Private equity firms have been around for a long time. It could be argued that the first leveraged buyout was performed by J.P. Morgan when he bought Carnegie Steel in 1901, but the first private equity firms as we know them today came later. In 1946, two such firms opened, American Research and Development Corporation and J.H. Whitney & Company. There were few notable buyouts since then, like the acquisition of Pan-Atlantic Steamship Company by McLean Industries, Inc. It was Warren Buffet and Victor Posner who made the new way of acquisition in the 1960s. Insidermonkey experts made a list of 10 most successful private equity firms in the world.
We have picked one firm from their list for now. CVC Capital Partners, London UK. The only non-US company on the list. Their origin, however, is American, since the company was founded as the European branch of Citicorp Venture Capital in 1981. They exited Citicorp system in 1993. Immediately following the split, Citicorp invested large funds in CVC’s newly raised $300 million fund. Their orientation was toward leveraged buyouts from the start and by 2000 they were considered the largest and most successful private equity firm in Europe. You can also check our list of Most Successful LBOs and Private Equity Buyouts in History.
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