10 Largest U.S.

Buyouts Since RJR Nabisco,

and How They’ve Turned Out Source: PitchBook

Deal Adj. for Exit Market

Deal Size Inflation Val. Cap as of Current
Company Name Date ($B) ($B) Debt % Key Investor(s) Exit Date ($B) 5/7/2014 Debt What Happened?
Energy Future KKR, TPG Capital, Filed for Natural gas prices tanked as supply increased, and
Holdings 10/10/07 $39.8B $45.4B 79.1% Goldman Sachs Bankruptcy N/A N/A $49.7B this massive Texas utility couldn’t make up the
(Former: TXU) Capital Partners 4/29/2014 losses. Tens of billions in debt didn’t help.
Chapter still being written. But things look positive
Equity Office The Blackstone
2/9/07 $39.0B $44.5B 91.0% Still in portfolio N/A N/A N/A for Blackstone, which sold numerous properties at
Properties Trust Group
a profit shortly after the buyout.
Apollo Global
Caesars While this chapter is still being written, Caesars’
Management, The
Entertainment value has collapsed so far that it’s hard to imagine
1/28/08 $30.7B $33.7B 65.1% Blackstone Group, IPO: 2/7/2012 $1.1B $2.9B $21B
(former: Harrah's the PE firms involved in this deal regaining their
The Carlyle Group,
Entertainment) original equity investment.
TPG Capital
While its market cap is still less than what it
was originally acquired for, it has regained a
Hilton The Blackstone substantial portion of its valuation and Blackstone
10/24/07 $26.7B $30.4B 79.4% IPO: 12/11/2013 $19.7B $22.3B $12.7B
Worldwide Group has used profits to pay down debt substantially.
This is unquestionably the biggest IPO success
among mid-decade mega-buyouts.
Chapter still being written. But things look bleak,
First Data 9/24/07 $25.6B $29.2B 93.8% KKR Still in portfolio N/A N/A $23.0B as KKR has propped up the company with new
debt in recent years.
Silver Lake Partners,
Dell 10/29/13 $24.9B $25.3B 63.3% MSD Capital, Still in portfolio N/A N/A $15.8B Chapter still being written.
Michael Dell
One of TPG’s few successes from this era, Alltel
was sold to Verizon & Vodaphone for $5.9 billion
TPG Capital,
Acquisition: in cash (and $22.2 billion in assumed debt). The
Alltel 11/16/07 $24.7B $28.2B 81.8% Goldman Sachs $28.1B N/A N/A
1/9/2009 investment group originally put down $4.6 billion
Capital Partners
in equity, meaning they exited with a combined
$1.3 billion profit.
3G Capital,
H.J. Heinz 6/7/13 $23.2B $25.5B 58.6% Berkshire Still in portfolio N/A N/A $13.6B Chapter still being written.
Hathaway
One of the deals that contributed to Lehman
Lehman Brothers, SBO: Brothers’ collapse. Lehman Holdings and
Archstone Smith 10/5/07 $22.2B $25.3B N/A $16.0B N/A $9.5B
Tishman Speyer 11/29/2012 Tishman Speyer sold the REIT to Equity
Residential and other firms for $16 billion in 2012.
Bain Capital, KKR, Bain and KKR invested a combined $4.9 billion
Merrill Lynch Global in equity. Since the IPO in March 2011, the two
HCA Holdings 11/17/06 $21.3B $25.0B 75.1% IPO: 3/9/2011 $15.5B $22.6B $27.9B
Private Equity, HCA firms have recouped their investment through
Management secondary offerings & an increase in market cap.