR befindet sich auf meiner Empfehlungsliste.
>>> zur Meldung
Börsenticker: KKR will WMF wieder verkaufen - für 2 Milliarden Dollar
Der Finanzinvestor KKR & Co. strebt nach Informationen des Nachrichtendienstes Reuters den Verkauf seiner Beteiligung WMF an. Das 1832 gegründete Unternehmen beschäftigt weltweit 6.000 Angestellte an mehr als 40 Standorten.
KKR hatte die Württembergische Metallwarenfabrik im Jahr 2012 übernommen und nach einem Squeeze-out der Minderheitsaktionäre erst in diesem Jahr von der Börse genommen. Seinerzeit wurde WMF mit rund 600 Mio. EUR bewertet und KKR möchte nun rund das Dreifache erlösen, rund 1,8 Mrd. EUR (2 Mrd. USD). Zu diesem Zweck wird auch mit direkten Wettbewerbern von WMF verhandelt, sowohl über die Übernahme des gesamten Unternehmens, wie auch über Teilverkäufe. Neben der Sparte der Gastronomieautomaten ist WMF auch bei Geschirr und Tischkultur stark positioniert.
KKR hatte die Anleger jüngst mit der Meldung verschreckt, künftig nur noch eine feste Quartalsdividende von 0,16 USD je Aktie ausschütten zu wollen, was bei einem Kurs von 15 EUR eine stark gekürzte Dividendenrendite von "nur" noch 3,9 Prozent ausmacht. Im Gegenzug hatte man ein Aktienrückkaufprogramm im Volumen von 500 Mio. USD angekündigt. KKR befindet sich auf meiner Empfehlungsliste.
>>> zur Meldung
PE firm KKR acquires 58% stake in India’s Avendus for $115m
US-based private equity firm KKR and Co. Lp has acquired a majority stake in Avendus Group from existing investors, paying $115-120 million (Rs.750-780 crore), as it seeks to tap a boom in fund-raising that has propelled the home-grown financial services firm to the top echelons of investment banks in India.
KKR, formerly Kohlberg Kravis Roberts and Co., has bought about 58% from 13 investors led by Eastgate Capital Group (ECG), which alone holds about a 26% stake in Avendus, two people familiar with the development said on condition of anonymity. The remaining 42% is held by founders Ranu Vohra, Gaurav Deepak and Kaushal Aggarwal who have no immediate plans to dilute their stake, one of the two said.
ECG, the private equity unit of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia, invested Rs.100 crore in Avendus in 2008.
At the price paid for the 58% stake, the enterprise value of Avendus comes to $200 million (Rs.1,300 crore), the first person said.
Avendus Capital Pvt. Ltd, which started in 1999, operates through four of its arms: Avendus Capital Pvt. Ltd (M&As, structured finance, equity capital markets, financial sponsors group, private equity syndication), Avendus Wealth Management Pvt. Ltd, Avendus Capital (UK) Pvt. Ltd and Avendus Capital Inc. (US).
Sanjay Nayar, chief executive officer of KKR’s India arm, and Vohra, managing director and CEO, Avendus Capital, declined to comment on the transaction. An email sent to Eastgate Capital on Wednesday did not elicit any response. In September, The Economic Times reported that KKR and Avendus were in discussions.
The purchase will give KKR a unit that has vaulted to the top ranks of investment banks in India since 2014, benefiting from a fund-raising spree by e-commerce firms. Avendus ranked fourth in the advisory league table for announced technology deals in India till May 2015, ahead of bigger global rivals including Credit Suisse Group AG, Bank of America Merrill Lynch and JPMorgan Chase & Co., according to a May 2015 report by Thomson Reuters.
According to Thomson Reuters’ half-yearly listing of big investment banks, Avendus stood second after Morgan Stanley in terms of fees in the first half of this year.
According to the listing, Morgan Stanley made $8.33 million and Avendus $7.8 million. Goldman Sachs was No. 3 with $3.52 million. In 2014, Credit Suisse Group topped the fee income table with $7.7 million in India technology advisory fees, followed by Avendus with $3.7 million.
This year, Avendus has advised on transactions including the $200 million merger between Serendipity Infolabs Pvt. Ltd, which runs online cab aggregation service TaxiForSure, and ANI Technologies Pvt. Ltd, owner of Ola Cabs.
Other e-commerce deals it advised on include Quikr’s $150 million fund-raising led by Tiger Global Management in April and music streaming company Saavn’s $100 million financing round led by Tiger Global in July.
Avendus advised Nashik Vintners (Sula Wines), BookMyShow, 3i Infotech, Indiahomes, Servion, Delhivery, Lenskart.com, FreeCharge, Shopclues.com and FirstCry.com in their fund-raising processes.
