Henry Kravis, the king of rough-and- tumble leveraged buyouts, picked up a phone at his home in Palm Beach, Florida, and called the chief executive officer of one of Spain’s biggest producers of building materials.
Robert Schaeberle, who led Nabisco Inc., one of America’s leading snack makers, into the 1981 merger with Standard Brands Inc. that set the stage for the defining battle of the leveraged-buyout era, has died. He was 88.
After making their founders billionaires, buyout specialists such as Carlyle Group and KKR & Co. are turning into asset managers that run hedge funds and strip malls as fresh capital and takeover targets become scarce.
As Thomas Hughes prepared to run Gleacher & Co. in 2011, he vowed to cut costs and transform the brokerage into a “substantial force.” Now the stock is down 66 percent as he grapples with losses and worker defections.