92-576: The Smith's Snackfood Company is a British-Australian snack food brand owned by the American multinational food, snack, and beverage corporation PepsiCo . It is best known for its brand of potato crisps . The company was founded by Frank Smith and Jim Viney in the United Kingdom in 1920 as Smith's Potato Crisps Ltd , originally packaging a twist of salt with its crisps in greaseproof paper bags which were sold around London. The dominant brand in
184-535: A logo , pretzels boomed in popularity, bringing many other types of snack foods with it. By the 1950s, snacking had become an all-American pastime, becoming an internationally recognized emblem of middle American life. Nuts are a staple of snacks in the Middle East . Among the many varieties available within the region, the most popular are almonds , walnuts , hazelnuts , pine nuts , and pistachios . According to archeological evidence, nuts have been part of
276-469: A reverse takeover of its listed affiliate KKR Private Equity Investors in exchange for a 21% interest in the firm. In November 2008, KKR announced a delay of this transaction until 2009. Shares of KPE had declined significantly in the second half of 2008 with the onset of the credit crunch . KKR announced that it expected to close the transaction in 2009. In October 2009, KKR listed shares in KKR & Co. on
368-602: A $ 638 million block of stock. While KKR no longer had any ownership of RJR Nabisco by 1995, its original investment would not be fully realized until KKR exited its last investment in 2004. After sixteen years of efforts, including contributing new equity, taking RJR public, asset sales, and exchanging shares of RJR for the ownership of Borden, Inc. , KKR finally sold the last remnants of its 1989 investment. In July 2004, KKR agreed to sell its stock in Borden Chemical to Apollo Management for $ 1.2 billion. In
460-534: A 41.5% share of Smith's Potato Crisps (Australia)'s parent company, including all Australian shareholders. Over the next 20 years, other takeovers and new products (including Twisties and Burger Rings brands) drove growth. PepsiCo took over the company in 1998. In 1990, the APD name was replaced by CCA Snackfoods. In 1998, the Smiths Snackfood company was Australia's largest producer of salty snack foods. It
552-464: A 43.54% stake. In August 2019, KKR also acquired a majority stake in German payment service provider to the e-commerce industry Heidelpay from AnaCap Financial Partners for more than €600 million. In December 2019, KKR, together with Alberta Investment Management Corporation , acquired a 65% stake in the controversial Coastal GasLink Pipeline project from TC Energy . The pipeline route crosses
644-499: A Canadian income trust . In 2004 a consortium comprising KKR, Bain Capital and real estate development company Vornado Realty Trust announced the $ 6.6 billion acquisition of Toys "R" Us , the toy retailer. A month earlier, Cerberus Capital Management made a $ 5.5 billion offer for both the toy and baby supplies businesses. The Toys "R" Us buyout was one of the largest in several years. Following this transaction, by
736-533: A daily diet of Smith's crisps. During World War II, crisps were packed into British troop ships and sent off to allied forces. In the 1950s, fictional matriarch Doris Archer from BBC Radio's The Archers published a cookbook advocating the use of “delicious Smith's potato crisps, crushed to farthing size” in various meals. By 1956, the company was making 10 million packets every week. In 1960, Smith's purchased northern rival Tudor Crisps for £1 million. Smith's followed up this expansion two years later by purchasing
828-462: A group of divisions that it could sell to reduce debt. Over the coming years, RJR would pursue a number of additional restructurings, equity injections, and public offerings of stock to provide the company with added financial flexibility. KKR contributed $ 1.7 billion of new equity into RJR in July 1990 to complete a restructuring of the company's balance sheet. KKR's equity contribution as part of
920-422: A leading producer of food and tobacco products, formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company . In October of that year, Johnson proposed a $ 17 billion ($ 75 per share) management buyout of the company with the financial backing of investment bank Shearson Lehman Hutton and its parent company, American Express . Several days later, Kravis, who had originally suggested
1012-410: A majority interest over minor shareholders. Growth after World War II was rapid, so a continuous cooker process was introduced to replace the individual cooking pots and in 1960 the production of a one shilling pack for cinemas and a box pack for four shillings was initiated. In 1961, Smith's introduced its first flavoured chip - chicken. It was a very popular flavour, influencing most competitors at
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#17328022478411104-540: A manager for a Smithfield wholesale grocery business which sold potato crisps from 1913. Deciding to make his own, Smith converted garages in Cricklewood , London into a crisp factory, selling to local businesses. By 1920, he had 12 full-time employees and was producing half a million packets a week. Smith conceived the idea of selling unseasoned potato crisps with a small blue sachet of salt that could be sprinkled over them. In 1927, after buying Jim Viney's share of