In the private equity advisory space also, Avendus advised on 31 transactions and helped raise $3.46 billion in 2014.
“With its investment in Avendus, KKR plans to build a replica of global firm Goldman Sachs in India, a combination of investments and advisory,” the second person said.
The deal was finalized a couple of months ago, but buying out all minority investors took time, delaying the closure of the transaction, the person added.
“KKR is known for writing big cheques for large corporates. But the buyout of Avendus will help it create a financial services powerhouse where entire gamut of financing, including retail lending, could be available. Similar to a drastic change of Edelweiss, which started 20 years ago for corporate financing, Avendus may become among the largest financial services firms in India, with the backing of KKR,” said a Mumbai-based investment banker on condition of anonymity.
KKR has been active in India since 2008, disbursing about Rs.17,000 crore through its various credit platforms and investing $1.4 billion through private equity deals.
KKR’s India investments include tyre maker Alliance Tire Group and JBF Industries Ltd, a manufacturer of polyester value-chain products. Borrowers includes GMR Holdings Pvt. Ltd, Gautam Thapar’s Avantha Group and Apollo Hospitals Enterprise Ltd.
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US-based private equity firm KKR and Co. Lp has acquired a majority stake in Avendus Group from existing investors, paying $115-120 million (Rs.750-780 crore), as it seeks to tap a boom in fund-raising that has propelled the home-grown financial services firm to the top echelons of investment banks in India.
KKR, formerly Kohlberg Kravis Roberts and Co., has bought about 58% from 13 investors led by Eastgate Capital Group (ECG), which alone holds about a 26% stake in Avendus, two people familiar with the development said on condition of anonymity. The remaining 42% is held by founders Ranu Vohra, Gaurav Deepak and Kaushal Aggarwal who have no immediate plans to dilute their stake, one of the two said.
ECG, the private equity unit of NCB Capital, the investment banking arm of the National Commercial Bank of Saudi Arabia, invested Rs.100 crore in Avendus in 2008.
At the price paid for the 58% stake, the enterprise value of Avendus comes to $200 million (Rs.1,300 crore), the first person said.
Avendus Capital Pvt. Ltd, which started in 1999, operates through four of its arms: Avendus Capital Pvt. Ltd (M&As, structured finance, equity capital markets, financial sponsors group, private equity syndication), Avendus Wealth Management Pvt. Ltd, Avendus Capital (UK) Pvt. Ltd and Avendus Capital Inc. (US).
Sanjay Nayar, chief executive officer of KKR’s India arm, and Vohra, managing director and CEO, Avendus Capital, declined to comment on the transaction. An email sent to Eastgate Capital on Wednesday did not elicit any response. In September, The Economic Times reported that KKR and Avendus were in discussions.
The purchase will give KKR a unit that has vaulted to the top ranks of investment banks in India since 2014, benefiting from a fund-raising spree by e-commerce firms. Avendus ranked fourth in the advisory league table for announced technology deals in India till May 2015, ahead of bigger global rivals including Credit Suisse Group AG, Bank of America Merrill Lynch and JPMorgan Chase & Co., according to a May 2015 report by Thomson Reuters.
According to Thomson Reuters’ half-yearly listing of big investment banks, Avendus stood second after Morgan Stanley in terms of fees in the first half of this year.
According to the listing, Morgan Stanley made $8.33 million and Avendus $7.8 million. Goldman Sachs was No. 3 with $3.52 million. In 2014, Credit Suisse Group topped the fee income table with $7.7 million in India technology advisory fees, followed by Avendus with $3.7 million.
This year, Avendus has advised on transactions including the $200 million merger between Serendipity Infolabs Pvt. Ltd, which runs online cab aggregation service TaxiForSure, and ANI Technologies Pvt. Ltd, owner of Ola Cabs.
Other e-commerce deals it advised on include Quikr’s $150 million fund-raising led by Tiger Global Management in April and music streaming company Saavn’s $100 million financing round led by Tiger Global in July.
Avendus advised Nashik Vintners (Sula Wines), BookMyShow, 3i Infotech, Indiahomes, Servion, Delhivery, Lenskart.com, FreeCharge, Shopclues.com and FirstCry.com in their fund-raising processes.
In the private equity advisory space also, Avendus advised on 31 transactions and helped raise $3.46 billion in 2014.
“With its investment in Avendus, KKR plans to build a replica of global firm Goldman Sachs in India, a combination of investments and advisory,” the second person said.
The deal was finalized a couple of months ago, but buying out all minority investors took time, delaying the closure of the transaction, the person added.
“KKR is known for writing big cheques for large corporates. But the buyout of Avendus will help it create a financial services powerhouse where entire gamut of financing, including retail lending, could be available. Similar to a drastic change of Edelweiss, which started 20 years ago for corporate financing, Avendus may become among the largest financial services firms in India, with the backing of KKR,” said a Mumbai-based investment banker on condition of anonymity.
