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The Carlyle Group
Type Private Partnership
Founded 1987
Headquarters
Key people Louis V. Gerstner, Jr., Chairman
William E. Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) Louis V Gerstner Jr KBE (born March 1, 1942 in Mineola New York) was chairman of the board and chief executive officer of Conway, Jr. , Founder
Daniel A. D'Aniello, Founder
David M. Rubenstein, Founder
John F. David Rubenstein is the co-founder of The Carlyle Group, an American Private equity firm Harris, CFO
Industry Financial Services
Products Management buyouts
Real estate
Leveraged finance
Venture and growth capital
Revenue Undisclosed to public
Employees 750
Website www.carlyle.com

The Carlyle Group is a global private equity investment firm, based in Washington, D.C., with more than $81. For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" Financial services refer to services provided by the finance industry. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need A management buyout ( MBO) is a form of Acquisition where a company's existing Managers acquire a large part or all of the company. Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom In Finance, leverage (or gearing) is using given resources in such a way that the potential positive or negative outcome is magnified and/or enhanced Venture capital (also known as VC or Venture) is a type of Private equity capital typically provided to immature high-potential growth companies Growth capital (also "expansion capital" and "growth equity" is a type of Private equity investment most often a minority investment in relatively mature In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages In Finance, private equity is an Asset class consisting of equity Securities in operating companies that are not Publicly traded on Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D 1 billion of equity capital under management. In accounting terms after all liabilities are paid ownership equity is the remaining interest in Assets If valuations placed on assets do not exceed liabilities [1] The firm operates four fund families, focusing on leveraged buyouts, venture & growth capital, real estate and leveraged finance investments. A leveraged buyout (or LBO, or highly-leveraged transaction (HLT or "bootstrap" transaction occurs when a Financial sponsor acquires a controlling interest Venture capital (also known as VC or Venture) is a type of Private equity capital typically provided to immature high-potential growth companies Growth capital (also "expansion capital" and "growth equity" is a type of Private equity investment most often a minority investment in relatively mature Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom In Finance, leverage (or gearing) is using given resources in such a way that the potential positive or negative outcome is magnified and/or enhanced The firm employs more than 575 investment professionals in 21 countries with several offices in North America, South America, Europe, Asia and Australia; its portfolio companies employ more than 286,000 people worldwide. Carlyle has over 1200 investors in 68 countries.

The firm is well known for the dozens of world political figures and luminaries it has employed. Some of these figures, such as George H. W. Bush and his Secretary of State James A. Baker III, have generated controversy stemming from allegations of conflicts of interest. George Herbert Walker Bush (born June 12 1924 served as the forty-first President of the United States from 1989 to 1993 See also James Addison Baker James Addison Baker III (born April 28 1930) is a American attorney politician political A conflict of interest is a situation in which someone in a position of trust such as a Lawyer, Insurance adjuster, a Politician, executive or director

Contents

Origin

Carlyle was founded in 1987 by Stephen L. Norris, and David M. Rubenstein. Stephen L Norris is one of the co-founders of The Carlyle Group, an American Private equity firm and currently the Chairman of Stephen Norris Capital David Rubenstein is the co-founder of The Carlyle Group, an American Private equity firm [2] They later hired Dan D'Aniello, William Conway and Greg Rosenbaum. William Conway may refer to William Conway (US Navy, 19th century American sailor William C [3] Rosenbaum left in 1987;[4] Norris left in 1995. [5] The three remaining founders are reported to collectively own around a 50% interest in the group's general partnership. The California Public Employees Retirement System (or CalPERS) is the only US institution which owns a stake in the partnership, holding 5. The California Public Employees' Retirement System (CalPERS provides Pension fund, healthcare and other retirement services for approximately 1 5% of Carlyle for which it paid $175 million in 2001. In 2007, Mubadala Development, an investment vehicle for the Government of Abu Dhabi, purchased a 7. 5% stake for $1. 35 billion. [6]

As they wanted the firm to outlive them, Norris and Rubenstein named the firm after the Upper East Side area hotel in New York City, the Carlyle Hotel, where they first met to discuss the idea. The Upper East Side is a neighborhood in the borough of Manhattan in New York City, between Central Park and the East River. The City of New York The Carlyle Hotel is a luxury hotel located at 35 East 76th Street in the Upper East Side area of New York City. Carlyle's current chairman is Lou Gerstner, former chairman and CEO of IBM and Nabisco. Louis V Gerstner Jr KBE (born March 1, 1942 in Mineola New York) was chairman of the board and chief executive officer of International Business Machines Corporation abbreviated IBM and nicknamed "Big Blue", is a multinational Computer Technology Nabisco (originally known as Na tional Bis cuit Co mpany is a brand of Cookies and Snacks including brands such as Chips Ahoy!