1196-399: A new $ 17.6 billion fund, the KKR 2006 Fund, with which the firm began executing a series of some of the largest buyouts in history. KKR's $ 44 billion takeover of Texas-based power utility TXU in 2007 proved to be the largest leveraged buyout of the mid-2000s buyout boom and the largest buyout completed to date. Among the most notable companies acquired by KKR in 2006 and 2007 were
1288-616: A number of highly successful investments, the $ 27 million investment in Cobblers ended in bankruptcy. By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts, which led to the formation of Kohlberg Kravis Roberts & Co. Most notably, Bear Stearns executive Cy Lewis had rejected repeated proposals to form a dedicated investment fund within Bear Stearns. The name had been planned to be Kohlberg Roberts Kravis, but public relations advisors preferred
1380-499: A platform to buy media properties, initially completing the $ 310 million divisional buyout of the book club division of Macmillan along with the assets of Intertec Publishing Corporation in May 1989. During the early 1990s, K-III continued acquiring publishing assets, including a $ 650 million acquisition from News Corporation in 1991. K-III went public, however instead of cashing out, KKR continued to make new investments in
1472-539: A sandwich and apple. The disclaimer that the product had only met the 'Amber' criteria of the National Healthy School Canteens Guidelines were in small font and on the other side of the packaging to the logo. Smith's has since removed the logo from the product. Snack food A snack is a small portion of food generally eaten between meals . A snack is often less than 200 calories, but this can vary. Snacks come in
1564-471: A significantly profitable business. Snack foods are typically designed to be portable, quick, and satisfying. Processed snack foods, as one form of convenience food , are designed to be less perishable, more durable, and more portable than prepared foods. They often contain substantial amounts of sweeteners , preservatives , and appealing ingredients such as chocolate , peanuts , and specially designed flavors (such as flavored potato chips ). Aside from
1656-459: A single investment in 1990, the first such year since 1982. KKR began to focus primarily on its existing portfolio companies acquired during the buyout boom of the late 1980s. Six of KKR's portfolio companies completed IPOs in 1991, including RJR Nabisco and Duracell . As the new decade began, KKR began restructuring RJR. In January 1990, it completed the sale of RJR's Del Monte Foods to a group led by Merrill Lynch . KKR had originally identified
1748-489: A spit before thinly slicing it. Government bodies, such as Health Canada , recommend that people make a conscious effort to eat more healthy, natural snacks, such as fruit , vegetables , nuts , and cereal grains while avoiding high-calorie, low-nutrient junk food . A 2010 study showed that children in the United States snacked on average six times per day, approximately twice as often as American children in
1840-524: A tin. "Twist of salt" sachets were included before pre-salting had been introduced. In March 1932, Smith's Potato Crisps Ltd. went into voluntary liquidation as a result of the Great Depression . However, three months later, George Ensor tendered for the business put up for sale by the liquidators, and on 13 May 1932, Smith's Potato Crisps (Australia) was formed with the UK Smith's Company holding
1932-515: A two-decade-long flavour war. In 1966, Smith's was purchased by the American food producer, General Mills . Smith's launched a ‘Do The Crunch' advertising campaign; in 1967 a young Phil Collins toured the UK teaching people the crunch dance. Aimed at children, Monster Munch were launched by Smiths in Britain in 1977. Originally called "The Prime Monster" (a play on The Prime Minister , and as part of
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#17328022478412024-427: A variety of forms including packaged snack foods and other processed foods, as well as items made from fresh ingredients at home. Traditionally, snacks are prepared from a number of ingredients commonly available at home without a great deal of preparation. Often cold cuts , fruits , leftovers , nuts , sandwiches , and sweets are used as snacks. With the spread of convenience stores , packaged snack foods became
2116-589: A wider campaign), they were renamed "Monster Munch" in 1978. In 1978, Smith's was sold by its parent company, General Mills to the British biscuit giant Associated Biscuits . Associated Biscuits was purchased by Nabisco in 1982, bringing Smith's under the same ownership as rival Walkers . In 1988, RJR Nabisco was purchased in a leverage buyout by Kohlberg Kravis Roberts & Co , and to reduce debt several business were sold to French conglomerate BSN , who quickly sold on Smith's and Walkers to PepsiCo in 1989. At
2208-404: Is a flour-based cracker with brittle of peanuts, anchovies or shrimp bound by a crispy flour cracker. Rengginang or intip ( Javanese ) is a rice cracker made from sun-dried and deep fried leftover rice. Japan has a very wide range of snack foods, some of which are internationally popular, ranging from onigiri to melon pan . In 2010, the average Canadian ate 300 snacks. Canadian identity