KKR has been active in India since 2008, disbursing about Rs.17,000 crore through its various credit platforms and investing $1.4 billion through private equity deals.
KKR’s India investments include tyre maker Alliance Tire Group and JBF Industries Ltd, a manufacturer of polyester value-chain products. Borrowers includes GMR Holdings Pvt. Ltd, Gautam Thapar’s Avantha Group and Apollo Hospitals Enterprise Ltd.
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KKR to Buy Offices at Hudson Yards, Relocate From Plaza District
KKR & Co., the buyout firm that rose to prominence in the 1980s when it paid more than $31 billion for RJR Nabisco, agreed to buy about 343,000 square feet of office space at 30 Hudson Yards, setting the stage for its relocation from Manhattan’s Plaza District to a development zone once dominated by bus garages and a train depot.
The company is taking the top 10 office floors of a 90-story tower that will be the tallest building in Related Cos.’ $20 billion development west of Midtown, the companies said in a joint statement. The price wasn’t disclosed. KKR will join Time Warner Inc. in the 2.6 million-square-foot (242,000-square-meter) tower, giving Related an 85 percent occupancy rate at both of the first two skyscrapers it’s building at the yards.
The move signals a culture shift as KKR plans its departure from 9 W. 57th St., which is among Manhattan’s most exclusive office towers. KKR’s presence, along with that of Apollo Global Management LLC, Silver Lake Management and Och-Ziff Capital Management Group LLC, helped cement 9 W. 57th’s reputation as the home of some of New York’s top financial firms.
The move “isn’t an isolated event,” Jeff Blau, chief executive officer of New York-based Related, said in a phone interview. “It’s part of a dynamic change that’s happening, where people are moving west and specifically moving to Hudson Yards.”
The idea of relocating KKR to the Yards “started at the top” with KKR Co-Chief Executive Officer Henry Kravis, Blau said.
KKR did a commutation study and found the location to be convenient for its workforce., Blau said. The Yards are benefiting from the popularity of the High Line and the new Whitney Museum of American Art, he said.
‘Dynamic Setting’
“This move will allow our teams to work together in a dynamic setting that promotes innovation and forward thinking,” Kravis said in the statement.
Kristi Huller, a KKR spokeswoman, declined to comment beyond the statement. Thirty Hudson Yards is slated to be finished in 2019, with KKR moving in in 2020, according to Related.
KKR has about 161,000 square feet at its current building, according to data from CoStar Group Inc., a Washington-based firm that tracks office leasing. The skyscraper, whose glass sides slope gently from a broad base to a narrow top, offers commanding views of Central Park and the skyline to the south.
Owner Sheldon Solow, who completed the tower in 1972, is known for withholding its offices from all but the most exclusive of tenants, said Michael Cohen, tri-state regional president for brokerage Colliers International. The tower is about 67 percent occupied, and all of floors 22 through 29 are available for lease, according to CoStar.
Emerging Market
“I’m sure it will be a step up,” Cohen said about KKR’s move to Hudson Yards. “Because, let’s face it, 9 West is over 40 years old. I think there’s an element of a strike-while-the-iron-is hot optimism here, to get a chunk of this emerging market as an investor.”
A voicemail left with Solow’s company wasn’t returned.
Besides Time Warner, which is taking about 1.5 million square feet at 30 Hudson, KKR will join Coach Inc., SAP SE, L’Oreal USA and VaynerMedia as Hudson Yards’ first office occupants. Those four companies will be the principal occupants of 10 Hudson Yards, a 1.7 million-square-foot tower that topped out earlier this month and is scheduled to open in March.
Like Time Warner, KKR will own its offices rather than rent from Related and its project partners, which include Toronto’s Oxford Properties Group. The arrangement allows the companies to make a single one-time payment and not have to deal with rent increases, certain taxes and the negotiation of lease extensions, Blau said. For Related, it allows the company to raise working capital it can then reinvest in further development of Hudson Yards, a 28-acre (11-hectare) project that also includes almost 6 million square feet of multifamily high-rises.
Highest Observatory
Thirty Hudson, a 1,296-foot (395-meter) tower that will feature the city’s highest public observatory, is being built over what is known as the “throat” of the Metropolitan Transportation Authority train yard, where trains enter and leave the parking area. It requires the thickest steel bracing of the platform over which Related is building most of the project.
The tower will offer KKR its own private elevator bank, river-to-river panoramic views and an outdoor terrace, according to the statement. Blau said the company will have access to space in the observatory it can use for private events.
Both 10 and 30 Hudson Yards are approaching full occupancy, Blau said. He declined to identify companies Related is in negotiations with.
