Kohlberg Kravis Roberts & Co. and Environmental Defense Fund Announce First-of-Its-Kind 'Green Portfolio' Partnership
May 01 2008 - 9:00AM
PR Newswire (US)
Leading Private Equity Firm to Improve Environmental Performance of
Portfolio Companies and Internal Operations NEW YORK, May 1
/PRNewswire/ -- Environmental Defense Fund (EDF) and Kohlberg
Kravis Roberts & Co. L.P. (KKR) today announced a "Green
Portfolio" partnership to measure and improve the environmental
performance of companies within KKR's U.S. portfolio. Building on
their successful collaboration in the 2007 acquisition of TXU
Corporation, the partnership is the first of its kind between a
private equity firm and an environmental organization. KKR has
committed to work with EDF to develop a set of analytic tools by
which companies can assess and track improvements on a series of
environmental metrics. These tools will enable managers to
cost-effectively improve efficiency, reduce waste and address
environmental impacts, such as greenhouse gas emissions, the use of
toxic substances, waste generation or water consumption. KKR and
EDF expect that these actions will offer companies financial
benefits, as well as improved environmental performance. To prove
this concept, over the next three to six months, EDF and KKR will
conduct pilot projects within the KKR portfolio to develop analytic
tools that can then be applied across a broader range of KKR
portfolio companies over the next year. Results will be made public
at the end of both phases. Once developed, EDF and KKR will make
the processes, tools and results of their joint effort publicly
available, with the mutual goal of having these tools implemented
by other companies around the world. Concurrently, KKR has
committed to improving the energy efficiency of its own office
operations, including by participating in EDF's Climate Corps
Program. As part of this commitment, KKR will undergo an energy
audit of its offices, analyze the financial and environmental
benefits of available energy efficiency improvements and implement
those that are most cost-effective. "The private equity industry is
known for its focus on improving business performance and for the
rigorous process it uses to set goals and track improvement in
portfolio companies," said Gwen Ruta, Vice President of Corporate
Partnerships for EDF. "This groundbreaking new partnership between
KKR and EDF will use the transformational power of private equity
to achieve environmental goals. In addition, KKR's commitment to
EDF's Climate Corps Program indicates their willingness to 'walk
the talk' when it comes to their own environmental footprint."
"Today's announcement is a direct result of our work with EDF and
other environmental leaders during the TXU acquisition last year.
That historic transaction was a significant step forward in
incorporating environmental considerations into investment
decisions as it set a new standard for conservation and efficiency
in the energy industry. Building on that success, we and EDF agreed
to pursue an innovative, cost-effective approach to using the
private equity model to bring about improvements in environmental
performance for a variety of companies, including our own internal
operations. We believe this initiative will ultimately help our
portfolio companies build upon their own environmental efforts
while providing a workable example that may encourage other
companies to make similar progress," said Marc Lipschultz, Member
of KKR. About Environmental Defense Fund A leading national
nonprofit organization, Environmental Defense Fund represents more
than 500,000 members. Since 1967, Environmental Defense Fund has
linked science, economics, law and innovative private-sector
partnerships to create breakthrough solutions to the most serious
environmental problems. Environmental Defense Fund has a 20 year
track record of success in partnering with business. To maintain
its independence and credibility, EDF accepts no money from
corporate partners; generous individuals and foundations fund its
work. For more information, please visit http://www.edf.org/. About
Kohlberg Kravis Roberts & Co. Established in 1976, KKR is a
leading global alternative asset manager. The core of the Firm's
franchise is sponsoring and managing funds that make private equity
investments in North America, Europe, and Asia. Throughout its
history, KKR has brought a long-term investment approach to
portfolio companies, focusing on working in partnership with
management teams and investing for future competitiveness and
growth. Additional funds that KKR sponsors include KKR Private
Equity Investors, L.P. (Euronext Amsterdam: KPE), a permanent
capital fund that invests in KKR-identified investments; and two
credit strategy funds, KKR Financial (NYSE:KFN) and the KKR
Strategic Capital Funds, which make investments in debt
transactions. KKR has offices in New York, Menlo Park, San
Francisco, London, Paris, Hong Kong, Beijing, and Tokyo. For more
information, please visit http://www.kkr.com/. Contact: Melanie
Janin, Environmental Defense Fund, (202) 572-3240, For KKR, David
Lilly of Kekst and Company, (212) 521-4878, Eric Berman of Kekst
and Company, (212) 521-4894, DATASOURCE: Kohlberg Kravis Roberts
& Co. CONTACT: Melanie Janin, Environmental Defense Fund,
+1-202-572-3240, , David Lilly, +1-212-521-4878, , Eric Berman,
+1-212-521-4894, , both of Kekst and Company for Kohlberg Kravis
Roberts & Co. Web site: http://www.kkr.com/ http://www.edf.org/
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