2300-524: Is headquartered at 30 Hudson Yards , Manhattan, New York, with offices in Beijing , Dubai , Dublin , Houston, Hong Kong , London , Luxembourg , Madrid , Menlo Park , Mumbai , Paris , Riyadh , San Francisco , São Paulo , Seoul , Singapore , Shanghai , Sydney and Tokyo . In a 2016 interview with Bloomberg, founder Henry Kravis described KKR in terms of three broad buckets: private markets, public markets, and capital markets. While running
2392-558: Is often associated with snack foods that are sold in Canada due to economic nationalism . Some Canadian snacks include ketchup chips , Smarties , Coffee Crisp , Kinder Surprise , Jos Louis , Big Turk , and Nanaimo bars . In the United States, a popular snack food is the peanut . Peanuts first arrived from South America via slave ships and became incorporated into African-inspired cooking on southern plantations . After
2484-464: Is one of the top-selling and famous Indian snack brands around the world. Indonesia has a rich collection of snacks called kue (cakes and pastry), both savoury and sweet. Traditional kue is usually made from rice flour , coconut milk, and coconut sugar , and is mostly steamed or fried rather than baked. Traditional kue are popularly known as kue basah ("wet kue") that has a moist, soft texture because of rich coconut milk. Kue kering (dried kue)
2576-454: Is set to make an investment into Indian digital company Jio Platforms . It was reported that KKR was negotiating to buy a $ 1.5bn stake of a maximum value reach of $ 65bn for Jio Platforms. In late June 2020, KKR announced it would lead a $ 48 million funding round for Artlist, a provider of royalty-free music , sound effects and video. Despite the COVID-19 pandemic , the company reported
2668-976: Is the local name for cookies. Indonesia has several variations of kue, both native and foreign-influenced. Traditional crackers are called krupuk , made from bits of shrimp, fish, vegetables or nuts, which are usually consumed as a crunchy snack or an accompaniment to meals. These crispy snacks are sometimes added to main dishes for their crunchy texture; several Indonesian dishes such as gado-gado , karedok, ketoprak, lontong sayur, nasi uduk, asinan and bubur ayam are known to require specific types of krupuk as toppings. There are wide variations of krupuk available across Indonesia. The most popular ones would be krupuk udang ( prawn crackers ) and krupuk kampung or krupuk putih (cassava crackers). Other popular types include krupuk kulit (dried buffalo-skin crackers), emping melinjo ( gnetum gnemon crackers), and kripik (chips/crisps), such as kripik pisang ( banana chips ) and keripik singkong ( Cassava chips). Rempeyek
2760-598: The Civil War , the taste for peanuts spread north, where they were incorporated into the culture of such popular events as baseball games and vaudeville theaters . Along with popcorn (also of South American origin), snacks bore the stigma of being sold by unhygienic street vendors . The middle-class etiquette of the Victorian era (1837–1901) categorized any food that did not require proper usage of utensils as lower-class. Pretzels were introduced to North America by
2852-540: The Dutch , via New Amsterdam in the 17th century. In the 1860s, the snack was still associated with immigrants, unhygienic street vendors, and saloons. Due to loss of business during the Prohibition era (1920–1933), pretzels underwent rebranding to make them more appealing to the public. As packaging revolutionized snack foods, allowing sellers to reduce contamination risk, while making it easy to advertise brands with
The Smith's Snackfood Company - Misplaced Pages Continue
2944-709: The Euronext exchange, replacing KPE, and anticipated a listing on the New York Stock Exchange in 2010. The public entity represented a 30% interest in Kohlberg Kravis Roberts. In December 2011, Samson Investment Company was acquired by a group of private equity investors led by KKR for approximately $ 7.2 billion and Samson Resources Corporation was formed. With the severe downturn in oil and natural gas prices, in September 2015,
3036-527: The Oregon State Treasury's public pension fund invested in KKR's acquisition of retailer Fred Meyer, Inc. Oregon State remains an active investor in KKR funds. In 1979 KKR completed a risky, precedent-setting ($ 380 million) public-to-private leveraged buyout of a large conglomerate Houdaille Industries , a well-known producer of machine tools, industrial pipes, chrome-plated car bumpers and torsional viscous dampers, which they signed
3128-835: The Seven Network of Australia. On January 23, 2007, KKR announced it would invest $ 700 million through a PIPE investment in Sun Microsystems . In January 2008, KKR announced it had made a $ 1.25 billion PIPE investment in Legg Mason through a convertible preferred stock offering. In addition to its successful buyout transactions, KKR was involved in the failed buyout of Harman International Industries ( NYSE : HAR ) , an upscale audio equipment maker. On April 26, 2007, Harman announced it had entered an agreement to be acquired by KKR and Goldman Sachs . In September 2007, KKR and Goldman backed out of
