World Library  
Flag as Inappropriate
Email this Article

Kohlberg Kravis Roberts

KKR & Co. L.P.
Public company
Traded as NYSE: KKR
Industry Financial services: private equity (1976–present); investment banking (2004–present)
Founded 1976
Founder Jerome Kohlberg
Henry Kravis
George R. Roberts
Headquarters 9 West 57th Street
Suite 4200
New York, New York 10019
Number of locations
13 offices in 9 countries[1]
Key people
Henry R. Kravis (Co-Chairman/Co-CEO)
George R. Roberts (Co-Chairman/Co-CEO)
Products Management buyouts
Leveraged finance
Venture capital
Growth capital
Revenue $8.896 billion (2013)
$691.2 million (2013)
AUM $98.0 billion (2012)
Total assets $51.427 billion (2013)
Website Official website

KKR & Co. L.P. (formerly known as Kohlberg Kravis Roberts & Co.) is an American multinational private equity firm, specializing in leveraged buyouts, headquartered in New York. The firm sponsors and manages private equity investment funds. A pioneer in the leveraged buyout industry, the firm has completed over $400 billion of private equity transactions since its inception.[2][3]

The firm was founded in 1976 by Bear Stearns, where they completed some of the earliest leveraged buyout transactions. Since its founding, KKR has completed a number of landmark transactions including the 1989 leveraged buyout of RJR Nabisco, which was the largest buyout in history to that point, as well as the 2007 buyout of TXU, which is currently the largest buyout completed to date.[4][5] KKR has completed investments in over 160 companies since 1977, completing at least one investment in every year except in 1982 and in 1990.[6]

KKR is headquartered in New York City with 13 additional offices in the United States, Europe and Asia.[1] 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),[7] with trading commencing four months later, on July 15, 2010.


  • The Firm KKR 1
  • Investment funds and other affiliates 2
    • Private equity funds 2.1
    • KKR Financial 2.2
    • KKR Private Equity Investors 2.3
  • History 3
    • Founding and early history 3.1
    • Barbarians at the Gate – KKR's leveraged buyout of RJR Nabisco 3.2
    • Early 1990s: The aftermath of RJR Nabisco 3.3
    • Early 1990s: Investments 3.4
    • 1996–1999 3.5
    • 2000–2005 3.6
    • Since 2005 and the Buyout Boom 3.7
    • Initial public offering 3.8
    • 2010 to present day 3.9
  • Notable current and former employees 4
  • Works about KKR 5
  • See also 6
  • Notes 7
  • References 8
  • External links 9

The Firm KKR

KKR is operated by its managing partners

  • Yahoo! – Kohlberg Kravis Roberts & Co. company profile

External links

  • / Industries / Basic industries – "KKR set to buy Masonite for C$3.1bn"
  • Gross, Daniel & David Sterling. "Has Henry Kravis gone soft?". Slate, August 5, 2007; retrieved August 7, 2007.
  • The KKR Way. Bloomberg Markets, August 2007
  • "The barbarians at the gate have been losing their Midas touch"., August 6, 2005; retrieved February 16, 2009.


