A 2024 Private Equity Stakeholder Project report found KKR-owned companies have "one of the worst labor track records" among major PE firms. Portfolio companies accumulated over $525,000 in OSHA penalties for violations including chemical exposure, fall hazards, and inadequate safety training. At Global Medical Response, investigators found widespread wage and hour violations affecting hundreds of EMTs. At Refresco, the company refused to meet with organized employees despite OSHA citations for hazards causing injuries and amputations.
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KKR-backed Envision Healthcare filed for Chapter 11 bankruptcy on May 15, 2023, five years after KKR's $10 billion leveraged buyout. In the months before filing, Envision laid off 167 New York employees in March, 90 Florida employees in April, and 162 Pennsylvania workers in May. The bankruptcy wiped out KKR's $3.5 billion stake and eliminated $7 billion in debt. Despite the failure, the KKR fund that owned Envision "still had a net annualized return of 19%."
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KKR — Layoffs: OPPOSED KKR-backed Envision Healthcare filed for Chapter 11 bankruptcy on May 15, 2023, five years after KKR's $10 billion leveraged buyout. In the months before filing, Envision laid o… https://reciepts.tech/stance/1438
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See all →KKR executives donated heavily to Republican lawmakers to preserve the carried interest tax loophole. In 2017, KKR along with Blackstone and Carlyle gave a combined $1.31 million to GOP lawmakers versus $438,000 to Democrats. House Ways and Means Committee chief Kevin Brady received $25,000 from KKR executives alone that year. The industry successfully convinced the Trump administration and GOP Congress to retain the loophole, saving PE firms an estimated $2 billion annually despite Trump's campaign promise to eliminate it.