3220-523: The credit rating of RJR's debt from junk to investment grade . KKR began to reduce its ownership in RJR in 1994, when its stock in RJR was used as part of the consideration for its leveraged buyout of Borden, Inc. , a producer of food and beverage products, consumer products, and industrial products. The following year, in 1995, KKR would divest itself of its final stake in RJR Nabisco when Borden sold
3312-518: The $ 8 billion buyout of Harman. By the end of the day, Harman's shares had plummeted by more than 24% upon the news. In 2007, KKR filed with the Securities and Exchange Commission to raise $ 1.25 billion by selling an ownership interest in its management company. The filing came less than two weeks after the initial public offering of rival private equity firm Blackstone Group . KKR had previously listed its KPE vehicle in 2006, but for
3404-603: The 1970s. This represents consumption of roughly 570 calories more per day than U.S. children consumed in the 1970s. Kohlberg Kravis Roberts %26 Co KKR & Co. Inc. , also known as Kohlberg Kravis Roberts & Co. , is an American global investment company . As of December 31, 2023 , the firm had completed private equity investments in portfolio companies with approximately $ 710 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $ 553 billion and $ 446 billion, respectively. KKR
3496-506: The 1990s would be one of its least successful. In January 1998, KKR and Hicks, Muse, Tate & Furst agreed to the $ 1.5 billion buyouts of Regal Entertainment Group . KKR and Hicks Muse had initially intended to combine Regal with Act III Cinemas , which KKR had acquired in 1997 for $ 706 million and United Artists Theaters , which Hicks Muse had agreed to acquire for $ 840 million in November 1997. Shortly after agreeing to
3588-482: The 2007 buyout of TXU , which is currently the largest buyout completed to date. In October 2009, KKR listed shares in the company through KKR & Co., an affiliate that holds 30% of the firm's ownership equity , with the remainder held by the firm's partners. In March 2010, KKR filed to list its shares on the New York Stock Exchange (NYSE), with trading commencing four months later, on July 15, 2010. The firm employed 4,490 employees as of December 31, 2023. KKR
3680-479: The Australian hospitality industry with a portfolio of 200+ venues. In mid-July 2018, KKR purchased RBMedia , one of the largest independent publishers and distributors of audiobooks . On July 22, 2018, KKR & Co. announced it was taking over Taipei-based LCY Chemical Corp. in a deal valued at NT$ 47.8 billion ($ 1.56 billion US), part of a plan for more transactions involving controlling stakes in
3772-710: The Company went into Chapter 11 bankruptcy and during its bankruptcy process, sold several large assets. In 2012, KKR made its first retail real-estate investment in Yorktown Center in Illinois. In March 2013, KKR exited its joint venture in music company BMG Rights Management , selling its 51% stake to Bertelsmann . In January 2014, KKR acquired Sedgwick Claims Management Services Inc for $ 2.4 billion from two private equity companies - Stone Point, and Hellman & Friedman . In June 2014, KKR announced it
The Smith's Snackfood Company - Misplaced Pages Continue
3864-461: The Forstmann consortium came apart and did not provide a final bid for RJR. In November 1988, RJR set guidelines for a final bid submission at the end of the month. The management and Shearson group submitted a final bid of $ 112, a figure they felt certain would enable them to outflank any response by Kravis and KKR. KKR's final bid of $ 109, while a lower dollar figure, was ultimately accepted by
3956-680: The Greater China region. In July 2018, it was announced that KKR sold Gallagher Shopping Park, West Midlands in the UK to South Korean investors, Hana for £175 million. In February 2019, KKR acquired Brightsprings, and in a May 2022 letter from four United States Senators, Joe Bae and Scott Nutall were asked to explain the substandard care since their acquisition. KKR acquired the German media company Tele München Gruppe . Later that month, KKR acquired German film distributor Universum Film GmbH. In Apri 2019, KKR acquired German film production company Wiedemann & Berg Film Production with
4048-692: The Middle Eastern diet for centuries with ancient civilizations taking advantage of them for their health benefits. The health benefits of nuts comes from them being good sources of protein, healthy fats, fibers, vitamins and minerals. Nuts have now become a regular snack with a 119 billion dollar market as of 2022 that is projected to continue growing into 2023. Nuts can be prepared in a variety of ways, such as by roasting them with spices and lemon juice or incorporating them into food and desserts such as baklava , knafeh , and kibbeh . Spreads and dips are eaten with pita bread . The most popular dip in
4140-463: The Regal takeover, the deal with United Artists fell apart, destroying the strategy to eliminate costs by building a larger combined company. Two years later, in 2000, Regal encountered significant financial issues and was forced to file for bankruptcy protection; the company passed to billionaire investor Philip Anschutz . At the start of the 21st century, the landscape of large leveraged buyout firms