  1. ^ a b c KKR locations (company Web site); retrieved March 8, 2010. Archived January 18, 2009 at the Wayback Machine
  2. ^ a b c d KKR & Co. L.P., Form S-1, Securities And Exchange Commission, July 3, 2007
  3. ^ a b c d e f g h i Kohlberg Kravis Roberts & Co. Company History. Funding Universe; retrieved February 16, 2009.
  4. ^ "What's An Aging 'Barbarian' To Do?" The New York Times, August 26, 2001.
  5. ^ What Does Henry Kravis Want?. The New York Times, September 6, 2008
  6. ^ KKR Investment History (company website); retrieved February 16, 2009. Archived December 18, 2008 at the Wayback Machine
  7. ^ "KKR Files for NYSE Listing", March 17, 2010.
  8. ^ a b KKR Annual Review2007 ; retrieved February 16, 2009.
  9. ^ "Canada Pension Plan Unit to Join K.K.R. Merchant Banking Venture", New York Times (Dealbook Section), January 17, 2013.
  10. ^ a b "Several Giant Pension Funds Investing in Offer for Nabisco". The New York Times, October 31, 1988.
  11. ^ KKR & Co. L.P., Form 10-Q, Securities And Exchange Commission, March 31, 2014
  12. ^ a b "KKR Financial REIT IPO debuts: Kohlberg Kravis Roberts manages trust",, June 24, 2005.
  13. ^ KKR arm in talks after fresh repayment delays. Reuters, February 20, 2008.
  14. ^ "Kohlberg Affiliate Sells Stake in Unit", Reuters, April 1, 2008.
  15. ^ "Opening Private Equity's Door, at Least a Crack, to Public Investors". The New York Times, May 4, 2006.
  16. ^ Timmons, Heather. "Private Equity Goes Public for $5 Billion. Its Investors Ask, ‘What's Next?’". The New York Times, November 10, 2006
  17. ^ Anderson, Jenny. "Where Private Equity Goes, Hedge Funds May Follow", New York Times, June 23, 2006.
  18. ^ KKR Private Equity Investors Reports Results for Quarter Ended March 31, 2008. KKR Private Equity Investors Press Release, May 7, 2008; retrieved February 16, 2009.
  19. ^ see pdf-document, retrieved in January 2015
  20. ^ statement on KKR-leaflet, retrieved in January 2015
  21. ^ Burrough, Bryan. Barbarians at the Gate. New York: Harper & Row, 1990; pp. 133-136.
  22. ^ Burrough, Bryan. Barbarians at the Gate (New York: Harper & Row, 1990), pp. 136-140.
  23. ^  , pp. 149–169.
  24. ^ Malone & Hyde Accepts Bid The New York Times, June 12, 1984.
  25. ^ Wayne, Leslie. "Wometco Agrees To Buyout", The New York Times. September 22, 1983.
  26. ^ Dodson, Steve. "Beatrice Deal Is Biggest Buyout Yet". The New York Times, November 17, 1985.
  27. ^ Sterngold, James. "Drexel's Role in Beatrice Deal Examined". The New York Times, April 28, 1988.
  28. ^ Fisher, Lawrence M. Safeway Buyout: A Success Story. The New York Times, October 21, 1988.
  29. ^ Feder, Barnaby. "Asbestos: The Saga Drags On". The New York Times, April 2, 1989.
  30. ^ "Chapter 11 For Kohlberg, Kravis Unit". The New York Times, December 28, 1989.
  31. ^ "The Granddaddy Of All Takeovers", The New York Times Book Review, January 21, 1990.
  32. ^ "Nabisco Executives Offer $17 Billion for Company". The New York Times, October 21, 1988.
  33. ^ "Shearson Risks, Rewards on RJR Nabisco". The New York Times, October 22, 1988.
  34. ^ "Nabisco Bid Seen by Kohlberg". The New York Times, October 24, 1988.
  35. ^ "Buyout Specialist Bids $20.3 Billion For RJR Nabisco". The New York Times, October 25, 1988.
  36. ^ "RJR Nabisco Bid Gives New Respectability To Giant Deals Financed With Huge Debt". The New York Times, October 26, 1988.
  37. ^ "Concern Over Kohlberg, Kravis Strategy". The New York Times, November 2, 1988.
  38. ^ "RJR Nabisco Bidders Said to Talk". The New York Times, October 26, 1988.
  39. ^ "The Nabisco Battle's Key Moment". The New York Times, December 2, 1988.
  40. ^ Joint Deal For Nabisco Is Rejected. The New York Times, October 27, 1988.
  41. ^ RJR Nabisco Will Give Kohlberg, Kravis Data. The New York Times, October 27, 1988
  42. ^ Forstmann Declines to Bid on RJR Nabisco. The New York Times, November 17, 1988.
  43. ^ "Suitors Quarrel Over RJR Nabisco". The New York Times, November 8, 1988.
  44. ^ RJR Nabisco Discloses Guidelines for Its Buyout. The New York Times, November 9, 1988.
  45. ^ "RJR Nabisco Suitor Claims $24.88 Billion Victory". The New York Times, December 1, 1988.
  46. ^ "RJR Nabisco Explains Its Choice". The New York Times, December 8, 1988
  47. ^ "Nabisco Executives to Take Huge Gains in Their Buyout". The New York Times, November 5, 1988.
  48. ^ "A Growing Backlash Against Greed". The New York Times, November 13, 1988
  49. ^ "Game of Greed", Time Magazine (1988)
  50. ^ "Losers Get Some Spoils In Fight for RJR Nabisco". The New York Times, December 2, 1988
  51. ^ "Kohlberg, Kravis to Collect $75 Million RJR Nabisco Fee". The New York Times, February 1, 1989.
  52. ^ "RJR Nabisco, An Epilogue". The New York Times, March 12, 1999.
  53. ^ "2 Buyout Firms Build New Funds". The New York Times, November 23, 1990.
  54. ^ "Kohlberg, Kravis Now RJR's Owner". Associated Press, April 29, 1989.
  55. ^ "History Of The RJR Nabisco Takeover". The New York Times, December 2, 1988.
  56. ^ "Is RJR Worth $25 Billion?" The New York Times, December 2, 1988.
  57. ^ "RJR Completes Sale of Del Monte". The New York Times, January 11, 1990.
  58. ^ "Kohlberg, Kravis, Roberts Loan to RJR Renegotiated". The New York Times, June 27, 1990.
  59. ^ "RJR Move Helps Lift 'Junk Bonds'". The New York Times, July 17, 1990.
  60. ^ "RJR Offers Cash and Stock for 'Junk Bonds'". The New York Times, December 18, 1990.
  61. ^ Agrees to a Takeover. The New York Times, September 13, 1994.
  62. ^ "Kohlberg's Impetus in Borden Deal". The New York Times, September 14, 1994.
  63. ^ "Borden Signs Agreement for Sale to Kohlberg". The New York Times, September 24, 1994.
  64. ^ "Kohlberg, Kravis Says It Has Control of Borden". The New York Times, December 22, 1994.
  65. ^ "Kohlberg, Kravis Plans to Divest Remaining Stake in RJR Nabisco". The New York Times, March 16, 1995.
  66. ^ "Apollo Buys Borden Chemical for $649 million". The New York Times, July 7, 2004.
  67. ^ "Kohlberg Ends Bid for Macmillan". The New York Times, November 4, 1988.
  68. ^ K-III's New Name To Be 'Primedia'. The New York Times, November 1, 1997.
  69. ^ "Macmillan Book Club Unit And a Publisher Being Sold". The New York Times, May 23, 1989.
  70. ^ a b "As Primedia Falls, Preferred Stock Lives Up to Its Name". The New York Times, October 26, 2005.
  71. ^ Kravis Rouses Itself, The New York Times, April 29, 1991
  72. ^ "K-III Communications Files Plan For an Initial Offering of Stock". The New York Times, September 6, 1995.
  73. ^ Regulators Pick Buyer To Operate New England Bank. The New York Times, April 23, 1991.
  74. ^ "Kohlberg Kravis in Swap for 7.5% of Fleet". The New York Times, January 3, 1996.
  75. ^ "Kohlberg, Kravis in Aetna Reinsurance Deal". The New York Times, June 9, 1992.
  76. ^ "Kohlberg, Kravis Plans Stake in TW". The New York Times, June 26, 1992.
  77. ^ "Kohlberg Unit to Buy Alden Press". The New York Times, January 19, 1993.
