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Private equity in the 1980s relates to one of the major periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel although interrelated tracks. The development of the private equity and venture capital asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. The 1980s saw the first major boom and bust cycle in private equity. The cycle which is typically marked by the 1982 acquisition of Gibson Greetings and ending just over a decade later was characterized by a dramatic surge in leveraged buyout (LBO) activity financed by junk bonds. The period culminated in the massive buyout of RJR Nabisco before the near collapse of the leveraged buyout industry in the late 1980s and early 1990s marked by the collapse of Drexel Burnham Lambert and the high-yield debt market. ==Beginning of the LBO boom== The beginning of the first boom period in private equity would be marked by the well-publicized success of the Gibson Greetings acquisition in 1982 and would roar ahead through 1983 and 1984 with the soaring stock market driving profitable exits for private equity investors. In January 1982, former US Secretary of the Treasury William E. Simon, Ray Chambers and a group of investors, which would later come to be known as Wesray Capital Corporation, acquired Gibson Greetings, a producer of greeting cards. The purchase price for Gibson was $80 million, of which only $1 million was rumored to have been contributed by the investors. By mid-1983, just sixteen months after the original deal, Gibson completed a $290 million IPO and Simon made approximately $66 million.〔Taylor, Alexander L. "(Buyout Binge )". TIME magazine, July 16, 1984.〕 Simon and Wesray would later complete the $71.6 million acquisition of Atlas Van Lines. The success of the Gibson Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts. Between 1979 and 1989, it was estimated that there were over 2,000 leveraged buyouts valued in excess of $250 million〔Opler, T. and Titman, S. "The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs." Journal of Finance, 1993.〕 Notable buyouts of this period (not described elsewhere in this article) include: *''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.〔(Malone & Hyde Accepts Bid ) New York Times, June 12, 1984〕 *''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.〔Wayne, Leslie. (Wometco Agrees To Buyout ) New York Times, September 22, 1983.〕 *''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.〔Dodson, Steve. (BEATRICE DEAL IS BIGGEST BUYOUT YET ). The New York Times, November 17, 1985.〕〔STERNGOLD, JAMES. (Drexel's Role on Beatrice Examined ). The New York Times, April 28, 1988.〕 *''Sterling Jewelers'', 1985 :One of Thomas H. Lee's early successes was the acquisition of Akron, Ohio-based Sterling Jewelers for $28 million. Lee reported put in less than $3 million and when the company was sold two years later for $210 million walked away with over $180 million in profits. The combined company was an early predecessor to what is now Signet Group, one of Europe's largest jewelry retail chains.〔Berman, Phyllis. "(Tom Lee is on a roll )." Forbes, November 17, 1997.〕 *''Revco Drug Stores '', 1986 :The drug store chain was taken private in a management buyout transaction. However, within two years the company was unable to support its debt load and filed for bankruptcy protection.〔HOLUSHA, JOHN. (Revco Drugstore Chain In Bankruptcy Filing ) New York Times, July 29, 1988.〕 Bondholders in the Revco buyout ultimately contended that the buyout was so poorly constructed that the transaction should have been unwound.〔Feder, Barnaby. (Bankruptcy Court to Assess Validity of Revco Takeover ). New York Times, June 13, 1990.〕 *''Safeway'', 1986 :KKR completed a friendly $5.5 billion buyout of supermarket operator, Safeway, to help management avoid hostile overtures from Herbert and Robert Haft of Dart Drug.〔FISHER, LAWRENCE M. (Safeway Buyout: A Success Story ). The New York Times, October 21, 1988.〕 Safeway was taken public again in 1990. *''Southland Corporation'', 1987 :John Thompson, the founder of convenience store operator 7-Eleven, completed a $5.2 billion management buyout of the company he founded.〔(COMPANY NEWS; Southland Holders Approve Buyout ). Associated Press, December 9, 1987.〕 The buyout suffered from the 1987 stock market crash and after failing initially raise high yield debt financing, the company was required to offer a portion of the company's stock as an inducement to invest in the company's bonds.〔Frank, Peter H.