4232-603: The Syrian city of Aleppo . Baba ganoush is a spread made from roasted eggplants, olive oil, and other vegetables. The origins of baba ganoush are not clear with many conflicting pieces of evidence pointing to multiple countries of origin. A sweet dip is Ashta, a cream made from milk, rose or orange blossom water, and ghee, which is usually accompanied with honey. Many popular snacks in the Middle East are obtained from street vendors due to low cost and convenience of eating on
4324-547: The UK business being purchased in 1989, and the Australian business in 1998. Smith's Snackvend Stand is the branch of the company that operates vending machines . The Smith's brand in the United Kingdom is now a sub-brand of the main Walkers brand, while in Australia, Smiths is the main brand. Smith's Potato Crisps was formed by entrepreneurs Frank Smith and Jim Viney in the United Kingdom after World War I . Smith had been
4416-424: The UK until the 1960s when Golden Wonder took over with Cheese & Onion, Smith's countered by creating Salt & Vinegar flavour (first tested by their north-east England subsidiary Tudor ) which was launched nationally in 1967. After establishing the product in the UK, Smith set up the company in Australia in 1932. Both versions of Smiths have had various owners, but were reunited under PepsiCo ownership, with
4508-716: The US Federal Deposit Insurance Corporation . In January 1996, KKR would exchange its investment for a 7.5% interest in Fleet Bank . KKR completed the 1992 buyout of American Re Corporation from Aetna as well as a 47% interest in TW Corporation , later known as The Flagstar Companies and owner of Denny's in 1992. Among the other notable investments KKR completed in the early 1990s included World Color Press (1993–95), RELTEC Corporation (1995) and Bruno's (1995). By
4600-599: The biscuit and wafer producer, G & T Bridgewater and the Cardiff based nut company Snackpak Food Products. Following the creation of Cheese & Onion flavour by Tayto in Ireland, Golden Wonder (Smiths' main competitor in Britain) produced their Cheese & Onion version, and Smith's countered with Salt & Vinegar (tested first by their north-east England subsidiary Tudor) which launched nationally in 1967, starting
4692-442: The board of directors of RJR Nabisco. KKR's offer was guaranteed, whereas the management offer lacked a "reset", meaning that the final share price might have been lower than their stated $ 112 per share. Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Ross Johnson's unprecedented golden parachute deal. Time magazine featured Johnson on the cover of their December 1988 issue along with
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#17328022478414784-458: The business, the company expanded into a factory in Brentford , London. In 1929, Smiths had seven factories in the UK and the following year it was incorporated as a private limited company . By 1934, 200 million packets of crisps were sold in Britain each year, 95 percent of which were manufactured by Smith's. In 1939, the footballers of Portsmouth won the last FA Cup final before the war on
4876-491: The buyout. KKR collected a $ 75 million fee in the RJR takeover. At $ 31.1 billion of а transaction value (including assumed debt), RJR Nabisco was, at the time, by far the largest leveraged buyout in history. The buyout of RJR Nabisco was completed in April 1989 and KKR would spend the early 1990s repaying the RJR's enormous debt load through a series of asset sales and restructuring transactions. KKR did not complete
4968-451: The company in 1998, 2000 and 2001 to support acquisition activity. In 2005, Primedia redeemed KKR's preferred stock in the company but KKR was estimated to have lost hundreds of millions of dollars on its common stock holdings as the price of the company's stock collapsed. In 1991, KKR partnered with Fleet/Norstar Financial Group in the 1991 acquisition of the Bank of New England , from
5060-472: The corporate finance department for Bear Stearns in the 1960s and 1970s, Jerome Kohlberg , and later Henry Kravis and George Roberts , completed a series of what they described as "bootstrap" investments. They targeted family-owned businesses, many of which had been founded in the years following World War II , that were facing succession issues. Many of these companies lacked a viable exit for their founders because they were too small to be taken public and
5152-484: The early 1990s, the absence of an active high yield market prompted KKR to change its tactics, avoiding large leveraged buyouts in favor of industry consolidations through what was described as leveraged buildups or rollups . One of KKR's largest investments in the 1990s was the leveraged buildup of Primedia in partnership with former executives of Macmillan Publishing , which KKR had failed to acquire in 1988. KKR created Primedia's predecessor, K-III Communications ,
5244-536: The end of 2004 and in 2005, major buyouts were once again becoming common and market observers were stunned by the leverage levels and financing terms obtained by financial sponsors in their buyouts. In 2005, KKR was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $ 11.3 billion. KKR's partners in the acquisition were Silver Lake Partners , Bain Capital , Goldman Sachs Capital Partners , Blackstone Group , Providence Equity Partners , and TPG Capital . This represented