Specialization

Carlyle deals in the following industries: aerospace and defense, automotive, consumer and retail, energy and power, health care, real estate, technology and business services, telecommunications and media, and transportation. Aerospace engineering is the branch of Engineering behind the design construction and science of Aircraft and Spacecraft. A defense contractor (or defence contractor, also sometimes called a military contractor) is a Business organization or individual that provides products Electric power is defined as the rate at which Electrical energy is transferred by an Electric circuit. Health care is the prevention treatment and management of illness and the preservation of mental health through the services offered by the medical, Nursing Real estate is a legal term (in some jurisdictions notably in the USA, United Kingdom "Popular press" redirects here note that the University of Wisconsin Press publishes under the imprint "The Popular Press" Transport or transportation is the movement of people and goods from one place to another The Carlyle Group's investments are focused on East Asia, Europe and North America, with most investment money coming from the United States (65%), Europe (25%), Asia (6%), Latin America, and the Middle East. Defense investments represent about 1% of the group's current portfolio — though this translates, for example, into a 33. 8% ownership of QinetiQ, the recently privatized British defense company. QinetiQ ( (pronounced, as in Kinetic energy) is a British defence technology company, formed from the greater part of the former government agency Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business

The Partnership

Carlyle has only allowed two outsiders to buy into its partnership. [7] The first is the California Public Employees' Retirement System (CalPERS), who "own a 5. The California Public Employees' Retirement System (CalPERS provides Pension fund, healthcare and other retirement services for approximately 1 5% stake in the company that is estimated to be worth about $1 billion. "[7] The second is Mubadala Development Company - "an investment group owned by the government of Abu Dhabi, which is part of the United Arab Emirates. The Mubadala Development Company ( Arabic:شركة مبادلة للتنمية is a state owned company of the Abu Dhabi government in the United Arab Emirates "[7] In September of 2007, they bought a "7. 5 percent share of [Carlyle's] general partnership for $1. 35 billion. "[7]

Current portfolio and major acquisitions

Though known for its expertise in aerospace and defense, Carlyle invested more than thirty percent of its assets in the telecommunications and media sector. Noted portfolio companies are Dex Media, the former directories business of Qwest Communications; Willcom, a Japanese wireless company; Casema, a Dutch cable company; and Insight Communications, the ninth largest cable company in the U. Qwest Communications International Inc (pronounced like "quest" ˈkwɛst ( is a large Telecommunications carrier is a Japanese PHS operator offering flat-rate Wireless network data transmission and flat-rate voice calls for its subscribers Casema was a major dutch provider of cable television internet and telephone services until the merger with Multikabel and @Home to Ziggo S. The Carlyle Group was once a major investor in US Investigations Services, which is the privatized arm of the United States Office of Personnel Management's Office of Federal Investigations, but has since divested itself, selling its stake to Providence Equity Partners in 2007. Providence Equity Partners is a Private equity firm headquartered in Providence Rhode Island that focuses on investments in media and telecommunications

Brand-name companies that Carlyle owns include: Dunkin' Brands, which owns Dunkin' Donuts and Baskin-Robbins, and dental hygiene company Water Pik. A brand is a collection of Images and ideas representing an economic producer more specifically it refers to the descriptive verbal attributes and concrete symbols such as a Dunkin' Donuts is an international donut and Coffee retailer founded in 1950 in Quincy, Massachusetts, U Baskin-Robbins is a global chain of Ice cream parlors founded by Burt Baskin and Irv Robbins in 1945 in Glendale California. Oral hygiene is the practice of keeping the Mouth and Teeth clean in order to prevent dental problems and bad breath. Carlyle also recently took rental car company Hertz public. The Hertz Corporation (also known as Hertz Rent A Car or simply Hertz) is the largest general-use Car rental company in the world with 1900 locations

