KKR & Co - lukrative Beteiligungs- und Privat Equity-Geschäfte für jedermann (Seite 9)

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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

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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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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.

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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...

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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.

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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.

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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.

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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)

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KKR: Milliarden-IPO First Data stolpert erfolgreich an die Börse

First Data ist die bis dato größte Private-Equity-Übernahme in der Geschichte und für Finanzinvestor Kohlberg Kravis Roberts & Co. L.P. (KKR) ist es bisher kein Erfolg. Denn KKR übernahm First Data (FDC) im Jahr 2007 zum Höchstpreis unmittelbar vor dem Börsencrash, der durch die Finanzkrise und die Pleite der US-Investmentbank Lehman Bros. ausgelöst wurde. Für diesen mit 24 Mrd. $ überwiegend fremdfinanzierte Deal brachte KKR insgesamt 29,8 Mrd. $ auf und musste dann mit ansehen, wie seine neue Beteiligung dramatisch an Wert verlor, während das Zinsgewicht geradezu erdrückend wurde.

Nun, KKR hat es überstanden und First Data auch. Das ist im Business der Finanzinvestoren keine Selbstverständlichkeit (weiterlesen bei iNTELLiGENT iNVESTiEREN...)

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KKR-Backed Coffee Day Enteprises Brewing Major India IPO

NEW YORK (TheStreet) -- What could be the largest initial public offering in India in nearly three years is percolating. KKR (KKR - Get Report) -backed Coffee Day Enterprises, a Starbucks (SBUX - Get Report) competitor in the Indian market, started the public book-building on Wednesday, The Deal's Jonathan Braude reports.

Coffee Day is the parent company of Cafe Coffee Day, among other businesses. Cafe Coffee Day is based in Bangalore and has 1,423 outlets in India. Coffee Day Enterprises set a pricing range of 316 Indian rupees to Rs328 ($4.87 to $5.05) a share. It is seeking to raise up to a total of Rs11.5 billion from the offering.

On Tuesday night, the company said it allocated 10.38 million shares to a set of anchor investors, including BlackRock India, Icici Prudential, Reliance Life Insurance Co., Merrill Lynch Capital Markets, Platinum Asia, Axis Mutual Fund and Swiss Financial Corp. The anchor investors will pay 322 rupees a share, or Rs3.34 billion. The IPO will include allocations for domestic and international institutional investors and a retail offering for Indian investors.

An investor consortium of KKR, New Silk Route Partners and Standard Chartered Bank, which have a combined 34% stake in Coffee Day, will not be selling shares, the company's founder, managing director and major shareholder V.G. Siddhartha told business channel CNBC TV18. All the money raised in the IPO would go to the company, Siddhartha said.

Nearly Rs6.25 billion would be used to pay down debt and the remainder would be invested in the coffee business. Subscriptions for the offering will close on Friday and the shares are expected to start trading on the Bombay exchanges towards the end of the month. KKR, together with Standard Chartered Private Equity and New Silk Route Partners, invested in Coffee Day Resorts in 2010.

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