Dunlap's Proscriptions for Lily-Tulip, 198."i—86 In 1983, Dunlap was recruited by George Roberts of Kohlberg Kravis Roberts & Co. (KKR), a Wall Street investment banking firm, to be the new CEO of Lily-Tulip, the nation's second largest supplier of disposable cups to the food service industry. KKR had purchased Lily-Tulip for $180 million in a leveraged buyout in 1982 and was looking for a person with turnaround skills to get Lily-Tulip out of the red. Twelve months after taking the job, Dunlap had the company in the black and on the road to becoming a very successful investment for KKR. Dunlap's initiatives to turn Lily-Tulip around included the following: