Cerberus Capital Management-an American company, one of the largest private equity funds in the world, manages assets of $23.5 billion.
The biggest deals
- 2006-Cerberus acquired a 51 % stake in GMAC, the financial arm of General Motors.
- 2007-On May 14, 2007, DaimlerChrysler announced the sale of the Chrysler Group to private equity fund Cerberus Capital Management. Its assets will be allocated to a new company, Chrysler Holding LLC, which will include production (Chrysler Corporation) and financial (Chrysler Financial Services, which provides financial services for the sale of cars in North America) assets. Cerberus will pay 5.5 billion euros ($7.4 billion) for an 80.1% stake in Chrysler Holding, with 19.9% remaining in DaimlerChrysler. Of this amount, Cerberus will allocate 3.7 billion euros and 0.8 billion euros to increase the capital of two companies belonging to Chrysler Holding, while DaimlerChrysler itself will receive only 1 billion euros. But it will have almost no money left: 650 million euros will go to early repayment of debts of the Chrysler Group, and 300 million euros in the form of a loan from DaimlerChrysler will provide the Chrysler Corporation itself.
Other companies in the sector
Kohlberg Kravis Roberts