QUELLE
KKR & Co., the buyout firm that rose to prominence in the 1980s when it paid more than $31 billion for RJR Nabisco, agreed to buy about 343,000 square feet of office space at 30 Hudson Yards, setting the stage for its relocation from Manhattan’s Plaza District to a development zone once dominated by bus garages and a train depot.
The company is taking the top 10 office floors of a 90-story tower that will be the tallest building in Related Cos.’ $20 billion development west of Midtown, the companies said in a joint statement. The price wasn’t disclosed. KKR will join Time Warner Inc. in the 2.6 million-square-foot (242,000-square-meter) tower, giving Related an 85 percent occupancy rate at both of the first two skyscrapers it’s building at the yards.
The move signals a culture shift as KKR plans its departure from 9 W. 57th St., which is among Manhattan’s most exclusive office towers. KKR’s presence, along with that of Apollo Global Management LLC, Silver Lake Management and Och-Ziff Capital Management Group LLC, helped cement 9 W. 57th’s reputation as the home of some of New York’s top financial firms.
The move “isn’t an isolated event,” Jeff Blau, chief executive officer of New York-based Related, said in a phone interview. “It’s part of a dynamic change that’s happening, where people are moving west and specifically moving to Hudson Yards.”
The idea of relocating KKR to the Yards “started at the top” with KKR Co-Chief Executive Officer Henry Kravis, Blau said.
KKR did a commutation study and found the location to be convenient for its workforce., Blau said. The Yards are benefiting from the popularity of the High Line and the new Whitney Museum of American Art, he said.
‘Dynamic Setting’
“This move will allow our teams to work together in a dynamic setting that promotes innovation and forward thinking,” Kravis said in the statement.
Kristi Huller, a KKR spokeswoman, declined to comment beyond the statement. Thirty Hudson Yards is slated to be finished in 2019, with KKR moving in in 2020, according to Related.
KKR has about 161,000 square feet at its current building, according to data from CoStar Group Inc., a Washington-based firm that tracks office leasing. The skyscraper, whose glass sides slope gently from a broad base to a narrow top, offers commanding views of Central Park and the skyline to the south.
Owner Sheldon Solow, who completed the tower in 1972, is known for withholding its offices from all but the most exclusive of tenants, said Michael Cohen, tri-state regional president for brokerage Colliers International. The tower is about 67 percent occupied, and all of floors 22 through 29 are available for lease, according to CoStar.
Emerging Market
“I’m sure it will be a step up,” Cohen said about KKR’s move to Hudson Yards. “Because, let’s face it, 9 West is over 40 years old. I think there’s an element of a strike-while-the-iron-is hot optimism here, to get a chunk of this emerging market as an investor.”
A voicemail left with Solow’s company wasn’t returned.
Besides Time Warner, which is taking about 1.5 million square feet at 30 Hudson, KKR will join Coach Inc., SAP SE, L’Oreal USA and VaynerMedia as Hudson Yards’ first office occupants. Those four companies will be the principal occupants of 10 Hudson Yards, a 1.7 million-square-foot tower that topped out earlier this month and is scheduled to open in March.
Like Time Warner, KKR will own its offices rather than rent from Related and its project partners, which include Toronto’s Oxford Properties Group. The arrangement allows the companies to make a single one-time payment and not have to deal with rent increases, certain taxes and the negotiation of lease extensions, Blau said. For Related, it allows the company to raise working capital it can then reinvest in further development of Hudson Yards, a 28-acre (11-hectare) project that also includes almost 6 million square feet of multifamily high-rises.
Highest Observatory
Thirty Hudson, a 1,296-foot (395-meter) tower that will feature the city’s highest public observatory, is being built over what is known as the “throat” of the Metropolitan Transportation Authority train yard, where trains enter and leave the parking area. It requires the thickest steel bracing of the platform over which Related is building most of the project.
The tower will offer KKR its own private elevator bank, river-to-river panoramic views and an outdoor terrace, according to the statement. Blau said the company will have access to space in the observatory it can use for private events.
Both 10 and 30 Hudson Yards are approaching full occupancy, Blau said. He declined to identify companies Related is in negotiations with.
QUELLE
Trading Spotlight
KKRs Quartalszahlen: schlimm, schlimmer, Paukenschlag!
