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The very first deal that looks like a modern LBO was McLean Industries' purchase of Pan-Atlantic Steamship and Waterman Steamship...a deal that happened in 1955. The whole deal went for $49 million. The deal that launched the LBO era of the 1980s was William Simon and friends' 1982 purchase of Gibson Greetings. They kicked in a million of their own money, raised $79 million in venture capital, and sold the company 16 months later for $290 million. Simon, a former secretary of the treasury, made a $66 million profit.

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