KKR & Co - lukrative Beteiligungs- und Privat Equity-Geschäfte für jedermann (Seite 13)

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Mutig oder verrückt? KKR und Deutsche Rohstoff investieren in Öl-Förderung

Lesen auf iNTELLiGENT iNVESTiEREN...

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KKR Backs Highly Experienced E&P Team to Launch Trans European Oil & Gas

KKR, a leading global investment firm, today announced that it will back Roland Wessel, Colin Judd and Melvyn Horgan, founders and former management team of Star Energy, to launch Trans European Oil Gas Limited ("Trans European Oil Gas").

Trans European Oil Gas intends to build a portfolio of conventional onshore oil and gas properties in proven hydrocarbon plays in Europe, and apply its extensive experience in enhanced oil recovery ("EOR") techniques to optimise production.

Established in 1999, Star Energy made several acquisitions of producing assets and successfully applied EOR techniques. Star Energy grew to encompass 25 producing oil and gas fields and a commissioned 10 bcf gas storage facility. Star Energy listed on AIM in 2004 and was acquired by Petronas in 2008.

Roland Wessel has over 35 years' experience in the oil and gas industry. He founded Integrated Drilling Services ("IDS") in 1992, a business eventually acquired by Dailey International. Prior to founding IDS he held various positions in drilling services companies in Africa, Middle East, North Sea and South America. Roland was the CEO of Star Energy.

Melvyn Horgan is a reservoir engineer with a PhD in Mathematics. He has profound experience in evaluating oil and gas assets from his time working for British Gas, Burmah Oil and as a reservoir engineer consultant at Geopec. Melvyn held the position of Technical Director at Star Energy.

Colin Judd started his career as an auditor at Price Waterhouse and subsequently held several senior finance roles at industrial and oil service companies such as Christian Salvesen and BW Mud Limited. Colin held the position of Financial Director at Star Energy.

Johannes Huth, Member and Head of KKR Europe, Middle East and Africa, said: "The energy sector is a key focus area across the different investment platforms of KKR EMEA and we are excited to enter into investment partnerships of this nature, where we can build on the experience and skills of an entrepreneurial management team."

Haroun van Hövell, Managing Director and KKR's Head of Energy in Europe, Middle East and Africa, commented: "We believe there is a significant opportunity to build a portfolio of conventional onshore oil and gas properties in Europe. We could not have better partners to pursue this strategy than Roland, Colin and Melvyn who have an excellent reputation and track record in this field."

Roland Wessel, CEO of Trans European Oil Gas added: "KKR's longstanding presence and track record in Europe and its strong commitment to the energy sector make them an excellent partner for this energy venture. We are looking forward to working closely with the KKR team as Trans European Oil Gas pursues investment opportunities across Europe."

The investment in Trans European Oil Gas will be made primarily by the KKR European Fund IV.

QUELLE

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WSJ: First Data looking to raise $3B in IPO

- Earlier in September, Bloomberg reported payment procession gorilla First Data (Pending:FDATA) would aim to raise at least $2.5B in an IPO coming as soon as this month. The WSJ today says the number is $3B and a filing with details could come today, with trading maybe starting by mid-October.

- The IPO is expected to value the company at between $20B and $25B, says the Journal, maybe beginning to offer a positive ROI for KKR which bought the company at the peak of buyout boom for nearly $30B. KKR at one point marked down the value of its investment to as low as $0.60 on the dollar.

QUELLE

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India: Private equity player KKR to acquire majority stake in investment bank Avendus Capital

US-based private equity group KKR is set to acquire a majority stake in Mumbai-based investment banking firm Avendus Capital for about $100 million, as per a report in The Economic Times.

As part of the proposed deal, KKR will acquire controlling stake in the Indian firm by subscribing to both its existing and fresh equity.

While the proposed deal may also see a few exits, the current promoters will continue to remain at the helm. The three founding promoters — Ranu Vohra, Gaurav Deepak, Kaushal Aggarwal — together with their leadership team currently own a majority in the 15-year-old Indian asset and wealth management firm.

Eastgate Capital, a private equity and realty investment arm of NCB Capital of Saudi Arabia, that had picked up a little over 26% in Avendus Capital in 2008 is likely to exit, the report said.

The proposed move will provide Avendus access to strategic capital and help leverage the brand and network of KKR to diversify and deepen its presence in investment banking. The deal is also expected to boost Avendus’ wealth management and private equity divisions besides aiding its planned entry into lending through the nonbank finance company (NBFC) route.

KKR India, the Indian arm of global private equity firm KKR and Co. Lp, has both a non-banking financial company (NBFC) and a real estate NBFC through which it offers structured loans.

The Avendus Group is a provider of financial services with an emphasis on customised solutions in the areas of financial advisory, capital markets, wealth management and alternative asset management. The group’s clients include institutional investors, corporates and high net worth families.