On January 29, 2007, Carlyle announced that it would acquire Synagro Technologies, Inc, which according to Synagro's website is "the largest recycler of biosolids and other organic residuals in the United States". Events 904 - Sergius III comes out of retirement to take over the papacy from the deposed Antipope Christopher. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. The total enterprise value of the transaction, including the assumption of debt, is $772 million. [8]

On June 28, 2007, Carlyle announced that it would partner with Onex Corporation to buy the Allison Transmission unit from General Motors for $5. Events 1098 - Fighters of the First Crusade defeat Kerbogha of Mosul. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Onex Corporation ( is a Toronto based Private equity investment firm and Holding company. Allison Transmission is a manufacturer of Automatic transmissions for medium and heavy-duty commercial vehicle applications General Motors Corporation ( GM) ( is a multinational automobile manufacturer founded in 1908 and headquartered in the United States. 6 billion. [9]

On July 2, 2007, it was disclosed that the Carlyle Group was looking to buy Virgin Media UK cable business. Events 310 - Pope Miltiades is elected 626 - In fear of assassination Li Shimin ambushes and kills his rival Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. [10] Richard Branson is the largest shareholder, and the Virgin Group own the name Virgin, and Virgin Media have the rights to use the name Virgin for 10 years.

On July 28, 2007, Carlyle announced the acquisition of Applus+ from its shareholders Agbar, Unión Fenosa and Caja Madrid for an enterprise value of €1,480 million. Events 1540 - Thomas Cromwell is executed at the order of Henry VIII of England on charges of Treason. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Unión Fenosa SA, ( is a large Spanish company dedicated to the production and distribution to end users of gas and electricity [11]

On December 18, 2007, David Rubenstein, representing the Carlyle Group, purchased the Magna Carta (one of seventeen copies) at Sotheby's Auction House in New York City. Events 218 BC - Second Punic War: Battle of the Trebia - Hannibal 's Carthaginian forces defeat those of the Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. David Rubenstein is the co-founder of The Carlyle Group, an American Private equity firm Magna Carta ( Latin for Great Charter, literally " Great Paper " also called Magna Carta Libertatum ( Great Charter of Freedoms He paid the Perot Foundation $21. 3 million. Mr. Rubenstein expressed his intent for it to be returned to the National Archives for display.

Carlyle Capital Corporation

In March 2008, Carlyle Capital Corporation, established in August 2006[12] for the purpose of making investments in U. S. mortgage-backed securities, defaulted on about US$ 16. A mortgage-backed security (MBS is an Asset-backed security whose cash flows are backed by the principal and interest payments of a set of Mortgage loans Payments 6 billion of debt as the global credit crunch brought about by the subprime mortgage crisis worsened for leveraged investors. The subprime mortgage crisis is an ongoing financial crisis characterized by contracted Liquidity in global credit markets and Banking The Guernsey-based affiliate of Carlyle was very heavily leveraged , up to 32 times by some accounts, and it expects its creditors to seize its remaining assets. The Bailiwick of Guernsey (Bailliage de Guernesey is a British Crown dependency in the English Channel off the coast of Normandy. [13] Tremors in the mortgage markets induced several of Carlyle's 13 lenders to make margin calls or to declare Carlyle in default on its loans. In finance a margin is collateral that the holder of a position in securities, options, or Futures contracts has to deposit to cover [14] In response to the forced liquidation of mortgage-backed assets caused by the Carlyle margin calls and other similar developments in credit markets, on March 11, 2008, the Federal Reserve gave Wall Street's primary dealers the right to post mortgaged-back securities as collateral for loans of up to $200 billion in higher-grade, U. A primary dealer is a Bank or securities Broker-dealer that may trade directly with the Federal Reserve System of the United States. S. government-backed securities. [15] On March 12, 2008, BBC News Online reported that "instead of underpinning the mortgage-backed securities market, it seems to have had the opposite effect, giving lenders an opportunity to dump the risky asset" and that Carlyle Capital Corp. Events 538 - Witiges, king of the Ostrogoths ends his siege of Rome and retreats to Ravenna, leaving 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common "will collapse if, as expected, its lenders seize its remaining assets. "[16] On March 16, 2008, Carlyle Capital announced that its Class A Shareholders had voted unanimously in favor of the Corporation filing a petition under Part XVI, Sec. 96, of the Companies Law (1994) of Guernsey[17] for a "compulsory winding up proceeding" to permit all its remaining assets to be liquidated by a court appointed liquidator. [18]

