Early Years
Hart's successful business career has humble origins—in his younger days, he worked as a tow-truck driver and as a panel beater after leaving school at 16.
In 1987, Hart completed an MBA from the University of Otago. His research thesis outlines the strategy for Rank, then a small hire company, to evolve into a major corporation. This strategy relies on using the cash flow of well-performing companies to fund debt, which as it gets paid off, increases the equity value of the initial investors, a.k.a. leveraged buyouts.
Hart gained a big break when he purchased the Government Printing Office for less than its capital value in 1990. The purchase was 1.4x Earnings and Hart was provided generous payment terms. Then New Zealand Prime Minister David Lange initially refused to sign off the transaction. The following year he bought Whitcoulls Group which at that time included a retail chain of bookstores as well as office and stationery concerns. He has since sold off these interests.
Read more about this topic: Graeme Hart
Famous quotes containing the words early and/or years:
“The science, the art, the jurisprudence, the chief political and social theories, of the modern world have grown out of Greece and Rome—not by favor of, but in the teeth of, the fundamental teachings of early Christianity, to which science, art, and any serious occupation with the things of this world were alike despicable.”
—Thomas Henry Huxley (1825–95)
“And for 180 years almost nothing.”
—Ezra Pound (1885–1972)