Avendus Capital, Inc (US) and Avendus Capital (UK) Pvt. Ltd. are the subsidiaries offering M&A and private equity syndication services to clients in the US and UK, respectively.,

In 2014, Avendus Capital was the advisor to 31 transactions and helped raise $3.46 billion. The firm was amongst the top two advisors in India by deal count for calendar 2014.

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Brüssel gibt grünes Licht für WMF-Übernahme

Die EU-Kommission hat grünes Licht für die Übernahme des Küchengeräteherstellers WMF gegeben.
Die Finanzinvestoren Kohlberg Kravis Roberts (KKR) und Fiba können somit vollständig bei dem schwäbischen Kaffeemaschinen-, Topf- Besteck- und Küchengerätehersteller die Kontrolle übernehmen. Nach Ansicht der obersten Wettbewerbshüter Europas ist der Deal wettbewerbsrechtlich unproblematisch, weil sich die Aktivitäten der Firmen nicht überlappen. Das teilte die EU-Kommission am Freitag nach einer Prüfung des Falls mit. WMF war in Turbulenzen geraten und hatte sich ein striktes Sparprogramm auferlegt. Wegen der Übernahme durch die Finanzinvestoren hatte sich der Küchenspezialist im März von der Börse verabschiedet.

QUELLE

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KKR's Samson Resources files for bankruptcy, lenders to take control

(Reuters) - Oil and gas producer Samson Resources Corp filed for Chapter 11 bankruptcy protection on Wednesday to carry out a debt-cutting plan reached with key lenders, who will assume control of the company.

The company, owned by private-equity firm KKR & Co, listed assets and liabilities of more than $1 billion in its bankruptcy filing. (1.usa.gov/1P10Jca)

Samson's bankruptcy comes four years after the company agreed to be acquired in a leveraged buyout led by KKR, for $7.2 billion. KKR and its partners on the buyout made a big bet on the future of shale oil and gas, investing $4.15 billion in equity on the deal. The rest was funded with debt.

Lenders agreed to cut Samson's obligations by swapping the $1 billion they are owed for nearly all of the company's newly issued stock. They will also invest $450 million in Samson.

The investment by lenders may be further increased, under certain circumstances, by $35 million to improve liquidity, Samson said.

By filing with the support of the lenders, Samson could be able to implement its restructuring plan in the next few months. The plan must be approved by the U.S. Bankruptcy Court in Wilmington, Delaware.

The group of lenders includes affiliates of Cerberus Capital Management, Columbia Management, Credit Suisse, Eaton Vance Management, Invesco Ltd, New York Life Insurance Co and Silver Point Capital.

Samson follows many smaller commodity producers and related services firms into bankruptcy, including Sabine Oil & Gas, Alpha Natural Resources, Hercules Offshore, Quicksilver Resources and Dune Energy. Crude oil prices have fallen more than 50 percent since the middle of 2014, to less than $50 per barrel. Coal and natural gas prices have also dropped sharply.

As part of its bankruptcy plan, Samson is expected to continue to shed non-core assets that are mostly located in Oklahoma to focus on its best wells in East Texas and North Dakota, according to a plan disclosed prior to its bankruptcy.

Samson, which is represented by Kirkland & Ellis LLP, has hired Blackstone Advisory Partners L.P. and Alvarez & Marsal North America LLC as its restructuring advisers.

The case is in U.S. Bankruptcy Court, District of Delaware, Case No: 73-0928007.

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KKR Marshals Ambitions with Hedge Fund Coup

Kohlberg Kravis Roberts & Co.’s acquisition of a quarter of Marshall Wace LLP places the firm back in the race to become the world’s leading alternative assets manager.

Although widely regarded as one of the premier large buyout firms, KKR has been noticeably slower than Blackstone Group BX -0.72% and Carlyle Group CG -1.29% to build up its other units. By assets under management Carlyle Group is about twice the size of KKR and Blackstone is about three times the size.

Crucially, KKR’s private equity operation makes up 44% of its $101.6 billion assets under management. This is larger than at Carlyle, where private equity makes up just a third of its $192.7 billion and at Blackstone it makes up just 28% of its $332.7 billion.

Although KKR is only initially taking a 24.9% stake in the hedge fund, with options to increase to 39.9% over time, in time it could give KKR full access to Marshall Wace’s $22 billion of assets under management. Assuming steady growth for the hedge fund this could make a significant difference to the numbers.

Perhaps just as important as size is quality. Marshall Wace is one of the world’s best-known managers meaning the potential for growth of the combined operation could be significant.

Because of that, of course, it’s possible KKR will have paid a high price. Marshall Wace’s recent strong performance means its founders would have been in a strong negotiating position.

