Pete is the Co-Head of Americas Private Equity at KKR, the legendary firm founded in 1976 that today is a public company managing around $500 billion in assets. Pete previously led KKR’s Industrials team, where he pioneered an employee engagement and ownership model.
C.H.I. Overhead Doors manufactures garage doors and is a recent KKR portfolio company exit. Despite being the fourth private equity owner of C.H.I., KKR transformed the company through a series of operational improvements and perhaps most importantly, an employee-ownership model. In fact, the firm’s seven-year holding ended up generating the highest return of a KKR deal in thirty years. Upon the sale, employees received $360 million in proceeds with a substantial majority going to those below the C-suite level.
Our conversation starts with the deal dynamic at KKR’s purchase in 2015, including sourcing, pre-empting the process, and pricing strategy. We turn to KKR’s gameplan to improve operations and employee engagement, and details of the exit. We close with a discussion of the employee ownership structure at C.H.I. and Ownership Works, a nonprofit consortium of business stakeholders initiated by Pete that is on a mission to increase prosperity through shared ownership at work.
All opinions expressed by Ted and podcast guests are solely their own opinions and do not reflect the opinion of the firms they represent. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.