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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.

History
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    (Map)
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

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Competitors

ABN AMRO		Investcorp
Bain Capital		J.P. Morgan Partners
Blackstone Group		KKR
Credit Suisse First Boston (USA), Inc.		Lehman Brothers
Forstmann Little		Texas Pacific Group
Goldman Sachs		Thomas Lee
Hicks, Muse		UBS Warburg

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