  78. ^ "Kohlberg, Kravis to Acquire Bruno's Supermarket Chain". The New York Times, April 21, 1995.
  79. ^ "$5 Billion Fund By Kohlberg Seen". The New York Times, September 13, 1996.
  80. ^ "At K.K.R., the Glory Days Are Past". The New York Times, August 10, 1995.
  81. ^ "Kohlberg Plans Stake In Spalding And Evenflo". The New York Times, August 16, 1996.
  82. ^ "Newsquest Company History".; retrieved February 16, 2009.
  83. ^ "Kohlberg Kravis Will Buy Kindercare for $467 Million". The New York Times, October 4, 1996.
  84. ^ "Kohlberg Kravis Set to Offer $1.2 Billion for Cable Maker". The New York Times, January 24, 1997.
  85. ^ "Supermarkets Get a Brand New Bag". The New York Times, August 31, 1997.
  86. ^ "The Boyds Collection, Ltd. Company History".; retrieved February 16, 2009.
  87. ^ "Kohlberg Kravis And Welsh Carson Acquiring Medcath". The New York Times, March 14, 1998.
  88. ^ "Kohlberg Kravis-Led Group To Buy Big Insurance Broker". The New York Times, July 23, 1998.
  89. ^ "Wincor Nixdorf Holding Company History".; retrieved February 16, 2009.
  90. ^ 2 Buyout Firms Make Deal To Acquire Regal Cinemas. The New York Times, January 21, 1998
  91. ^ Kohlberg Kravis In $660 Million Deal For Act III Cinemas. The New York Times, October 21, 1997.
  92. ^ "Amid Blame, United Artists Sale Collapses". The New York Times, February 23, 1998.
  93. ^ "Regal Cinemas Considers Filing For Bankruptcy". The New York Times, November 16, 2000.
  94. ^ a b Shoppers Drug Mart Sells Shares. Retail Merchandiser, March 17, 2004; retrieved February 16, 2009. Archived January 17, 2009 at the Wayback Machine
  95. ^ "BCE Sells Directory Unit". The New York Times, November 30, 2002.
  96. ^ "Yellow Pages Income Fund Announces, 43 Million Offering". Yellow Pages Group press release, May 26, 2004; retrieved February 16, 2009.
  97. ^ Sorkin, Andrew Ross and Rozhon, Tracie. "Three Firms Are Said to Buy Toys 'R' Us for $6 Billion". New York Times, March 17, 2005.
  98. ^ What's Next for Toys 'R' Us?. The Wall Street Journal, March 18, 2005.
  99. ^ "Deal Mania: Shades of the '80s: The leveraged buyout is back in vogue". US News & World Report, April 10, 2005.
  100. ^ "Capital Firms Agree to Buy SunGard Data in Cash Deal". The New York Times, March 29, 2005.
  101. ^ "Do Too Many Cooks Spoil the Takeover Deal?" The New York Times, April 3, 2005.
  102. ^ K.K.R., Texas Pacific Plan Record Buyout of TXU. The New York Times, February 23, 2007.
  103. ^ Sorkin, Andrew Ross. "HCA Buyout Highlights Era of Going Private". The New York Times, July 25, 2006.
  104. ^ Bloomberg News (August 4, 2006). "Technology; Royal Philips Sells Unit for $4.4 Billion". The New York Times. Retrieved April 27, 2008. 
  105. ^ "Takeover firms will pay $15.3b to buy Danish phone giant TDC." Bloomberg, December 1, 2005
  106. ^ "TDC-One year on." Dow Jones Private Equity News, January 22, 2007; retrieved February 16, 2009.
  107. ^ Peters, Jeremy W. (March 13, 2007). "Buyout Firm Is Acquiring Dollar General Retail Chain". The New York Times. Retrieved January 4, 2009. 
  108. ^ Werdigier, Julia. "Equity Firm Wins Bidding for a Retailer, Alliance Boots". The New York Times, April 25, 2007.
  109. ^ "Terra Firma drops Boots bid plan". BBC. April 24, 2007. 
  110. ^ De la Merced, Michael J. "Biomet Accepts Sweetened Takeover Offer". New York Times, June 8, 2007
  111. ^ "KKR Offer of $26 Billion Is Accepted by First Data". Reuters, April 3, 2007
  112. ^ "Kohlberg Kravis to Buy First Data for $29 Billion". The New York Times, April 3, 2007.
  113. ^ Source: Thomson Financial
  114. ^ Lonkevich, Dan and Klump, Edward. KKR, Texas Pacific Will Acquire TXU for $45 Billion, February 26, 2007.
  115. ^ Skariachan, Dhanya (February 26, 2007). "KKR, Texas Pacific-led group to buy TXU Corp". Reuters. 
  116. ^ "Seven in $4bn asset sell-off"., November 20, 2006
  117. ^ "Sun Microsystems Welcomes Endorsement and Investment From KKR". Sun Microsystems Press Release, January 23, 2007 Archived February 1, 2007 at the Wayback Machine
  118. ^ "Legg Mason Makes Deal With Equity Firm". Reuters, January 15, 2008
  119. ^ Harman International Industries to be Acquired by KKR and GS Capital Partners. Harman International press release, April 26, 2007; retrieved February 16, 2009. Archived July 4, 2007 at the Wayback Machine
  120. ^ "Wary Buyers May Scuttle Two Deals". The New York Times, September 22, 2007.
  121. ^ Jenny Anderson and Michael J. de la Merced. "Kohlberg Kravis Plans to Go Public", The New York Times, July 4, 2007.
  122. ^ "KKR postpones $1.25 bn float as credit chaos deters buyers". The Times (UK), August 23, 2007.
  123. ^ After Delay, KKR Finds a Way to Go Public. The New York Times, July 28, 2008.
  124. ^ K.K.R. Calls Listing Delay ‘Process Related’. The New York Times, November 3, 2008.
  125. ^ Neha Dimri and Aman Shah (28 January 2014). "KKR to take control of Sedgwick Claims Management in $2.4 billion deal". Reuters. 
  126. ^ "Equity investor KKR picks stakes in Acciona Energia unit for 417mn euros". Spain News.Net. Retrieved 24 June 2014. 
  127. ^ "KKR to acquire China chicken developer for $400 mn". Business Sun. 26 August 2014. Retrieved 27 August 2014. 
  128. ^ KKR invests in smart home tech company Savant Systems. Reuters, 4 September 2014
  129. ^ "Deals of the day - Mergers and acquisitions". Reuters. Retrieved 2015-01-22. 
  130. ^ "KKR | KKR agrees to acquire majority stake in Selecta from ACP". Retrieved 2015-10-12. 
  131. ^ "Buyout Pioneer Quitting Fray". The New York Times, June 19, 1987.
  132. ^ Kohlberg In Dispute Over Firm. The New York Times, August 30, 1989.
  133. ^ "Kohlberg Suit Settlement". The New York Times, February 23, 1990.
  134. ^ ("Statement of acquisition of beneficial ownership")Duracell International Inc. SEC Form SC 13G/A; filed February 6, 1996.
  135. ^ Baker, George; Smith, George (1998). The New Financial Capitalists: KKR and the Creation of Corporate Value. New York:  
  136. ^ ""For Saul Fox, Bigger Isn’t Always Better in the World of Buyouts"., May 15, 2000. Retrieved February 16, 2009.
  137. ^ Wall Street Journal, September 15, 2007.
  138. ^ Blue Harbour Group> About Blue Harbour (company website); retrieved February 16, 2009.
  139. ^ a b c Barbarians at the Gate: Contrasting fortunes for those closest to the deal. eFinancial News, November 3, 2008; retrieved February 16, 2009.
  140. ^ "Pelosi Found Guilty of Murder".  
  141. ^ "Murder in East Hampton", Vanity Fair, January 2002.
  142. ^ "Mystery of the Murdered Millionaire". Dateline NBC; retrieved February 16, 2009.
  143. ^ Paul M. Hazen profile as Wells Fargo & Co. Chairman and CEO; retrieved February 16, 2009.
  144. ^ Mehlman profile at KKR website
  145. ^ ForbesScott Nuttall profile at
  146. ^ "A kinder, gentler KKR wants a piece of your 401K", Forbes, January 23, 2013.
  147. ^ Profile of Scott Nuttall at,, January 23, 2013.
  148. ^ Reuters article re David Petraeus as Chair, KKR Global Institute