Kohlberg Kravis Roberts & Co. L.P. (KKR), die von Henry Kravis und George Roberts geführte US-Private-Equity-Firma, hat Zahlen für das dritte Quartal 2015 vorgelegt und seit langem mal wieder einen Quartalsverlust ausweisen müssen. Schlimmer noch, die Zahlen sind erheblich schlechter ausgefallen als erwartet und zum "krönenden" Abschluss stößt KKR seine Aktionäre auch noch mit einer "überarbeiteten" Ausschüttungspolitik vor den Kopf. Aber der Reihe nach...
weiterlesen auf iNTELLiGENT iNVESTiEREN
Kohlberg Kravis Roberts & Co. L.P. (KKR), die von Henry Kravis und George Roberts geführte US-Private-Equity-Firma, hat Zahlen für das dritte Quartal 2015 vorgelegt und seit langem mal wieder einen Quartalsverlust ausweisen müssen. Schlimmer noch, die Zahlen sind erheblich schlechter ausgefallen als erwartet und zum "krönenden" Abschluss stößt KKR seine Aktionäre auch noch mit einer "überarbeiteten" Ausschüttungspolitik vor den Kopf. Aber der Reihe nach...
weiterlesen auf iNTELLiGENT iNVESTiEREN
First Data: Der Börsengang des Jahres
Seit gut einer Woche ist der Dienstleister für Zahlungsvorgänge, First Data, wieder auf dem Börsenparkett. Für die New Yorker Börse ist es der größte IPO des gesamten Jahres. Das hochverschuldete Unternehmen erwartet sich viel vom Börsengang. Die Finanzwelt blickt gespannt auf die jüngsten Entwicklungen.
Alteingesessene erinnern sich womöglich noch an den Aktienwert First Data. Bis zum Jahr 2007 konnte man das E-Commerce Unternehmen noch an der New Yorker Börse handeln, seit jeher war das Papier verschwunden. Denn die Private Equity Gesellschaft Kohlberg Kravis Roberts & Co. (KKR & Co) hatte First Data 2007 übernommen und somit dem öffentlichen Handel entzogen. In der Zwischenzeit wurden kaum Schulden abgebaut, Strategien überdacht und Mitarbeiter entlassen. Vor allem aber viele Fehler begangen und einige CEOs verbraucht. Die Umsätze stagnierten, es wurden Verluste gemacht.
IPO als frischer Impuls
Nun braucht das Kauftechnologie-Unternehmen wieder frische Impulse und frisches Kapital für Investitionen aller Art. Gleichzeitig soll aber auch der Schuldenberg von 21 Milliarden US-Dollar abgebaut werden. Das nötige Geld dafür möchte die Firma mit Sitz in Atlanta gerne durch den Aktienverkauf einnehmen. Der Börsengang in der letzten Woche verlief erfolgreich. Das Unternehmen konnte 2,6 Milliarden US-Dollar einnehmen und ist damit an der New York Stock Exchange (NYSE) der größte IPO des gesamten Jahres. Die NYSE präsentierte sich wieder fast wie zu alten Vor-Internet-Handelszeiten. Ein volles Parkett, laute Rufe und hektische Gesten. Nach relativ kurzer Zeit war der Trubel allerdings schon wieder vorbei und First Data konnte mit vollgestopften Taschen zurück nach Atlanta fliegen und sich an die Arbeit machen.
Bereits vor der offiziellen Roadshow für den Börsengang konnte der CEO Frank Bisignano 3,5 Milliarden US-Dollar von namhaften Investoren einnehmen. Das Unternehmen wird aktuell mit einem Gesamtwert von 14 Milliarden US-Dollar bewertet. Jetzt leuchtet der Name First Data also wieder auf den News-Screens und Börsentickern. Nach einer Woche Handel lässt sich allerdings kaum ein Trend feststellen. Bei 16 US-Dollar gestartet, ging es in den Folgetagen zunächst bergab auf 15 US-Dollar. Zum Ende der Woche erholte sich die First Data Aktie wieder deutlich und notiert im Moment wieder ungefähr beim Einstiegspreis. „Der Aktienwert hat große Substanz“, sagte ein Governor der NYSE, Peter Costa, der Börse am Sonntag am Tag des Börsengangs in New York.
2000 Transaktionen pro Sekunde
Das Unternehmen weist in der Tat beeindruckende Zahlen vor: Mit 2000 Finanztransaktionen pro Sekunde laufen nach eigenen Angaben 28 Prozent des weltweiten E-Commerce Volumens über First Data Systeme. Mit innovativen und vielseitig kompatiblen Zahlungslösungen spielt der Konzern mit über 22.000 Mitarbeitern in der Liga der ganz großen E-Commerce Akteure mit. Das Unternehmen von CEO Bisignano ist Kooperationspartner von Apple durch Apple Pay und von Google durch Android Pay. First Data verdient Geld mit Big Data und agiert damit auf einem hochgradig lukrativen Zukunftsmarkt. Wettbewerber wie PayPal oder Heartland besitzen ebenfalls große Marktanteile. Die E-Commerce-Industrie ist hart umkämpft.
