Mega buyout stories
Reading about the Morrisons/CD&R/GS drama just now -- curious to other similar stories from insiders in these mega deals. If you know any or have participated in, share below. Cheers
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The LBO of RJR Nabisco was pretty wild Ngl
I have a good source on the Morrisons deal. The runner up deal team flew over from California and rented a super bougie 15+ bed mansion in Virginia Water outside of London for a month - monthly rent was 100k+. Often made their bankers dial in to video calls at midnight/early AM while the Fortress team sat around a 30 seater mahogany table. Someone Even said they got analysts at the bank hand deliver decks as they "didn't like reading PDFs on screens" and couldn't be bothered printing. One of my favourite stories in recent years.
Maybe I've gone soft, but they sound like a bunch of assholes.
Different strokes. Standard vista behavior too
I don’t get it. They are bringing a lot of business to the investment bank. Isn’t it more so on the investment bank for not compensating their team “fairly” if they’ve have to work odd hours?
Really says a lot about the Fortress team and nothing to be glorified at all.
Met a VP who used to work at Fortress and it sounded he did not like the culture at all
Every deal has their own interesting side stories, however when things go well for some reason people don’t care nearly as much about those…
Tishman Speyer’s acquisition of Stuytown / PeterCooper Village in NYC. Overpaid and overlevered deal at top of pre-GFC market, they imploded in like 1/2 years.
There’s a great book covering the story “Other people’s money” by Charles Bagli.
Paging BX who is repeating the playbook here, except with the benefit of jacking rents for college students during Covid. Nice one guys.
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