See also

  • Baker, George; Smith, George (1998). The New Financial Capitalists: KKR and the Creation of Corporate Value. New York:  
  • Anders, George (1992). Merchants of Debt: KKR and the Mortgaging of American Business. New York: BasicBooks.  
  • Bartlett, Sarah (1991). The Money Machine: How KKR Manufactured Power & Profits. New York:  
  • Burrough, Bryan (1990).  

Works about KKR

  • Saul A. Fox left KKR in 1997 to found Fox Paine & Company, a middle market private equity firm with over $1.5 billion of capital under management[136][137]
  • Clifton S. Robbins left KKR to join competitor General Atlantic Partners in 2000 and later founded Blue Harbour Group,[138] a private investment firm based in Greenwich, Connecticut.[139]
  • Edward A. Gilhuly and Scott Stuart left KKR in 2004 to launch Sageview Capital. Prior to this, Gilhuly was the managing partner of KKR's European operations, based in London; Stuart managed KKR's energy and consumer products industry groups.[139]
  • Ted Ammon, started several new ventures including Big Flower Press, which printed newspaper circulars, and Chancery Lane Capital, a boutique private equity firm, before being murdered in his Long Island home October 2001. The lover of his estranged, now deceased wife, Generosa, was later convicted.[139][140][141][142]
  • Paul Hazen, served as chairman and CEO of Wells Fargo (1995–2001).[143] Hazen later returned to KKR to serve as chairman of Accel-KKR, a joint venture with Accel Partners and later as chairman of KKR's publicly listed affiliate, KFN.
  • Clive Hollick, Baron Hollick, CEO of United News and Media (1996–2005)
  • Ken Mehlman joined KKR in 2008 as Global Head of Public Affairs.[144]
  • Scott C. Nuttall (born 1972), heads KKR's fastest-growing department, the Global Capital and Asset Management Group, which includes Asset Management, Capital Markets and Client and Partner Group. He joined KKR in November 1996 after leaving the [145][146][147]
  • David Petraeus, selected to serve as chairman of the newly formed KKR Global Institute (2013—present)[148]

