In February 2004, CD&R completed the sale of Kinkos to FedEx Corporation (NYSE: FDX) for $2.4 billion in cash. CD&R's investment  [PEI Exit of the Year] in Kinko's dates back to December 1996, when a CD&R-managed fund initially acquired a 29.6% equity interest in Kinko's in connection with a complex restructuring of 127 separate Kinko's entities into one single corporation. Over the years, CD&R has dedicated a combination of operating and financial resources to improve Kinko's growth prospects and deliver significantly higher levels of profitability. Under CD&R's leadership Kinko's was successfully transformed from a traditional copy center operator into a global, digitally-connected provider of an array of valuable business services. CD&R received Exit of the Year honors from Private Equity International for the sale of Kinko's.