KKR & Co. Inc. reports developments across its global investment business, including alternative asset management, capital markets activity and insurance solutions. Company news commonly covers operating results, fund and strategy activity, portfolio investments, co-investment vehicles, debt financing, and capital-structure updates.
KKR sponsors investment funds in private equity, credit and real assets, works with strategic partners that manage hedge fund platforms, and operates insurance subsidiaries that offer retirement, life and reinsurance products through Global Atlantic Financial Group. Recent company updates also reflect activity in technology growth, sports, sustainable infrastructure and insurance-related platforms.
KKR, a global investment firm, has acquired 6300 Providence Way, a Class A warehouse in Eastvale, California, totaling approximately 281,000 square feet. This facility, delivered in 2017, features 32-foot clear heights, a 148-foot truck court, and strategic access to major trucking routes. The purchase enhances KKR's presence in the Inland Empire, further solidifying its commitment to high-quality industrial real estate investments, having allocated around $7 billion in logistics assets since 2018.
KKR & Co. Inc. (NYSE: KKR) has appointed Kathryn King Sudol as General Counsel, effective September 6, 2022. Sudol, previously Global Co-Head of Mergers and Acquisitions at Simpson Thacher & Bartlett LLP, will replace David Sorkin, who transitions to Chief Legal Officer. Sorkin will continue with the firm as Advisory Partner. The leadership transition is aimed at bolstering KKR's legal and compliance framework as the company continues to pursue its growth objectives.
Onward Energy has signed a binding agreement to acquire 100% of the cash equity interests in a 1,171 MW solar portfolio from Global Atlantic Financial Group. This deal, representing the largest renewable investment in Onward Energy's history, will expand its portfolio to over 6 GW of power generation assets across 8 states. The transaction is expected to close in Q3 2022, subject to customary conditions. Onward Energy aims to enhance its portfolio and contribute to the energy transition with these quality solar assets.
NielsenIQ and GfK SE have announced a definitive agreement to combine, creating a leading provider of retail and consumer measurement data. The merger will enhance omnichannel measurement capabilities and leverage cutting-edge cloud technology to offer comprehensive insights into shopper behavior. Advent International will be the majority shareholder, while KKR and the Nuremberg Institute for Market Decisions will remain significant investors. This collaboration aims to innovate faster in the consumer measurement space and expand into new markets.
Global Atlantic Financial Group has launched a new podcast, Your Thriving Practice, aimed at assisting financial professionals in building their businesses. The initial series, Women, Wealth and Wisdom, focuses on critical issues such as Gray Divorce, Widowhood, Caregiving, and Female Small Business Ownership, providing insights on how to better serve female clients. Hosted by former NBC Connecticut anchor Dan Corcoran, the podcast is available on major platforms, including Apple Podcasts and Spotify.
KKR has finalized the sale of C.H.I. Overhead Doors to Nucor Corporation, marking a significant transaction in the garage door industry. All 800 employees of C.H.I. received an average cash payout of approximately $175,000 due to their equity stakes. KKR has been a proponent of employee ownership, having distributed billions in equity value to over 45,000 employees across its portfolio. This acquisition allows C.H.I.'s leadership to remain intact, ensuring continuity under the Nucor banner.
Nucor Corporation has completed its acquisition of C.H.I. Overhead Doors from KKR for $3.0 billion. C.H.I. is a prominent manufacturer of overhead doors for residential and commercial markets in the U.S. and Canada. The acquisition aims to leverage C.H.I.’s growth potential and align with Nucor’s operational capabilities. C.H.I. operates two manufacturing plants in Illinois and Indiana, employing approximately 800 people. Nucor’s CEO expressed enthusiasm for integrating C.H.I. into their operations to enhance business collaboration and supply chain continuity.
KKR reported earnings from monetization activities from April 1, 2022 to June 23, 2022, exceeding $950 million. This includes about 75% gross realized carried interest and 25% realized investment income, primarily from recent strategic and secondary sales, along with dividend and interest income. However, these estimates do not predict total revenues for the quarter ending June 30, 2022, as they exclude other income sources, expenses, and potential losses.
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KKR has partnered with Andrew K. Silvernail, former Chairman and CEO of Madison Industries and IDEX Corporation, to explore acquisition opportunities in the Americas. Silvernail will serve as an Executive Advisor, focusing on sectors like industrials and healthcare. He brings over 20 years of experience and a proven track record of shareholder returns. KKR plans to leverage his leadership to enhance operational performance and implement an employee ownership program. KKR's strategy includes investing in middle market businesses, furthering its commitment to shared ownership models.