KKR & Co. Inc. - KKR STOCK NEWS

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.

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.

KKR has released its 2022 mid-year outlook by CIO Henry McVey, who emphasizes a shift in the macroeconomic narrative impacting corporate profits. Notably, McVey projects a 5% contraction in S&P 500 earnings per share for 2023, contrasting with the consensus of 9% growth. The firm expects prolonged high oil prices and persistent inflation pressures shifting from goods to services. Key investment themes include pricing power, collateral-based cash flows, and the energy transition, projected to be a $1.5-2.0 trillion annual growth opportunity.

KKR has published its COVID-19 Relief Effort Progress Report, detailing over $50 million in community funding for small businesses and nonprofits impacted by the pandemic. Key initiatives include the KKR Small Business Builders and KKR Grants programs, which awarded $32 million to nonprofits and provided $10,000 grants to 278 small business owners. The report highlights support provided to over 20 million people across 19 countries.

KKR & Co. has appointed Raymond J. McGuire to its Board of Directors, effective June 15, 2022. This appointment increases the number of independent directors to 13 out of 17 board seats. McGuire, a former Vice Chairman at Citigroup, brings extensive leadership experience, having also served as the Global Head of Corporate and Investment Banking there. This change is aimed at enhancing board diversity and expertise, reflecting KKR's commitment to strong governance.

Level Access and eSSENTIAL Accessibility have announced a merger to create a comprehensive digital accessibility solution for businesses and organizations. This strategic combination aims to empower organizations to enhance accessibility for people with disabilities. The merger, expected to complete by mid-2022, will leverage the expertise of both companies to provide improved accessibility services. KKR and JMI Equity will continue to support the combined entity's growth. The headquarters will be in Arlington, Virginia, with significant operations in Toronto and Argentina.