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Carlyle revolving door defense business { August 5 2003 } Original Source Link: (May no longer be active)    http://www.newsday.com/business/printedition/ny-bzcarl053402885aug05,0,370296.story?coll=ny-business-print http://www.newsday.com/business/printedition/ny-bzcarl053402885aug05,0,370296.story?coll=ny-business-print Connections Helped United Defense Business BLOOMBERG NEWS SERVICE August 5, 2003 Carlyle Group Inc., a private equity firm whose senior executives include former U.S. cabinet members and ex-President George H.W. Bush, has turned a $180-million 1997 investment in United Defense Industries Inc. into $1.2 billion. Carlyle yesterday sold shares worth $270 million in United Defense, which makes the Bradley Fighting Vehicle as well as artillery, naval guns, missile launchers and munitions. Carlyle has sold almost $500 million in shares of the company in public offerings since 2001, pocketed about $350 million in dividends before the company went public, and still owns about $350 million of stock, according to Securities and Exchange Commission filings. Carlyle acquired United Defense in October 1997, buying out previous owners FMC Corp. and Harsco Corp. Carlyle is replete with famous names. Senior advisers include former British Prime Minister John Major, former U.S. Secretary of State James Baker, former Securities and Exchange Commission chairman Arthur Levitt, and Richard Darman, budget director under the former President Bush. Frank Carlucci, defense secretary under President Ronald Reagan and chairman emeritus of Carlyle, has been a director since 1997, as has former MCI Communications Corp. Chief Financial Officer William E. Conway, one of four founders of Carlyle, who serves as United Defense's chairman. United Defense has acknowledged Carlyle's connections helped its business. "Our board of directors consists of members who have served in senior positions within the U.S. government, such as secretary of defense, chairman of the Joint Chiefs of Staff and commander-in-chief of the United States Central Command," it said in its October 2001 prospectus. The management and board's "unique insights into the U.S. Department of Defense and allied militaries is one of our key assets." Many of the Washington-based firm's early investments were in defense and aerospace companies such as United Defense, Aerostructures Corp., Howmet International and U.S. Marine Repair; the firm now also seeks investments in telecommunications, automotive, energy and power, real estate and consumer goods. "Clearly this deal has been very successful," said David Snow, editor-in-chief of Alternative Universe, a private equity and hedge fund newsletter. "It's too early to know whether they will be as successful in the many other sectors they're in." Copyright © 2003, Newsday, Inc.

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