Excerpts: KKR, on Buying Spree, Will Acquire KinderCare Kohlberg Kravis Roberts & Co., continuing its recent spate of acquisitions, said it would acquire KinderCare Learning Centers Inc. for $20.25 a share, or about $470 million, plus the assumption of debt. KinderCare is the nation’s largest provider of child-care services, with 1,148 child-centers in 38 U.S. […]
Steve Baronoff
Steve Baronoff updates LSG Advisors
Steve Baronoff: Please be advised that the following language should be added to our standard engagement letter boiler plate after the indemnification paragraph. The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company or its security holders or creditors related
Excerpts: “Making a Difference; Ken Miller’s Lodestar Makes Another Global Play.” Once a mergers and acquisitions specialist with Lehman Brothers, White Weld and then Merrill Lynch, Mr. Miller helped develop Merrill Lynch’s merchant banking activities. He struck out on his own with Lodestar in 1988. The deal with Societe Generale is the latest in a
Former Interim Chief To Head KinderCare
Excerpts: “Former Interim Chief To Head KinderCare” KinderCare Learning Centers Inc., the child-care company that got into financial difficulties with investments in “junk bonds,” said yesterday that its president and chief executive had resigned and that Tull Gearreald, an investment banker, was returning to head the company. Mr. Gearreald, 45 years old, is leaving after
KinderCare’s Problem Child: It’s Portfolio
Excerpt: KinderCare’s Problem Child: It’s Portfolio In 1988, Drexel Burnham Lambert ran a rousing television spot that featured KinderCare Inc., a Montgomery, Ala., company that runs the largest day-care chain in the nation. It was all about how Kinder-Care’s new centers were helping working women everywhere juggle their children and careers thanks to $300 million
Excerpts: “The Junk Heap” So the man who many thought cut a deal to avoid the public agony of a trial (and, not incidentally, to spare his brother, Lowell, from the threat of criminal prosecution) went on trial anyway. Milken admitted a measure of guilt in April, saying he engaged in illegal dealings with Boesky
Steve Baronoff updates The Lodestar Group
Excerpts: New Tax Law Proposals Target Merger and Acquisition Transactions Congress is considering several tax changes that could adversely affect merger and acquisition transactions. Some of these proposals are outlined below. Spin-Off Rules Tightened: Buyers and sellers frequently consider spin-off transactions in connection with mergers and acquisitions. In a typical tax-free spin-off, a parent corporation
Robert Baldwin’s return to investment banking
Excerpt: Robert Baldwin’s return to investment banking Speaking of dealmakers: CEOs of undervalued companies may be getting a call from former Morgan Stanley chairman Robert Baldwin. After five years in semiretirement, Baldwin, 69, is chairman of a year-old investment banking boutique called Lodestar Group. With nearly $300 million provided largely by Japanese investors, Lodestar has
Those Write-Offs At KinderCare
Excerpts: “Those Write-Offs At KinderCare” Watching with what must have been some nervousness were the principals of the Lodestar Group, an investment banking boutique that is underwriting an unusual recapitalization and split-up of the two companies. Lodestar could end up on the hook for up to $160 million if KinderCare’s share price falls below $5.75
A Wall Street Boutique Names a Senior Partner
Excerpts: “A Wall Street Boutique Names a Senior Partner.” The fourth senior partner was announced by Lodestar yesterday. Robert H. B. Baldwin will assume the chairman’s title at Lodestar from Ken Miller, who will remain chief executive. Mr. Baldwin, who is 68 years old, has been semiretired for the last five years since he stepped