(Southland Buyout Hits Snag ). The New York Times, November 11, 1987〕〔WAYNE, LESLIE . "(Takeovers Revert to the Old Mode )." New York Times, January 4, 1988〕 *''Jim Walter Corp'' (later Walter Industries, Inc.), 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.〔Feder, Barnaby. (Asbestos: The Saga Drags On ). New York Times, April 2, 1989.〕 In 1989, the holding company that KKR used for the Jim Walter buyout filed for Chapter 11 bankruptcy protection.〔(Chapter 11 For Kohlberg, Kravis Unit ). Associated Press, December 28, 1989.〕 *''BlackRock'', 1988 :Blackstone Group began the leveraged buildup of BlackRock, which is an asset manager. Blackstone sold its interest in 1994 and today BlackRock is listed on the New York Stock Exchange. *''Federated Department Stores'', 1988 :Robert Campeau's Campeau Corporation completed a $6.6 billion merger with Federated, owner of the Bloomingdale's, Filene's and Abraham & Straus department stores.〔BARMASH, ISADORE. (Canadian Bidder Beats Macy In Fight for Federated Stores ). New York Times, April 2, 1988.〕 *''Marvel Entertainment'', 1988 :Ronald Perelman acquired the company and oversaw a major expansion of its titles in the early 1990s before taking the company public on the New York Stock Exchange in 1991.〔HICKS, JONATHAN P. (THE MEDIA BUSINESS; Marvel Comic Book Unit Being Sold for $82.5 Million ). New York Times, November 8, 1988.〕〔Norris, Floyd. (Market Place; Boom in Comic Books Lifts New Marvel Stock Offering ). New York Times, July 15, 1991.〕 The company would later suffer as a result of its massive debt load and ultimately the bondholders, led by Carl Icahn would take control of the company.〔Norris, Floyd. "(Icahn-Led Bondholders Take Control of Marvel From Perelman )." New York Times, June 21, 1997.〕 *''Uniroyal Goodrich Tire Company'', 1988 :Clayton & Dubilier acquired Uniroyal Goodrich Tire Company from B.F. Goodrich and other investors for $225 million.〔(Company News; Goodrich Outlook ), REUTERS, The New York Times, Published: June 24, 1988〕〔(Uniroyal Goodrich Tire Co reports earnings for Qtr to Sept 30 ), The New York Times, Published: October 14, 1988〕 Two years later, in October 1990, Uniroyal Goodrich Tire Company was sold to Michelin for $1.5 billion.〔(INSIDE ), The New York Times, Published: September 23, 1989〕 *''Hospital Corporation of America'', 1989 :The hospital operator was acquired for $5.3 billion in a management buyout led by Chairman Thomas J. Frist〔Freudenheim, Milt. (Buyout Set For Chain Of Hospitals ). The New York Times, November 22, 1988.〕 and completed a successful initial public offering in the 1990s. The company would be taken private again 17 years later in 2006 by KKR, Bain Capital and Merrill Lynch. Because of the high leverage on many of the transactions of the 1980s, failed deals occurred regularly, however the promise of attractive returns on successful investments attracted more capital. With the increased leveraged buyout activity and investor interest, the mid-1980s saw a major proliferation of private equity firms. Among the major firms founded in this period were: *''Bain Capital'' founded in 1984 by Mitt Romney, T. Coleman Andrews III and Eric Kriss out of the management consulting firm Bain & Company; *''Chemical Venture Partners'', later Chase Capital Partners and JPMorgan Partners, and today ''CCMP Capital'', founded in 1984, as a captive investment group within Chemical Bank; *''Hellman & Friedman'' founded in 1984; *''Hicks & Haas'', later ''Hicks Muse Tate & Furst'', and today ''HM Capital'' (and its European spinoff Lion Capital), as well as the predecessor of Haas, Wheat & Partners, founded in 1984; *''Blackstone Group'', one of the largest private equity firms, founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman; *''Doughty Hanson'', a European focused firm, founded in 1985; *''BC Partners'', a European focused firm, founded in 1986; and *''Carlyle Group'' founded in 1987 by Stephen L. Norris and David M. Rubenstein. Additionally, as the market developed, new niches within the private equity industry began to emerge. In 1982, Venture Capital Fund of America, the first private equity firm focused on acquiring secondary market interests in existing private equity funds was founded and then, two years later in 1984, First Reserve Corporation, the first private equity firm focused on the energy sector, was founded. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Private equity in the 1980s」の詳細全文を読む スポンサード リンク
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