Still, the deal marks by far the most significant step by KKR to move into hedge funds. In 2006 it said it planned to launch a $1 billion hedge fund to trade in bonds and loans in the secondary market and in June 2012 it expanded into fund-of-hedge-funds by acquiring Prisma Capital Partners, which managed $7.8 billion of assets.

These moves were part of a diversification plan that saw KKR pull away from some of its historical competitors, including Bain Capital and Apax Partners, following the financial crisis. In 2008 it made a series of hires to help build up its infrastructure team. In October of that year it hired a team of nine Goldman Sachs GS +0.50% proprietary traders.

However the lack of scale meant its diversification was always viewed as being less ambitious than Blackstone and Carlyle.

The Marshall Wace deal is not only a sign that this perception could be set to change, it also demonstrates the strong desire of all three alternatives giants to become operations that can handle sizable mandates.

This plays in well to the new world where institutional investors want to cut down on the number of relationships they must maintain. In this environment there are clear advantages to managers who can offer a wide range of alternative asset classes including private equity, hedge funds, infrastructure, credit and property. Investor desire for this kind of bundled deal was underlined for KKR in 2011 when the Teacher Retirement System of Texas placed $3 billion with it to invest across a range of strategies.

No doubt KKR had the prospect of similar mandates in mind when it struck its latest deal. That and the fact that it is now that bit closer catching up with its arch rivals.

Quelle: wsj.com

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KKR & Co. L.P. Price Target Raised to $29.00 at Citigroup Inc.

KKR & Co. L.P. had its price objective increased by Citigroup Inc. from $27.50 to $29.00 in a report issued on Thursday, Market Beat reports. They currently have a buy rating on the stock.

Quelle

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KKR to buy stake in Marshall Wace in hedge fund drive

* U.S private equity firm to buy 24.9 pct of Marshall Wace
* Retains an option to raise its stake to 39.9 pct
* Deal ups KKR's bets on lucrative hedge fund sector (Adds quotes from interviews, details, background)

Quelle; By Nishant Kumar and Rachel Chitra.

LONDON/BENGALURU, Sept 9 (Reuters) - American private equity firm KKR & Co is buying a stake in European hedge fund operator Marshall Wace, raising its bets on the rapidly growing $3 trillion industry.

KKR will acquire a 24.9 percent stake in the London-based company, one of Europe's biggest hedge fund operators with $22 billion of assets under management, with an option to raise it to 39.9 percent.

The two firms did not disclose the deal value but said the majority of the proceeds would be reinvested in Marshall Wace's funds or held in KKR stock.

A number of big companies have sought to buy stakes in firms in the hedge fund industry - where assets have tripled to $3 trillion in the past decade, according to data from HFR.

Meanwhile, many hedge fund firms are keen to strike such deals as the backing of a big company makes their products more competitive as some of the world's biggest investors such as pension funds and endowments are gravitating towards larger and more well-established industry players.

"Through this partnership, we increase meaningfully our breadth and capabilities," Scott Nuttall, head of global capital and asset management at KKR, told Reuters. "This is a driver of fee growth for us ... and further diversifies our earnings."

Similar deals in the sector have included Blackstone Group buying a stake in hedge fund Magnetar Capital and Goldman Sachs investing in hedge funds Caxton Associates, Knighthead Capital Management and Pelham Capital.

Marshall Wace, founded in 1997 by Paul Marshall, 56, and Ian Wace, 52, specialises in hedge funds mainly betting on rising and falling stock prices.

"For us, it's about the future," Wace told Reuters of the KKR deal. "The reality is that clients over time have wanted to be with bigger and stronger counterparts and this presents a very, very credible force," he added.

KKR started buying stakes in hedge funds in 2013 when it picked up a 24.9 percent stake in Nephila, which makes natural catastrophe and weather risk-related investments. The Marshall Wace deal doubles its exposure to the hedge fund sector in terms of assets under management.

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KKR burned by energy bets

- "KKR levered their energy bets to the hilt and ended up in the woodshed," says University of Michigan professor Erik Gordon.

- Samson Resources is set to file for bankruptcy protection by Sept. 15. Combined with last year's bankruptcy of Energy Future Holdings, it could cost KKR's investors about $5B.

- As a group, P-E firms since the middle of last year have seen about $17B in market cap erased from public energy producers they own, according to Bloomberg.

- KKR's $17.6B 2006 Fund LP put about $3B into the Energy Future and Samson LBOs, and KKR itself invested about $700M. A group of KKR's largest fund investors separately put up the remainder of the money for the P-E firm's stakes in those companies.

- Even with the two major stumbles, the fund has produced an annualized return of 9% after fees.

- Another $900M fund which began raising money in 2010 to invest in producing oil and gas operations has a minus 39% annualized return after fees, and a $2B fund which completed fundraising last year is now valued at 8.5% below investment costs.

- KKR hasn't made any new oil and gas private equity investments in North America since January 2014.

Quelle