KKR shared profits from a big sale with employees. Here's what they're doing with the windfall.
KKR has pledged to give future employees a stake in the businesses they buy. We spoke to three employees of one company to see how they're spending it.
KKR, a private equity firm, recently sold Integrated Specialty Coverages (ISC) to Onex Partners, resulting in a significant payout for its employees. The workers at ISC received cash bonuses equivalent to 30 months of their salaries, ranging from $10,000 to over $413,000. Justin Berk, a 44-year-old product manager, received a payout of $413,000, which he plans to use for family vacations and other meaningful life choices.
Bonnie Stewart, ISC's director of operations, received a payout of $115,000 and emphasized the impact of the money on her family's financial future. The payouts were announced at a September 18 meeting in San Diego's Hotel Del Coronado, following a Champagne toast to celebrate the sale. KKR's initiative aims to spread employee ownership across private equity and has helped profit-sharing gain traction in the industry.
The payouts are based on the employee's tenure at the company and were made when the deal closed on November 24 of the previous year.
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