Since 1996, general partners of KKR have included Paul Raether, Robert MacDonnell, Jose Gandarillas, Michael Michelson, Saul Fox, James Greene, Michael Tokarz, Clifton Robbins, Scott Stuart, Perry Golkin and Edward Gilhuly.[134] Among those who left were Saul Fox, Ted Ammon, Ned Gilhuly, Mike Tokarz and Scott Stuart who had been instrumental in establishing KKR's reputation and track record in the 1980s.[135] KKR remains tightly controlled by Kravis and Roberts. The issue of succession has remained an important consideration for KKR's future as an ongoing institutionalized firm.

Over the years, KKR has seen the departure of many of its original partners, the most notable being original co-founder Jerome Kohlberg. After a leave of absence due to an illness in 1985, Kohlberg returned to find increasing differences in strategy with his partners Kravis and Roberts.[131] In 1987, Kohlberg left KKR to found a new private equity firm Kohlberg & Company. Kohlberg & Company returned to the investment style that Kohlberg had originally practiced at Bear Stearns and in KKR's earlier years, acquiring smaller, middle-market companies.[3][132][133]

Notable current and former employees

In October 12, 2015, KKR announced that it has entered into definitive agreement with Allianz Capital Partners to acquire their majority stake in Selecta Group, a European vending services operator. [130]

In January 2015, KKR confirmed its purchase of British rail ticket website, previously owned by Exponent. The purchase sum is unknown.[129]

In September 2014, the firm invested $90 million in a lighting and electrics firm Savant Systems.[128]

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.[127]

In June 2014, KKR announced it was taking a one-third stake in a Spanish energy business of 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.[126]

In January 2014, KKR acquired Sedgwick Claims Management Services Inc for $2.4 billion from two private equity companies - Stone Point, and Hellman & Friedman.[125]

2010 to present day

The following year, in July 2008, KKR announced a new plan to list its shares. The plan called for KKR to complete a reverse takeover of its listed affiliate KKR Private Equity Investors in exchange for a 21% interest in the firm.[123] 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 has announced that it expects to close the transaction in 2009.[124] In October 2009, KKR listed shares in KKR & Co. on the Euronext exchange, replacing KPE and anticipates a listing on the New York Stock Exchange in 2010. The public entity represents a 30% interest in Kohlberg Kravis Roberts. In October 2010, KKR acquired bout nine members of Goldman Sachs Group proprietary trading team after entertaining offers from investment firms such as Perella Weinberg and Blackrock. With Goldman shutting down its proprietary trading operations, its executives, led by Bob Howard, will help KKR expand beyond leveraged buyouts into areas such as hedge funds.

In 2007, KKR filed with the Securities and Exchange Commission[2] to raise $1.25 billion by selling an ownership interest in its management company.[121] 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 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.[122]

Initial public offering

Selected Kohlberg Kravis Roberts 2006–2008 Investments

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.[119] As the financing markets became more adverse in the summer of 2007, the buyout was on tenuous ground. In September 2007, KKR and Goldman backed out of the $8 billion buyout of Harman. By the end of the day, Harman's shares had plummeted by more than 24% upon the news.[120]

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 the Seven Network of Australia.[116] On January 23, 2007, KKR announced it would invest $700 million through a PIPE investment in Sun Microsystems.[117] In January 2008, KKR announced it had made a $1.25 billion PIPE investment in Legg Mason through a convertible preferred stock offering.[118]

Investment Year Company Description Ref.
HCA 2006 KKR and Bain Capital, together with Merrill Lynch and the Frist family (which had founded the company) completed a $31.6 billion acquisition of the hospital company, 17 years after it was taken private for the first time in a management buyout. At the time of its announcement, the HCA buyout would be the first of several to set new records for the largest buyout, eclipsing the 1989 buyout of RJR Nabisco. It would later be surpassed by the buyouts of Equity Office Properties, and TXU. [103]
NXP Semiconductors 2006 In August 2006, a consortium of KKR, Silver Lake Partners and AlpInvest Partners acquired a controlling 80.1% share of semiconductors unit of Philips for €6.4 billion. The new company, based in the Netherlands, was renamed NXP Semiconductors. [104]
TDC A/S 2006 The Danish phone company was acquired by KKR, Apax Partners, Providence Equity Partners and Permira for €12.2 billion ($15.3 billion), which at the time made it the second largest European buyout in history. [105][106]
Dollar General 2007 KKR completed a buyout of the chain of discount stores operating in the U.S. [107]
Alliance Boots 2007 KKR and Stefano Pessina, the company’s deputy chairman and largest shareholder, acquired the UK drug store retailer for £12.4 billion ($24.8 billion) including assumed debt, after increasing their bid more than 40% amidst intense competition from Terra Firma Capital Partners and Wellcome Trust. The buyout came only a year after the merger of Boots Group plc (Boots the Chemist), and Alliance UniChem plc. [108][109]
Biomet 2007 Blackstone Group, KKR, TPG Capital and Goldman Sachs acquired the medical devices company for $11.6 billion. [110]
First Data 2007 KKR and TPG Capital completed the $29 billion buyout of the credit and debit card payment processor and former parent of Western Union. Michael Capellas, previously the CEO of MCI Communications and Compaq was named CEO of the privately held company. [111][112]
TXU (Energy Future Holdings) 2007 An investor group led by KKR and TPG Capital and together with Goldman Sachs completed the $44.37 billion[113] buyout of the regulated utility and power producer. The investor group had to work closely with ERCOT regulators to gain approval of the transaction but had significant experience with the regulators from their earlier buyout of Texas Genco. TXU is the largest buyout in history, and retained this distinction when the announced buyout of BCE failed to close in December 2008. The deal was notable for a drastic change in environmental policy for the energy giant, in terms of its carbon emissions from coal power plants and funding alternative energy. [114][115]