The losses to the Carlyle Group due to the collapse of Carlyle Capital is reported to be "minimal from a financial standpoint". [19]

Past acquisitions

Carlyle acquired United Defense Industries in October 1997, bringing in over 60% of Carlyle's defense business. United Defense Industries was a United States Defense contractor which is now part of BAE Systems Land and Armaments. October events and holidays Children's Book Week ( England) - First Week of October National Day ( China People's Republic Year 1997 ( MCMXCVII) was a Common year starting on Wednesday (link will display full 1997 Gregorian calendar United Defense went public on the New York Stock Exchange in December 2001 with Carlyle retaining a stock ownership position. Carlyle completed the sale of all of its United Defense stock and exited the investment in April 2004[20]--in private equity terms, the investment was "realized" at that time. [21] (One major United Defense program was the XM2001 Crusader self-propelled howitzer which was canceled by Defense Secretary Donald Rumsfeld in early 2002 causing United Defense stock prices to fall 27 percent. The XM2001 Crusader was to be the United States Army 's next-generation self-propelled Howitzer (SPH designed to improve survivability lethality [22])

Controversy

Connections between the Carlyle and the Bush family have inspired controversy, particularly in relation to the War on Terror and the Iraq War. Originating in Orange New Jersey, the Bush family in the 20th century became an accomplished Political family in the United States, including across The War on Terrorism (also known as the War on Terror) is the common term for the military political and legal, and ideological conflict and specifically for U The Iraq War, also known as the Second Gulf War, the Occupation of Iraq, or the War in Iraq, is an ongoing Military campaign George H. W. Bush and his Secretary of State James A. Baker III have at times been advisors to the group. George Herbert Walker Bush (born June 12 1924 served as the forty-first President of the United States from 1989 to 1993 See also James Addison Baker James Addison Baker III (born April 28 1930) is a American attorney politician political One writer claimed that Saudi Arabian interests have given $1. The Kingdom of Saudi Arabia, KSA ( المملكة العربية السعودية, al-Mamlaka al-ʻArabiyya as-Suʻūdiyya) or Suudi 4 billion to firms connected to the Bush family. Originating in Orange New Jersey, the Bush family in the 20th century became an accomplished Political family in the United States, including across Of this figure, $1. 18 billion comes from contracts awarded to defense contractor Braddock, Dunn & McDonald, which Carlyle sold before George H. W. Bush became an advisor. [23] A Carlyle spokesman noted in 2003 that its 7 percent interest in defense industries was far less than several other venture capital groups. [24]