5336-458: The firm invested $ 90 million in lighting and electrics firm Savant Systems . Also in 2014, KKR acquired commercial landscaping company ValleyCrest from Michael Dell 's investment firm MSD Capital , and combined it with landscape company Brickman, which it had owned since 2013, to form BrightView. In January 2015, KKR confirmed its purchase of the British rail ticket website thetrainline.com , previously owned by Exponent. The purchase sum
5428-549: The firm was responsible for the 1988 leveraged buyout of RJR Nabisco . RJR Nabisco was the largest buyout in history at that time, at $ 25 billion, and remained the largest buyout for the next 17 years. The deal was chronicled in Barbarians at the Gate: The Fall of RJR Nabisco , and later made into a television movie starring James Garner . In 1988, F. Ross Johnson was the president and CEO of RJR Nabisco ,
5520-516: The firm's use of hostile tactics in the buyout of RJR. KKR proposed to provide a joint offer with Johnson and Shearson Lehman but was rebuffed and Johnson attempted to stonewall KKR's access to financial information from RJR. Rival private equity firm Forstmann Little & Co. was invited into the process by Shearson Lehman but attempted to provide a bid for RJR with a consortium of Goldman Sachs Capital Partners , Procter & Gamble , Ralston Purina and Castle & Cooke . Ultimately,
5612-475: The first time, KKR would offer investors an ownership interest in the management company itself. The onset of the credit crunch and the shutdown of the IPO market dampened the prospects of obtaining a valuation attractive to KKR. The flotation was repeatedly postponed and called off by the end of August. The following year, in July 2008, KKR announced a new plan to list its shares. The plan called for KKR to complete
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#17328022478415704-470: The following month, it acquired PharMerica for $ 1.4 billion including debt, Pepper Group for $ 518 million, Covenant Surgical Partners, and Envision Healthcare Corporation's ambulance business ( American Medical Response, Inc. (AMR) ) for $ 2.4 billion. On July 6, 2017, KKR announced it would merge Northern California Mi Pueblo and Ontario-based Cardenas Market. On September 18, 2017, Toys "R" Us, Inc. filed for Chapter 11 bankruptcy , stating
5796-487: The following: Other non-buyout investments completed by KKR during this period included Legg Mason , Sun Microsystems , Tarkett, Longview Power Plant , and Seven Network . In October 2006, KKR acquired a 50% stake in Tarkett, a France-based distributor of flooring products, in a deal valued at about €1.4 billion ($ 1.8 billion). On November 20, 2006, KKR announced it would form a A$ 4 billion partnership with
5888-665: The founders were reluctant to sell out to competitors. In 1964, Lewis Cullman acquired and then sold Orkin Exterminating Company in what some call the first significant leveraged buyout transaction. In the following years the three Bear Stearns bankers completed a series of buyouts including Stern Metals (1965), Incom (a division of Rockwood International, 1971), Cobblers Industries (1971), and Boren Clay (1973), as well as Thompson Wire, Eagle Motors and Barrows through their investment in Stern Metals. Despite
5980-469: The go. Many of these snacks consist of a protein with bread. Falafel consists of many little fried balls of ground chickpeas or fava beans with herbs, spices served in pita bread with tahini sauce and a choice of vegetables. Falafel is believed to originate from Egypt around 1000 years ago by Egyptian Copts . Shawarma is served in a similar fashion to falafel, pita bread with sauce and vegetables, but instead prepared by slowly cooking layers of meat on
6072-420: The headline, "A Game of Greed: This man could pocket $ 100 million from the largest corporate takeover in history. Has the buyout craze gone too far?". KKR's offer was welcomed by the board, and, to some observers, it appeared that their elevation of the reset issue as a deal-breaker in KKR's favor was little more than an excuse to reject Johnson's higher bid of $ 112 per share. Johnson received $ 53 million from
6164-581: The idea of the buyout to Johnson, presented a new bid for $ 20.3 billion ($ 90 per share) financed with an aggressive debt package. KKR had the support of equity co-investments from pension funds and other institutional investors , including Coca-Cola , Georgia-Pacific and United Technologies corporate pension funds, as well as endowments from MIT , Harvard and the New York State Common Retirement Fund . However, KKR faced criticism from existing investors over
6256-591: The largest leveraged buyout completed since the takeover of RJR Nabisco in 1988. SunGard was the largest buyout of a technology company until the Blackstone -led buyout of Freescale Semiconductor . The SunGard transaction was notable given the number of firms involved in the transaction, the largest club deal completed to that point. The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive. In 2006, KKR raised
6348-463: The latter company's television arm W&B Television remained a separate entity. Two months later in July 2019, KKR acquired the Canadian software company Corel . In August 2019, KKR acquired Arnott's , the Australian snack unit of Campbell Soup Company , for $ 2.2 billion. Later that month, KKR became the biggest shareholder of German media group Axel Springer , paying $ 3.2 billion for
