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Sector: Financial Services > Industry: Financial Services - Investment Firms

The Carlyle Group

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Can you say military-industrial complex? The Carlyle Group can. With former Defense Secretary Frank Carlucci leading the charge, the Washington, DC-based investment firm made a name for itself in the 1990s by snatching up defense industry remnants.

Carlyle's directorship reads like George W. Bush's inaugural ball invite list. Reagan Secretary of the Treasury James Baker serves as a senior counselor, and Richard Darman, former director of the Office of Management and Budget under George Bush (the elder), is a managing director. Former President George Bush and Secretary of State Colin Powell have served with Carlyle, as well.

The firm takes part in management-led buyouts (MBOs), acquires minority stakes, and provides other investment capital for companies in aerospace and defense (United Defense Industries), consumer products (Dr Pepper/Seven Up Bottling Group, Inc.), energy, health care like (MedPointe Inc.), information technology, real estate, and telecommunications. MBOs make up the bulk of Carlyle's investments. Although the majority of the firm's money is in North America, it is also pushing more intensely overseas, launching funds aimed at Asia, Europe, Latin America, and Russia. One of the company's larger moves overseas is its planned purchase of the transportation business of The Daiei, Japan's #2 retailer.

As the economy softens, The Carlyle Group has signaled it may return some uninvested funds to investors. The firm has about 20 offices in more than a dozen countries.

In 1987 T. Rowe Price director Edward Mathias brought together David Rubenstein, a former President Carter aide; Stephen Norris and Daniel D'Aniello, both executives with Marriott Corp.; William Conway, Jr., the CFO of MCI; and Greg Rosenbaum, a VP with a New York investment firm. They pooled their experience along with a load of money from T. Rowe Price Associates, Alex. Brown & Sons (now Deutsche Banc Alex. Brown), First Interstate (now part of Wells Fargo), and Pittsburgh's Mellon family to form a buyout firm

Named after the Carlyle Hotel in New York, the firm opted to make Washington, DC, its headquarters so it wouldn't get lost in the crowd of New York investment firms. The company spent its first years investing in a mish-mash of companies, using Norris' and D'Aniello's Marriott experience to focus primarily on restaurant and food service companies (including Mexican restaurant chain Chi-Chi's).

In 1989 it wooed the well-connected Frank Carlucci, who had served as President Reagan's secretary of defense, to join the group. Soon thereafter, Carlyle began making more high-profile deals. That year it acquired Coldwell Banker's commercial real estate operations (sold 1996) and Caterair International, Marriott's airline food services (sold 1995).

Carlucci helped redirect the firm's focus to the downsizing defense industry. Among its targets were Harsco Corp. (1990), BDM International (1991), and LTV Corp.'s missile and aircraft units (1992). Carlyle helped overhaul their operations and make them attractive (for the right price) to the industry's elite, including Boeing and Lockheed Martin.

As the company's reputation grew, so did its cast of players. Among its new backers were James Baker and Richard Darman (both Reagan and Bush administration alums) and investor George Soros, who chipped in some $100 million into the Carlyle Partners L.P. buyout fund. With the help of its "access capitalists" such as Baker and Saudi Prince al-Waleed bin Talal (whom the firm helped add to his fortune in a 1991 Citicorp stock transaction), Carlyle made deals in the Middle East and Western Europe (including a bailout of Euro Disney) in the mid-1990s.

While the firm continued to be a side in the iron triangle, acquiring such defense companies as aircraft castings maker Howmet in 1995, it picked up a grab bag of holdings, such as natural food grocer Fresh Fields Markets (1994; sold 1996); the quick turnaround helped build Carlyle's war chest. The firm also began investing in industrial-cleanup companies, seeing increased government spending as a major opportunity for profit.

As Carlyle's esteem rose, so did the number of its investors. In the late 1990s the firm launched buyout funds targeting Asia (closed 1999), Europe (closed 1998), Russia, and Latin America. At home, it faced a dwindling number of opportunities as the long-running bull market drove up prices and more investors chased fewer deals. Among those was its partnership with Cadbury Schweppes to buy the Dr Pepper Bottling Co. of Texas and merge it with its own American Bottling Co.

In 2000 the company inked a deal for Ssangyong Information & Communications Corp., a computer network integration firm in South Korea, but the deal was called off the next year. Also in 2001 Carlyle launched Carlyle Asset Management Group.