In 2006, KKR raised 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.[102] Among the most notable companies acquired by KKR in 2006 and 2007 were the following:

Since 2005 and the Buyout Boom

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 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.[100][101]

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.[97] The Toys 'R' Us buyout was one of the largest in several years.[98] Following this transaction, by 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.[99]

KKR led a consortium in the buyout of Toys "R" Us in 2004

Additionally, KKR was one of the few firms that was 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.[3][95] KKR was able to realize its investment in Shoppers Drug Mart through a 2002 IPO and subsequent public stock offerings.[94] The directories business would be taken public in 2004 as Yellow Pages Income Fund, a Canadian income trust.[96]

At the start of the 21st century, the landscape of large leveraged buyout firms 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 Primedia (previously K-III Communications) were offset by successes in Willis Group, Wise Foods, Inc., Wincor Nixdorf and MTU Aero Engines, among others.[3]

Shoppers Drug Mart, the Canadian pharmacy was one of several successful buyouts in the early 2000s[94]


KKR's largest investment of the 1990s would be one of its least successful. In January 1998, KKR and Hicks, Muse, Tate & Furst agreed to the $1.5 billion buyout of Regal Entertainment Group.[90] KKR and Hicks Muse had initially intended to combine Regal with Act III Cinemas, which KKR had acquired in 1997 for $706 million[91] and United Artists Theaters, which Hicks Muse had agreed to acquire for $840 million in November 1997. Shortly after agreeing to the Regal takeover, the deal with United Artists fell apart, destroying the strategy to eliminate costs by building a larger combined company.[92] 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.[93]

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),[81] Newsquest (1996),[82] KinderCare Learning Centers (1997),[83] Amphenol Corporation (1997),[84] Randalls Food Markets (1997)[85], The Boyds Collection (1998),[86] MedCath Corporation (1998),[87] Willis Group Holdings (1998),[88] Smiths Group (1999), and Wincor Nixdorf (1999).[89]

KKR acquired Regal Cinemas in 1998, only to see the company in bankruptcy by 2000

By 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.[79] However, KKR was still burdened by the performance of the RJR investment and repeated obituaries in the media.[80] KKR was required by its investors to reduce the fees it charged and to calculate its carried interest based on the total profit of the fund (i.e., offsetting losses from failed deals against the profits from successful deals).[3]


In 1991, KKR partnered with Fleet/Norstar Financial Group in the 1991 acquisition of the Bank of New England, from the US Federal Deposit Insurance Corporation.[73] In January 1996, KKR would exchange its investment for a 7.5% interest in Fleet Bank.[74] KKR completed the 1992 buyout of American Re Corporation from Aetna[75] as well as a 47% interest in TW Corporation, later known as The Flagstar Companies and owner of Denny's in 1992.[76] Among the other notable investments KKR completed in the early 1990s included World Color Press (1993–95),[77] RELTEC Corporation (1995) and Bruno's (1995).[78]

During the early 1990s, K-III continued acquiring publishing assets, including a $650 million acquisition from News Corporation in 1991.[71] K-III went public, however instead of cashing out, KKR continued to make new investments in the company in 1998, 2000 and 2001 to support acquisition activity.[72] 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.[70]

In 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 were 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.[67] KKR created Primedia's predecessor, K-III Communications,[68] 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.[69][70]

Early 1990s: Investments

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.[66]

RJR issued additional stock to the public in March 1991 to further reduce debt, resulting in an upgrade of 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, in an unprecedented and complex transaction.[61][62] [63][64] The following year, in 1995, KKR would divest itself of its final stake in RJR Nabisco when Borden sold a $638 million block of stock.[65]

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 a group of divisions that it could sell to reduce debt.[57] 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 that appeased unhappy bondholders. KKR's equity contribution as part of the original leveraged buyout of RJR had been only $1.5 billion.[58][59] 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.[60]

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.[54][55][56] After the RJR Nabisco deal, KKR did not complete a single investment in 1990, the first and only other year, besides 1982, with no new investment activity. They would not complete another major leveraged buyout transaction for more than three years, largely because of the shutdown of the high yield bond market and the collapse of Drexel Burnham Lambert which filed for bankruptcy in February 1990. 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.[3]

