Finance History | KKR — The Floors Behind the Red 9 at 9 West 57th
· 1976
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Finance History | KKR — The Floors Behind the Red 9 at 9 West 57th
kevin
People treat KKR as a Hudson Yards firm with a three-letter ticker.
The initials were assembled in 1976, when Jerome Kohlberg Jr. and cousins Henry Kravis and George R. Roberts left Bear Stearns and opened Kohlberg Kravis Roberts and Co.
Their first completed buyout that year was A.J. Industries, a manufacturer. The method was the leveraged buyout: a large fraction of the purchase price borrowed against the target's own cash flow, with the equity slice small enough that a partnership could control a company many times its paid-in capital.
For the decades that made those initials famous, the New York office sat in the Solow Building at 9 West 57th Street, the 1974 Gordon Bunshaft tower with the sloping face and the two-ton red numeral on the sidewalk.
The 1988 buyout of RJR Nabisco, agreed at about $25 billion in 1988 dollars, became the public face of the method. Kohlberg had already left the partnership in 1987.
The firm listed on the New York Stock Exchange in 2010. It later moved the New York headquarters to 30 Hudson Yards. The 9 West 57th rooms were never a trading floor and are not a museum.
What a visitor can still stand in front of is the building that held the office through the years when the buyout stopped being a specialist craft and became an asset class. The S&P 500 company still trades under those three letters.
Photo: C.M. de Talleyrand-Périgord, via Wikimedia Commons
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