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KOHLBERG KRAVIS ROBERTS & CO. ENTERS INTO PARTNERSHIP WITH KSL ENTERPRISES

 KOHLBERG KRAVIS ROBERTS & CO. ENTERS INTO
 PARTNERSHIP WITH KSL ENTERPRISES
 VAIL, Colo., March 17 /PRNewswire/ -- Kohlberg Kravis Roberts & Co. (KKR) and KSL Enterprises announced today that they have entered into a partnership to invest in the service and leisure industries.
 KSL Enterprises is headed by Michael S. Shannon, chairman and president of the firm and former president and chief executive officer of Vail Associates, Inc., one of the nation's largest resort operators. KSL's executive vice president is Larry E. Lichliter, former executive vice president of Vail Associates.
 KSL was formed by Shannon and Lichliter to invest in, manage and build a portfolio of properties through acquisition of a wide range of facilities in the service and leisure industries in the United States and internationally.
 Henry R. Kravis, founding partner of KKR, said, "We believe there are significant opportunities for investing in the service and leisure sectors and we see the partnership with KSL as a means of devoting substantial resources to these areas."
 The partnership with KSL marks the latest in a series of commitments by KKR to back experienced managers in selected growth industries, including the fields of publishing, radio and cable television.
 Shannon said, "The new partnership will be a means for making strategic, well-capitalized investments with significant opportunities for growth over the long term." He added, "Now is an excellent time to acquire resort and leisure companies based on their operating potential, rather than their real estate values alone. With the growing worldwide trend toward increased leisure time activities, recreation properties will become increasingly attractive investments."
 Under Shannon's leadership of Vail Associates, Vail and Beaver Creek became recognized as North America's leading ski resorts, fueled by $500 million in real estate development at Beaver Creek Resort and extensive capital improvements at Vail. Shannon was an officer of The First National Bank of Chicago prior to joining Vail Associates in 1985.
 Lichliter, who joined Vail Associates in 1977, was involved in the original development of Beaver Creek Resort, and more recently was in charge of resort operations. Prior to joining Vail Associates, Lichliter was an executive at Samsonite Corporation.
 KKR is a private investment firm with offices in New York and San Francisco.
 -0- 3/17/92
 /CONTACT: Ruth Pachman of Kekst and Company, 212-593-2655, for Kohlberg Kravis Roberts & Co./ CO: Kohlberg Kravis Roberts & Co.; KSL Enterprises ST: New York, Colorado IN: LEI SU: PDT


CK -- NY043 -- 8760 03/17/92 11:33 EST
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Publication:PR Newswire
Date:Mar 17, 1992
Words:406
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