Now Lbo Stands For `Let's Break Out'

Dealmakers are bolting old-line firms--and money is following

Much of the spectacular success of Kohlberg Kravis Roberts & Co., the New York buyout firm, is rightly attributed to the financial savvy of principals Henry R. Kravis and George R. Roberts. But lesser-known dealmakers like Saul Fox have also played a crucial role in KKR's good fortune. Recruited by Roberts in 1984 from a Los Angeles law firm, Fox quickly distinguished himself by putting together some of KKR's most lucrative leveraged buyouts, including American Re-Insurance Co., its biggest home run to date. It bought the company in 1992 for $1.4 billion and will sell it in late November for $4.1 billion.

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