6440-463: The library and publishing industry; the acquisition was finalized in June 2020. In May 2020, KKR announced that it will be investing $ 750 million in cosmetics producer Coty . A separate plan was revealed in which several divisions of Coty are set to be spun out into a new company. According to the deal, KKR will own 60%, while Coty 40% of the new business. The same month, it was announced that KKR
6532-500: The mainstay flavours of the brand since the 1980s. Many other 'limited edition' variants have also been tried over the years. During the late 1980s, the company introduced the famous advertising mascot Gobbledok , a chip obsessed alien character similar to the popular characters E.T. and ALF . In 1968, Associated Products and Distribution Pty Ltd (APD), the food group holding company in British Tobacco Co. (Aust), bought
6624-463: The mid-1990s, the debt markets were improving and KKR had moved on from the RJR Nabisco buyout. In 1996, KKR was able to complete the bulk of fundraising for what was then a record $ 6 billion private equity fund, the KKR 1996 Fund. However, KKR was still burdened by the performance of the RJR investment and repeated obituaries in the media. KKR was required by its investors to reduce the fees it charged and to calculate its carried interest based on
6716-407: The middle east is hummus . Hummus is a blend of chickpeas , tahini , lemon, and garlic usually served with olive oil and paprika on top. Hummus's origins can be traced back to a Syrian cookbook from the 13th century. Other dips are also popularly served such as mouhammara and baba ganoush . Mouhammara is a walnut, tahini, and roasted red pepper dip served with olive oil on top originating from
6808-513: The move would give it flexibility to deal with $ 5 billion in long-term debt, borrow $ 2 billion so it would be able to pay suppliers for the upcoming holiday season and invest in improving current operations. During 2017, KKR purchased an 80 percent stake in Dixon Hospitality Group for A$ 190 million in 2017 which turned into the company Australian Venue Co. (AVC). AVC is a food and beverage-focused operator in
6900-465: The original leveraged buyout of RJR had been only $ 1.5 billion. In mid-December 1990, RJR announced an exchange offer that would swap debt in RJR for a new public stock in the company, effectively an unusual means of taking RJR public again and simultaneously reducing debt on the company. RJR issued additional stock to the public in March 1991 to reduce debt further, resulting in an upgrade of
6992-501: The previous 1975 large size of 6½oz). Products produced by The Smith's Snackfood Company have been recalled on several occasions including: In July 2016, The Smith's Snackfood Company was fined $ 10,800 by the Australian Competition & Consumer Commission for misleading representation on its Sakata Paws Pizza Supreme Rice Snacks, which included a logo with the words “Meets School Canteen Guidelines” and an image of
7084-423: The previous year. It soon ended in a spectacular failure, breakup of the half-a-century-old company and loss of thousands of jobs, even though creditors earned a profit. The firm's acquisitions during the 1980s buyout boom include: At age 61, Kohlberg resigned in 1987 (he later founded his own private equity firm, Kohlberg & Co. ), and Henry Kravis succeeded him as senior partner. Under Kravis and Roberts,
7176-481: The product and name in the UK, Frank Smith moved to set up a subsidiary in Australia. Smith's Crisps were first manufactured in Australia in 1931 with an associate, George Ensor, in leased premises in Sydney 's Surry Hills . They were originally made in 20 gas fired cooking pots, then packed by hand and distributed by Nestle confectionery vans. Smith's Potato Crisps sold its early crisps in three penny packets, 24 to
7268-553: The sound of KKR. The new KKR completed its first buyout, of manufacturer A.J. Industries, in 1976. KKR raised capital from a small group of investors including the Hillman Company and First Chicago Bank . By 1978, with the revision of the ERISA regulations, the nascent KKR was successful in raising its first institutional fund with over $ 30 million of investor commitments. In 1981, KKR expanded its investor base after
7360-500: The territory of the Wet'suwet'en Nation , which opposes the project. Enforcement of an injunction to build through the Wet'suwet'en territory has sparked widespread protests across Canada . In the final days of 2019, KKR announced it would acquire OverDrive, Inc. , a major distributor of eBooks to libraries. The potential for consolidation with KKR subsidiary RBMedia was quickly noted in
7452-499: The time Walkers had a third of the crisp market in the United Kingdom, while Smith's had a third of the extruded snacks market, making them the market leader. Subsequently, Pepsico withdrew the brand, in favour of British brand Walkers, which was heavily marketed by PepsiCo in a campaign using former England international footballer turned television presenter Gary Lineker . Many of the products previously marketed by Smith's became labelled as Walkers, such as Quavers . After establishing
