The 'spiritual father of the entire LBO industry'.
Sad to report.
Jerome Kohlberg Jr., who orchestrated the creation of the leveraged-buyout powerhouse Kohlberg Kravis Roberts - today’s KKR & Co. - only to walk away following a bitter struggle with his two younger partners, has died. He was 90.
Bloomberg News reports that Kohlberg died on July 30 at his home in Martha’s Vineyard, Massachusetts, according to the New York Times, citing his son, James. The cause was cancer, which was diagnosed two decades ago.
The 'spiritual father of the entire LBO industry', as Fortune magazine called him, Kohlberg set out in 1976 to create an investment firm based not on earning commissions but on taking controlling equity stakes in companies at crossroads. He started the firm with Henry Kravis and George Roberts, two colleagues of his at Bear Stearns who were 18 years his junior.
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