KKR's headquarters in the Solow Building at 9 West 57th Street in New York City

Early 1990s: The aftermath of RJR Nabisco

In 2006 and 2007, a number of leveraged buyout transactions were completed which, for the first time, surpassed the RJR Nabisco leveraged buyout in terms of nominal purchase price. The deal was first surpassed in July 2006 by the $33 billion buyout of U.S. hospital operator Hospital Corporation of America, in which KKR participated, though the RJR deal was larger, adjusted for inflation. However, adjusted for inflation, none of the leveraged buyouts of the 2006–07 period would surpass RJR Nabisco. The RJR transaction benefited many of the parties involved. Investment bankers and lawyers who advised KKR walked away with over $1 billion in fees. Kravis and Roberts attracted an unprecedented amount of publicity that turned the cousins into instant celebrities. Size did not, however, guarantee success as the high purchase price and debt load would burden the performance of the investment, which KKR overcame, raising a new investment fund and continuing to invest throughout the 1990s.[53]

Additionally, many in RJR's board of directors had grown concerned at recent disclosures of Ross Johnson' unprecedented golden parachute deal.[47][48] Time Magazine featured Ross Johnson on the cover of their December 1988 issue along with 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?".[49] 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 Ross Johnson's higher payout of $112 per share. Johnson received $53 million from the buyout.[50] KKR collected a $75 million fee in the RJR takeover.[51] At $31.1 billion of transaction value (including assumed debt), RJR Nabisco was by far the largest leveraged buyout in history.[52]

In November 1988, RJR set guidelines for a final bid submission at the end of the month.[44] 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 the board of directors of RJR Nabisco.[45] 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.[46]

Oreo cookies, one of RJR Nabisco's products

Ultimately the Forstmann consortium came apart and did not provide a final bid for RJR.[43] Many of the major banking players of the day, including Goldman Sachs, Salomon Brothers and Merrill Lynch were actively involved in advising and financing the parties.

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.[38][39][40][41] 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.[42]

Several days later, Kravis, who had originally suggested the idea of the buyout to Johnson, presented a new bid for $20.3 billion ($90 per share) financed with an aggressive debt package.[34][35][36] KKR had the support of significant United Technologies corporate pension funds, as well as endowments from MIT, Harvard and the New York State Common Retirement Fund[10] However, KKR faced criticism from existing investors over the firm's use of hostile tactics in the buyout of RJR.[37]

In 1988, F. Ross Johnson was the President and CEO of RJR Nabisco, formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company, a leading producer of food products (Shredded Wheat, Oreo cookies, Ritz crackers, Planters peanuts, Life Savers, Del Monte Fruit and Vegetables, and Snickers Chocolate) as well as Winston, Camel and Salem cigarettes. In October 1988, 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.[32][33]

After the 1987 resignation of Jerome Kohlberg at age 61 (he later founded his own private equity firm, Kohlberg & Co.), Henry Kravis succeeded him as senior partner. Under Kravis and Roberts, the firm was responsible for the 1988 leveraged buyout of RJR Nabisco. RJR Nabisco proved to be not only the largest buyout in history to that time, at $25 billion ($31.1 billion, including assumed debt) as well as a high-water mark and sign of the end of the 1980s buyout boom. RJR—Nabisco, which would remain the largest buyout for the next 17 years, was chronicled in Barbarians at the Gate: The Fall of RJR Nabisco, and later made into a television movie starring James Garner.[31]

Barbarians at the Gate – KKR's leveraged buyout of RJR Nabisco

Investment Year Company Description Ref.
Malone & Hyde 1984 KKR completed the first buyout of a public company by tender offer, by acquiring the food distributor and supermarket operator together with the company's chairman Joseph R. Hyde III. [24]
Wometco Enterprises 1984 KKR completed the first billion-dollar buyout transaction to acquire the leisure-time company with interests in television, movie theaters and tourist attractions. The buyout comprised the acquisition of 100% of the outstanding shares for $842 million and the assumption of $170 million of the company's outstanding debt. [25]
Beatrice Companies 1985 KKR sponsored the $6.1 billion management buyout of Beatrice, which owned Samsonite and Tropicana among other consumer brands. At the time of its closing in 1985, Beatrice was the largest buyout completed. [26][27]
Safeway 1986 KKR completed a friendly $5.5 billion buyout of Safeway to help management avoid hostile overtures from Herbert and Robert Haft of Dart Drug. Safeway was taken public again in 1990. [28]
Jim Walter Corp.
(later Walter Industries)
1987 KKR acquired the company for $3.3 billion in early 1988 but faced issues with the buyout almost immediately. Most notably, a subsidiary of Jim Walter Corp (Celotex) faced a large asbestos lawsuit and incurred liabilities that the courts ruled would need to be satisfied by the parent company. In 1989, the holding company which KKR used for the Jim Walter buyout filed for Chapter 11 bankruptcy protection. [29][30]

KKR closed out the 1970s completing the public-to-private buyout of Houdaille Industries in 1979,[23] probably the largest take-private of a public company to that point. As the 1980s began, KKR was among the most prominent practitioner of leveraged buyouts and would prove the most prolific of the private equity investors in the 1980s.[3] Among the firm's most notable acquisitions during the 1980s buyout boom were the following:

The new KKR completed its first buyout, that of manufacturer A.J. Industries, in 1977. KKR raised capital from a small group of investors including the 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.[22] In 1981, KKR expanded its investor base significantly when 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.[3]

By 1976, tensions had built up between Bear Stearns and Kohlberg, Kravis and Roberts, which led to the formation of Kohlberg Kravis Roberts & Co. in that year. Most notably, Bear Stearns executive Cy Lewis had rejected repeated proposals to form a dedicated investment fund within Bear Stearns and Lewis took exception to the amount of time spent on outside activities. In 1976, Kravis had been required to serve as interim CEO of a failing direct mail company named Advo.