Verbesserte Ratings
Mit dem Börsengang wird sich nun aber zumindest die finanzielle Ausgangslage für First Data verbessern. Das realisierten auch einige Rating-Agenturen und revidierten prompt ihre Bewertungen. Fitch veränderte das Rating von „Stabil“ zu „Positiv“ und vergab ein „B“. Moody’s ist ähnlich überzeugt von der aktuellen Unternehmensentwicklung und vergab kürzlich ein „B2“, das auf der Rating-Skala in etwa dem „B“ von Fitch entspricht. Damit ist zwar ein positiver Trend ersichtlich, eine Anlage wird von diesen beiden Bewertungs-Agenturen aber immer noch als spekulative Anlage betitelt. Eine gewisse Risikobereitschaft sollten Anleger bei diesem Wert also mitbringen.
Die nächsten Monate können daher entscheidend sein für den weiteren Weg des Payment-Providers. Anfang 2016 werden 10 Milliarden US-Dollar Schulden mit einem durchschnittlichen Zinssatz von 10,2 Prozent fällig. Viele der Kredite datieren aus den Jahren 2010 und 2011 als Bargeld nicht so zinsgünstig zu bekommen war wie heute. Diese Mission des Schuldenabbaus ist für First Data wohl die wichtigste Finanzmission der nächsten Jahre. Und der Ausgang dessen hat entsprechend eine große Auswirkung auf den Aktienkurs.
Fazit
Bisignano hat seit seinem Amtsantritt vor zwei Jahren zwei Drittel der Top 100 Mitarbeiter ausgetauscht, neue Ziele formuliert und First Data nun wieder erfolgreich an die Börse gebracht. Der eingeschlagene Weg macht einen positiven Eindruck, doch es liegen noch viele Herausforderungen vor dem Zahlungsdaten-Konzern.
QUELLE
Seit gut einer Woche ist der Dienstleister für Zahlungsvorgänge, First Data, wieder auf dem Börsenparkett. Für die New Yorker Börse ist es der größte IPO des gesamten Jahres. Das hochverschuldete Unternehmen erwartet sich viel vom Börsengang. Die Finanzwelt blickt gespannt auf die jüngsten Entwicklungen.
Alteingesessene erinnern sich womöglich noch an den Aktienwert First Data. Bis zum Jahr 2007 konnte man das E-Commerce Unternehmen noch an der New Yorker Börse handeln, seit jeher war das Papier verschwunden. Denn die Private Equity Gesellschaft Kohlberg Kravis Roberts & Co. (KKR & Co) hatte First Data 2007 übernommen und somit dem öffentlichen Handel entzogen. In der Zwischenzeit wurden kaum Schulden abgebaut, Strategien überdacht und Mitarbeiter entlassen. Vor allem aber viele Fehler begangen und einige CEOs verbraucht. Die Umsätze stagnierten, es wurden Verluste gemacht.
IPO als frischer Impuls
Nun braucht das Kauftechnologie-Unternehmen wieder frische Impulse und frisches Kapital für Investitionen aller Art. Gleichzeitig soll aber auch der Schuldenberg von 21 Milliarden US-Dollar abgebaut werden. Das nötige Geld dafür möchte die Firma mit Sitz in Atlanta gerne durch den Aktienverkauf einnehmen. Der Börsengang in der letzten Woche verlief erfolgreich. Das Unternehmen konnte 2,6 Milliarden US-Dollar einnehmen und ist damit an der New York Stock Exchange (NYSE) der größte IPO des gesamten Jahres. Die NYSE präsentierte sich wieder fast wie zu alten Vor-Internet-Handelszeiten. Ein volles Parkett, laute Rufe und hektische Gesten. Nach relativ kurzer Zeit war der Trubel allerdings schon wieder vorbei und First Data konnte mit vollgestopften Taschen zurück nach Atlanta fliegen und sich an die Arbeit machen.
Bereits vor der offiziellen Roadshow für den Börsengang konnte der CEO Frank Bisignano 3,5 Milliarden US-Dollar von namhaften Investoren einnehmen. Das Unternehmen wird aktuell mit einem Gesamtwert von 14 Milliarden US-Dollar bewertet. Jetzt leuchtet der Name First Data also wieder auf den News-Screens und Börsentickern. Nach einer Woche Handel lässt sich allerdings kaum ein Trend feststellen. Bei 16 US-Dollar gestartet, ging es in den Folgetagen zunächst bergab auf 15 US-Dollar. Zum Ende der Woche erholte sich die First Data Aktie wieder deutlich und notiert im Moment wieder ungefähr beim Einstiegspreis. „Der Aktienwert hat große Substanz“, sagte ein Governor der NYSE, Peter Costa, der Börse am Sonntag am Tag des Börsengangs in New York.