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Key People
Officers & Employees
    Chairman and Managing Director:  Frank C. Carlucci, age 71
    Senior Counselor:  James A. Baker III
    CEO, Carlyle Management Group:  B. Edward Ewing
    Chairman of Carlyle Europe:  Rt. Hon. John Major, CH, age 57
    Founder and Managing Director:  William E. Conway Jr.
    Founder and Managing Director:  Daniel A. D'Aniello
    Founder and Managing Director:  David M. Rubenstein
    Senior Advisor:  Arthur Levitt
    Managing Director and CFO:  John F. Harris
    Managing Director, US Buyouts:  Leslie L. Armitage
    Managing Director US Buyouts, Global Telecommunications and Media Group:  James A. Attwood Jr.
    Managing Director, US Buyouts:  Peter J. Clare
    Managing Director US Buyouts, Global Telecommunications and Media Group:  Francis B. Barker
    Managing Director, US Buyouts:  Daniel Cummings
    Managing Director, US Buyouts Healthcare Group:  W. Robert Dahl
    Managing Director, US Buyouts:  Allan M. Holt, age 49
    Managing Director, US High Yield Group:  Jack S. Mann
    Managing Director, US Buyouts Global Telecommunications and Media Group:  William E. Kennard
    Managing Director, US Buyouts, Global Telecommunications and Media Group:  Bruce Rosenblum
    Managing Director, US Buyouts, Consumer and Industrial Group:  Jerome H. Powell
    Managing Director, US Buyouts:  Philip B. Dolan
    Managing Director, US Buyouts Healthcare:  Kenneth S. Abramowitz
    Managing Director, US Real Estate:  Gary P. Stevens
    Managing Director, US Real Estate:  Robert G. Stuckey
    Managing Director, US Venture:  Edward J. Mathias
    Managing Director US Venture:  Brooke B. Coburn, age 31
    Managing Director, US Buyouts:  Gregory S. Ledford, age 44
    Managing Director, US Venture:  Andrew C. Cooper
    Managing Director, US High Yield Group:  Michael J. Zupon
    Managing Director, US High Yield Group:  Ronald M. Grobeck
    Managing Director, US Venture:  Allan C. Thygesen
    Managing Director, Investor Relations:  Harry L. Alverson
    Managing Director, Investor Relations:  Waël O. Bayazid
    Managing Director, Investor Relations:  Lee H. Carson
    Managing Director, Investor Relations:  Jonathan E. Colby
    Managing Director, Investor Relations:  Koji Nagao
    Managing Director, Investor Relations:  David Tung
    Managing Director, Investor Relations:  Thomas Foussé
    Managing Director, Investor Relations:  Robert D. Brown
    Managing Director:  Richard G. Darman
    Managing Director, Carlyle Asset Management Group:  Afsaneh Mashayekhi Beschloss
    Managing Director, Global Venture:  Robert E. Grady
    Managing Director, Japanese Venture:  Kazuo Higashi
    Managing Director, Carlyle Arabia:  James K. Holman
    Managing Director, Asian Venture:  Tony Jansz
    Managing Director, Asian Buyouts:  Robert I. Wolk
    Managing Director, Asian Buyouts:  Michael ByungJu Kim
    Managing Director, Asian Buyouts:  Gregory M. Zeluck
    Managing Director, Asian Venture:  Stephen Wu
    Managing Director, Asian Venture:  Eric J. Levin
    Managing Director, Asian Buyouts:  Xiang-Dong (X.D.) Yang
    Managing Director, Asian Buyouts:  Eugene Lai
    Managing Director, European Venture:  Jacques Garaïalde
    Managing Director, European Buyouts:  Christopher Finn
    Managing Director, European Buyouts:  Edoardo Lanzavecchia
    Managing Director, European Buyouts:  Hans Albrecht
    Managing Director, European Buyouts:  Jean Pierre Millet
    Managing Director, European Buyouts:  Glenn A. Youngkin
    Managing Director, European Buyouts:  Pedro de Esteban
    Managing Director, Japanese Buyouts:  Haruyasu Asakura
    Managing Director, Carlyle Russia:  Michel P. Orloff
    Managing Director, COO Riverstone Holdings:  Jim H. Derryberry
    Managing Director, Japan Ventures:  Hitoshi Hasegawa
    Managing Director, Riverstone Holdings:  David M. Leuschen
    Managing Director, Carlyle Asset Management Group:  Jin H. Park
    Managing Director, European Real Estate:  Eric E. Sasson
    Managing Director, Japanese Buyouts:  Kensuke Shizunaga
    Manager, Human Resources:  Mori Sabet
    VP Corporate Communications:  Chris Ullman

2001 Employees: 500

Locations & Subsidiaries
Headquarters: 1001 Pennsylvania Ave. NW, Ste. 220 South, Washington, DC 20004-2505    
Phone: 202-347-2626
Fax: 202-347-1818
Web Site: http://www.hoovers.com/cgi-bin/offsite?site=HBN&url=http://www.thecarlylegroup.com 

Subsidiaries/Affiliates Covered By Hoover's Online
Empi, Inc.
MedPointe Inc.
United States Marine Repair

Web Sites for subsidiaries, divisions & affiliates

Subsidiary Locations

Bangalore, India
Barcelona, Spain
Bellevue, Washington
Charlotte, North Carolina
Greenwich, Connecticut
Hong Kong
New York
Newport Beach, CA
Riyadh, Saudi Arabia
San Francisco
Tysons Corner, Virginia
Washington, DC


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Company Type: Private

Fiscal Year-End: December


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