Dollar General

exited

Retail — KKR

Deal Terms

Entry Year2007

Entry EV$7.3B

Entry Multiple8x

Leverage5x

Debt Amount$4.2B

Outcome

Exit Year2013

Risk Metrics

LTV (est.)58%

Debt / EV0.58x

Notes

KKR $7.3B LBO (2007). $4.2B debt. IPO'd 2009 at depressed valuation — then stock soared. KKR made $4.7B profit by 2013 full exit. PE's best retail LBO. BUT: Dollar General now faces accusations of unsafe stores, locked merchandise, skeleton crews — cost-cutting culture originated under PE ownership.

Sponsor

KKR & Co.$638B AUM

Hot Potato History

1968→Public Market

2007→KKR($7.3B)

2009→Public (IPO)($7.3B)

Public. KKR made 5x their equity. One of the few genuine PE success stories — but at what cost?