Notable current and former employees and affiliated persons

Business

Political figures

North America

Europe

Asia

Middle East

Media

See also

References

  1. ^ Carlyle Group website http://www.carlyle.com/Company/item1676.html
  2. ^ Dan Briody, The Iron Triangle: Inside the Secret World of the Carlyle Group, John Wiley & Sons, 2003, ISBN 0-471-28108-5
  3. ^ David A. Francis Joseph "Frank" McKenna PC OC QC ONB (born January 19, 1948, in Apohaqui, Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page An ambassador is the highest ranking Diplomat who represents their country The United States of America —commonly referred to as the Sir John Major KG CH ACIB (born 29 March 1943 is a British Politician who was Prime Minister of the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located This article is about the government position For other uses see Prime Minister (disambiguation. Anand Panyarachun (born August 9, 1932) was Thailand 's Prime Minister twice between 1991-1992 and once again in 1992 The Kingdom of Thailand (ˈtaɪlænd ราชอาณาจักรไทย, râːtɕʰa-ʔaːnaːtɕɑ̀k-tʰɑj Fidel Valdez Ramos (born March 18, 1928) was the 12th President of the Philippines. The Philippines ( Filipino: Pilipinas, officially known as the Republic of the Philippines (fil ''Republika ng Pilipinas'' RP (ทักษิณ ชินวัตร IPA tɕʰinnawát Chinese: 丘[[wikt 達|達]] 新, Qiū Dáxīn nicknamed by the media as แม้ว An Investor, Shafig bin Laden (شفيق بن لادن is a half-brother to Osama bin Laden, and was a guest of honour at the Carlyle Group 's Washington Osama bin Laden, with some spelling variations is the name used in English to refer to (أسامة بن محمد بن عوض بن لادن born 10 March Norman Pearlstine (born October 4 1942, in Philadelphia) is chief content officer of Bloomberg L Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and In Finance, private equity is an Asset class consisting of equity Securities in operating companies that are not Publicly traded on A leveraged buyout (or LBO, or highly-leveraged transaction (HLT or "bootstrap" transaction occurs when a Financial sponsor acquires a controlling interest The Kingdom of Saudi Arabia, KSA ( المملكة العربية السعودية, al-Mamlaka al-ʻArabiyya as-Suʻūdiyya) or Suudi A military-industrial complex (MIC is a concept commonly used to refer to Policy relationships between Governments national Armed forces, and industrial Vise, "Area Merchant Banking Firm Formed," Washington Post, Oct. 5, 1987, F33
  4. ^ Paul Farhi, "Chi-Chi's Bid Won D. C. Investment Firm Wall Street's Attention," Washington Post, June 6, 1988, F1
  5. ^ John Mintz, "Founder Going Beyond the Carlyle Group," Washington Post, Jan. 9, 1995, F9
  6. ^ Thomas Heath, "Government of Abu Dhabi Buys Stake in Carlyle", New York Times, September 21, 2007, D01
  7. ^ a b c d [1] | Heath, Thomas, "Pair of Proposals Take Aim at Carlyle Group," Washington Post, February 15, 2008. The Washington Post is the largest and most circulated Newspaper in Washington D
  8. ^ "The Carlyle Group to Acquire Synagro Technologies for $5.76 Per Share" 2007-01-29
  9. ^ Reuters/Yahoo! News: "GM selling Allison for $5.6 billion," 2007-06-28
  10. ^ CNN Money: "Virgin Media In Talks With Carlyle Group Over Buyout," 2007-07-02
  11. ^ "Carlyle Group acquires Applus," 2007-07-28
  12. ^ Carlyle Capital Corporation Intends to File for Compulsory Winding up in Guernsey
  13. ^ Carlyle Capital in default, on brink of collapse - Reuters
  14. ^ Washington Post "Carlyle Group Holding 'Crisis' Talks in N.Y.," 03-10-08
  15. ^ 'Fed Hopes to Ease Strain on Economic Activity' 03-11-08
  16. ^ "Hedge fund on verge of collapse", BBC News Online, 13 March 2008. Events 1138 - Cardinal Gregorio Conti is elected Antipope as Victor IV, succeeding Anacletus II. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common  
  17. ^ Companies Law of Guernsey (1994)
  18. ^ "Carlyle Capital Corporation Intends To File For Compulsory Winding Up In Guernsey" Carlyle Capital Corporation New Release, March 16, 2008
  19. ^ Jessica Hall, Dane Hamilton. "CCC's Woes Seen as Small Blemish for Carlyle Group", Reuters, March 14, 2008. This article is primarily about Reuters prior to its 2008 merger with Thomson Events 1489 - The Queen of Cyprus, Catherine Cornaro, sells her kingdom to Venice. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common  
  20. ^ United Defense
  21. ^ [2]
  22. ^ Windfalls of War - The Center for Public Integrity
  23. ^ Craig Unger. House of Bush, House of Saud.
  24. ^ Doward, Jamie. "'Ex-presidents club' gets fat on conflict", The Observer, 2003-05-23. Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Events 1430 - Siege of Compiègne: Joan of Arc is captured by the Burgundians while leading an army to relieve Compiègne  
  25. ^ Nick Clarck, Carlyle poaches Olivier Sarkozy, The Independent, 4 March 2008 (English)

Further reading

External links

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