7544-435: The time to adopt a Chicken variation. Other flavours released were Original (Pre-Salted) and Salt & Vinegar. Later, in the 1970s, Barbecue was added as a flavour for Smiths crinkle cut chips, and in the 1980s Cheese & Onion was added. These five flavours - Original Salted (blue packet), Salt & Vinegar (magenta packet), Chicken (green packet), Barbecue (orange packet) and Cheese & Onion (yellow packet) have remained
7636-599: The total profit of the fund (i.e., offsetting losses from failed deals against the profits from successful deals). KKR's activity level would accelerate over the second half of the 1990s making a series of notable investments including Spalding Holdings Corporation and Evenflo (1996), Newsquest (1996), KinderCare Learning Centers (1997), Amphenol Corporation (1997), Randalls Food Markets (1997), The Boyds Collection (1998), MedCath Corporation (1998), Willis Group Holdings (1998), Smiths Group (1999), and Wincor Nixdorf (1999). KKR's largest investment of
7728-503: The use of additives , the viability of packaging so that food quality can be preserved without degradation is also important for commercialization. A snack eaten shortly before going to bed or during the night may be called a "bedtime snack", "late night snack", or "midnight snack". Indian snack foods are typically called chaats . Snacks like pani puri and samosas have become popular outside of India. Most traditional snacks are home-made or sold by street vendors. Haldiram's
7820-542: Was acquired in August of that year, by Frito-Lay the second largest producer of salt snack foods in Australia, which is owned by PepsiCo. To prevent the Australian Competition & Consumer Commission from intervening for unfair trading practices Frito-Lay divested a range of brands, manufacturing facilities, including plants in Western Australia , South Australia , New South Wales and Victoria . The package
7912-585: Was changing. Several large and storied firms, including Hicks Muse Tate & Furst and Forstmann Little & Company were dragged down by heavy losses in the bursting of the telecom bubble . Although KKR's track record since RJR Nabisco was mixed, losses on such investments as Regal Entertainment Group , Spalding , Flagstar and RentPath (previously K-III Communications) were offset by successes in Willis Group, Wise Foods, Inc. , Wincor Nixdorf and MTU Aero Engines , among others. Additionally, KKR
8004-418: Was founded in 1976 by Jerome Kohlberg Jr. , and cousins Henry Kravis and George R. Roberts , all of whom had previously worked together at Bear Stearns , where they completed some of the earliest leveraged buyout transactions. Since its founding, KKR has completed a number of transactions, including the 1989 leveraged buyout of RJR Nabisco , which was the largest buyout in history to that point, as well as
8096-466: Was named Snack Brands Australia and was sold to Dollar Sweets Holdings . In that package included the brands sold were CC's , Cheezels , Thins and Samboy . Despite Australians using the term "chips" for crisps, Smith's called their product crisps until as late as 2003. They are now labelled as Smith's Chips. As of 2010–2011, portions contained in "large" bags of Smith's Snackfood products have diminished, down from 200g to 175g (approximately equal to
8188-644: Was not disclosed. On October 12, 2015, KKR announced that it had entered into definitive agreement with Allianz Capital Partners to acquire their majority stake in Selecta Group, a European vending services operator. In 2016, KKR purchased two Hispanic grocery chains, Northern California Mi Pueblo and Ontario, California –based Cardenas. In February 2016, KKR invested $ 75 million in commercial real estate lender A10 Capital. On September 1, 2016, KKR announced that it had acquired Epicor Software Corporation , an American software company. In October 2016, it
8280-555: Was one of the few firms that were able to complete large leveraged buyout transactions in the years immediately following the collapse of the Internet bubble, including Shoppers Drug Mart and Bell Canada Yellow Pages . KKR was able to realize its investment in Shoppers Drug Mart through a 2002 IPO and subsequent public stock offerings. The directories business would be taken public in 2004 as Yellow Pages Income Fund ,
8372-614: Was reported that KKR invested $ 250 million in OVH to be used for further international expansion. This funding round valued OVH at over $ 1 billion, making it a unicorn . In December 2016, the Lonza Group announced it would acquire Capsugel for $ 5.5 billion from Kohlberg Kravis Roberts. In February 2017, KKR was reported to be trying to take over the international market research company ARI GfK SE . In July 2017, KKR acquired WebMD Health Corp for $ 2.8 billion and,
8464-660: Was taking a one-third stake in Spanish energy business Acciona Energy , at a cost of €417 million ($ 567 million). The international renewable energy generation business operates renewable assets, largely wind farms , across 14 countries including the United States , Italy and South Africa . In August 2014, KKR announced it was investing $ 400 million to acquire Fujian Sunner Development, China's largest chicken farmer, which breeds, processes and supplies frozen and fresh chickens to consumers and corporate clients, such as KFC and McDonald's, across China. In September 2014,
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