Their acquisition of Orkin Exterminating Company in 1964 is among the first significant leveraged buyout transactions. In the following years the three Bear Stearns bankers would complete 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 a number of highly successful investments, the $27 million investment in Cobblers ended in bankruptcy.[21]

Henry Kravis speaking at the World Economic Forum in 2009

Running the corporate finance department for World War II which by the 1960s and 1970s were facing succession issues. Many of these companies lacked a viable or attractive exit for their founders as they were too small to be taken public and the founders were reluctant to sell out to competitors and so a sale to a financial buyer could prove attractive.[3]

Founding and early history


In October 2009 KPE changed its name to KKR & Co. (Guernsey) L.P.,[19] which was delisted from Euronext Amsterdam in July 2010 while common units of KKR & Co. L.P. began trading on the New York Stock Exchange under the symbol “KKR”.[20]

KPE disclosed in May 2008 that it had completed approximately $300 million of secondary sales of selected limited partnership interests in, and undrawn commitments to, certain KKR-managed funds in order to generate liquidity and repay borrowings.[18]

However, KPE's first-day performance was lackluster, trading down 1.7% and trading volume was limited.[16] Initially, a handful of other private equity firms and hedge funds had planned to follow KKR's lead but shelved those plans when KPE's performance continued to falter after its IPO. KPE's stock declined from an IPO price of €25 per share to €18.16 (a 27% decline) at the end of 2007 and a low of €11.45 (a 54.2% decline) per share in Q1 2008.[17]

KKR Private Equity Investors (Euronext: KPE) is a publicly traded private equity fund that invests as a fund of funds in KKR private equity funds. KPE also co-invests in transactions alongside KKR's private equity funds. KPE was founded in 2006. In May 2006, KKR raised $5 billion in an initial public offering for a KPE to serve as a new permanent investment vehicle listing it on the Euronext exchange in Amsterdam. KKR raised three times more than it expected, as many of the investors in KPE were hedge funds seeking exposure to private equity but could not make long term commitments to private equity funds. As private equity had been booming in preceding years, investing in a KKR fund was attractive to investors.[15]

Public company (Euronext: KPE)
Founded 2006

KKR Private Equity Investors

[14].LLC In April, KFN sold a controlling interest in a real estate subsidiary to an investment firm to raise cash and entered an agreement with the noteholders of certain secured commercial paper issued by two asset-backed entities. Following the transaction, KFN converted from a REIT to a [13] KFN was an early casualty of the

KKR Financial (NYSE: KFN) is a real estate investment trust (REIT) and specialty finance company that invests in residential and commercial mortgage loans and mortgage-backed securities as well as corporate loans and debt securities, asset-backed securities and equity securities. KFN was founded in 2004 raising $795 million in a private placement and raised $849 million in a June 2005 initial public offering, increasing the size of the offering from an original $600 million target.[12] KKR had initially considered structuring KFN as a business development company like Apollo Management's Apollo Investment Corporation but chose to pursue the REIT structure to capitalize on the strength in REIT valuations at the time.[12]

Public company (NYSE: KFN)
Founded 2004

KKR Financial

Source: SEC Filings[11]
Fund Vintage
Capital ($m)
KKR Fund 1976 1977 $31
KKR Fund 1980 1980 $357
KKR Fund 1982 1982 $328
KKR Fund 1984 1984 $1,000
KKR Fund 1986 1986 $672
KKR Fund 1987 1987 $6,130
KKR Fund 1993 1993 $1,946
KKR Fund 1996 1996 $6,012
KKR European Fund 1999 $3,085
KKR Millennium Fund 2002 $6,000
KKR European Fund II 2005 $5,751
KKR Fund 2006 2006 $17,642
KKR Asian Fund 2007 $4,000
KKR European Fund III 2008 $6,238
KKR E2 Investors (Annex Fund) 2009 $209
KKR China Growth Fund 2010 $1,010
KKR Natural Resources Fund 2010 $876
KKR Infrastructure Fund 2011 $1,043
KKR North America Fund XI 2012 $8,718
KKR Asian Fund II 2013 $5,825
KKR Real Estate Partners Americas 2013 $1,226
KKR Energy Income and Growth Fund 2013 $1,974

KKR has historically relied primarily on private equity funds, pools of committed capital that are raised from a broad array of institutional investors (e.g., pension funds, insurance companies, investment banks, commercial banks, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds).[2][10] As of March 31, 2014, KKR had completed fund-raising for approximately 23 traditional investment funds in the US, Europe and Asia with total committed capital of approximately US$80 billion:

Private equity funds

Investment funds and other affiliates

The professionals in each of KKR's industry-focused groups are expected to have developed a proficiency in their respective industries.[8] The firm has traditionally had strong ties with its investors.[9]

KKR invests primarily through leveraged buyouts as well as growth capital investments (including "PIPE" investments in public companies). It has traditionally specialized in private equity investments, focusing on specific industry sectors where the firm has created nine dedicated investment groups. The industries in which KKR has developed a specialization include:[8]

[1], San Francisco, Houston, and Washington, D.C., and offices abroad in London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai, Seoul, São Paulo and Sydney.Menlo Park at 9 West 57th Street, Manhattan, New York, with U.S. offices in Solow Building KKR is headquartered in the [2]

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.