2000 Transaktionen pro Sekunde
Das Unternehmen weist in der Tat beeindruckende Zahlen vor: Mit 2000 Finanztransaktionen pro Sekunde laufen nach eigenen Angaben 28 Prozent des weltweiten E-Commerce Volumens über First Data Systeme. Mit innovativen und vielseitig kompatiblen Zahlungslösungen spielt der Konzern mit über 22.000 Mitarbeitern in der Liga der ganz großen E-Commerce Akteure mit. Das Unternehmen von CEO Bisignano ist Kooperationspartner von Apple durch Apple Pay und von Google durch Android Pay. First Data verdient Geld mit Big Data und agiert damit auf einem hochgradig lukrativen Zukunftsmarkt. Wettbewerber wie PayPal oder Heartland besitzen ebenfalls große Marktanteile. Die E-Commerce-Industrie ist hart umkämpft.
Verbesserte Ratings
Mit dem Börsengang wird sich nun aber zumindest die finanzielle Ausgangslage für First Data verbessern. Das realisierten auch einige Rating-Agenturen und revidierten prompt ihre Bewertungen. Fitch veränderte das Rating von „Stabil“ zu „Positiv“ und vergab ein „B“. Moody’s ist ähnlich überzeugt von der aktuellen Unternehmensentwicklung und vergab kürzlich ein „B2“, das auf der Rating-Skala in etwa dem „B“ von Fitch entspricht. Damit ist zwar ein positiver Trend ersichtlich, eine Anlage wird von diesen beiden Bewertungs-Agenturen aber immer noch als spekulative Anlage betitelt. Eine gewisse Risikobereitschaft sollten Anleger bei diesem Wert also mitbringen.
Die nächsten Monate können daher entscheidend sein für den weiteren Weg des Payment-Providers. Anfang 2016 werden 10 Milliarden US-Dollar Schulden mit einem durchschnittlichen Zinssatz von 10,2 Prozent fällig. Viele der Kredite datieren aus den Jahren 2010 und 2011 als Bargeld nicht so zinsgünstig zu bekommen war wie heute. Diese Mission des Schuldenabbaus ist für First Data wohl die wichtigste Finanzmission der nächsten Jahre. Und der Ausgang dessen hat entsprechend eine große Auswirkung auf den Aktienkurs.
Fazit
Bisignano hat seit seinem Amtsantritt vor zwei Jahren zwei Drittel der Top 100 Mitarbeiter ausgetauscht, neue Ziele formuliert und First Data nun wieder erfolgreich an die Börse gebracht. Der eingeschlagene Weg macht einen positiven Eindruck, doch es liegen noch viele Herausforderungen vor dem Zahlungsdaten-Konzern.
QUELLE
KKR confirms plans to divest from owner of French brand Sandro
Oct 21 Private equity firm KKR was looking at options to divest from SMCP, the group behind French fashion brands Sandro, Maje and Claudie Pierlot in which it is the controlling shareholder, a spokesman said on Wednesday.
SMCP has been put on the market in a deal expected to happen next year that could value it at more than one billion euros ($1.14 billion), sources close to the matter have told Reuters.
The KKR's spokesman said no decision has been taken and options includes an initial public offering (IPO) in Paris.
QUELLE
Oct 21 Private equity firm KKR was looking at options to divest from SMCP, the group behind French fashion brands Sandro, Maje and Claudie Pierlot in which it is the controlling shareholder, a spokesman said on Wednesday.
SMCP has been put on the market in a deal expected to happen next year that could value it at more than one billion euros ($1.14 billion), sources close to the matter have told Reuters.
The KKR's spokesman said no decision has been taken and options includes an initial public offering (IPO) in Paris.
QUELLE
KKR is raising its first tech fund
After backing companies like FanDuel and Sonos off its balance sheet, KKR is raising an official fund to chase unicorns.
Kohlberg Kravis Roberts & Co. KKR 1.00% is quietly raising its first fund dedicated to growth equity investing in private technology companies, according to multiple sources.
The fund only is being marketed to a select group of institutional investors (i.e., far fewer than those who recently received pitchbooks for KKR’s giant new North American buyout vehicle), most of whom previously asked KKR about how they could participate on the series of tech growth equity deals that the firm has done off its balance sheet (Sonos, FanDuel, Ping Identity, etc.).
It would be structured more like a traditional growth equity fund than as a co-investment fund, which means it will feature annual management fees and carried interest.
The fund is not being marketed with a specific target, although KKR will invest upwards of $200 million — an out-sized GP commit that I’m told would be more than 30% of the expected total. This is on top of the nearly $500 million that KKR already has invested off its balance sheet in these sorts of deals.
QUELLE
After backing companies like FanDuel and Sonos off its balance sheet, KKR is raising an official fund to chase unicorns.
