In September 1996 Petersen Publishing, a leading magazine publisher, was put up for auction by Goldman Sachs. Petersen attracted established, leading publishers such as the Times Mirror and K-III, a portfolio company of Kohlberg Kravis Roberts & Co. (KKR). Despite this broad strategic interest, Willis Stein & Partners, a young private equity fund, ultimately prevailed with a $450 million bid. The purchase was completed with the help of a large bridge loan, cultivating skepticism that Willis Stein had paid too much for the acquisition. Would Willis Steinâ??s strategy to ensure Petersenâ??s success as a stand-alone company defy the odds?
Fall 2008