Kohlberg Kravis Roberts & Co. KKR 1.00% is quietly raising its first fund dedicated to growth equity investing in private technology companies, according to multiple sources.
The fund only is being marketed to a select group of institutional investors (i.e., far fewer than those who recently received pitchbooks for KKR’s giant new North American buyout vehicle), most of whom previously asked KKR about how they could participate on the series of tech growth equity deals that the firm has done off its balance sheet (Sonos, FanDuel, Ping Identity, etc.).
It would be structured more like a traditional growth equity fund than as a co-investment fund, which means it will feature annual management fees and carried interest.
The fund is not being marketed with a specific target, although KKR will invest upwards of $200 million — an out-sized GP commit that I’m told would be more than 30% of the expected total. This is on top of the nearly $500 million that KKR already has invested off its balance sheet in these sorts of deals.
QUELLE
India's Starbucks rival sees solid demand for $177 mln IPO
* Coffee Day Enterprises sees solid demand for IPO
* Investors attracted to India's growing cafe culture
* IPO proceeds to pay down debt; may have hit demand (Updates with quotes, background, details)
MUMBAI, Oct 16 (Reuters) - India's biggest coffee chain operator Coffee Day Enterprises received nearly twice as many orders for its up to $177 million initial public offering before the Friday deadline as investors sought to buy into a rapidly growing cafe culture.
The IPO, the biggest in India in nearly three years, would value Coffee Day at as much as $1 billion. The company is backed by private equity firm KKR & Co and counts Starbucks Corp's India joint venture as its main rival.
"The pricing was pretty fair and that got the institutional demand going," said an investor whose fund bought shares, and who declined to be named as he was not authorised to speak to the media.
As of 1030 GMT, Coffee Day had received bids for 45.7 million shares, more than the 25.8 million shares on offer, according to exchange data. Books close at 1130 GMT.
The strong demand for the IPO contrasts with the overall weakness in the stock market caused by China's economic slowdown and concerns about global liquidity. The broader NSE index is 9.7 percent lower than a record high hit in March.
Investors see potential in India's cafe market which is worth 18.2 billion rupees and growing at 20 percent annually, according to consultancy Technopak, as more younger, urban consumers opt for cappuccinos over tea.
Coffee Day Enterprises was selling shares at between 316 rupees and 328 rupees each. The listing is set to debut on Nov. 2 and would be the biggest since Bharti Infratel Ltd's $751 million IPO in December 2012.
Earlier this week, Coffee Day announced it had raised 3.34 billion rupees from "cornerstone" IPO investors, including Blackrock.
The Coffee Day offer is set to be followed by InterGlobe Aviation Ltd 's $400 million IPO on Oct. 26.
But the IPO pipeline will thin after this deal, as volatile global markets and tepid performance at home scare off potential candidates. ($1 = 64.8500 Indian rupees)
QUELLE
* Coffee Day Enterprises sees solid demand for IPO
* Investors attracted to India's growing cafe culture
* IPO proceeds to pay down debt; may have hit demand (Updates with quotes, background, details)
MUMBAI, Oct 16 (Reuters) - India's biggest coffee chain operator Coffee Day Enterprises received nearly twice as many orders for its up to $177 million initial public offering before the Friday deadline as investors sought to buy into a rapidly growing cafe culture.
The IPO, the biggest in India in nearly three years, would value Coffee Day at as much as $1 billion. The company is backed by private equity firm KKR & Co and counts Starbucks Corp's India joint venture as its main rival.
"The pricing was pretty fair and that got the institutional demand going," said an investor whose fund bought shares, and who declined to be named as he was not authorised to speak to the media.
As of 1030 GMT, Coffee Day had received bids for 45.7 million shares, more than the 25.8 million shares on offer, according to exchange data. Books close at 1130 GMT.
The strong demand for the IPO contrasts with the overall weakness in the stock market caused by China's economic slowdown and concerns about global liquidity. The broader NSE index is 9.7 percent lower than a record high hit in March.
Investors see potential in India's cafe market which is worth 18.2 billion rupees and growing at 20 percent annually, according to consultancy Technopak, as more younger, urban consumers opt for cappuccinos over tea.
Coffee Day Enterprises was selling shares at between 316 rupees and 328 rupees each. The listing is set to debut on Nov. 2 and would be the biggest since Bharti Infratel Ltd's $751 million IPO in December 2012.
Earlier this week, Coffee Day announced it had raised 3.34 billion rupees from "cornerstone" IPO investors, including Blackrock.
The Coffee Day offer is set to be followed by InterGlobe Aviation Ltd 's $400 million IPO on Oct. 26.
But the IPO pipeline will thin after this deal, as volatile global markets and tepid performance at home scare off potential candidates. ($1 = 64.8500 Indian rupees)
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