Carlyle lines up New York flotation


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The Independent Online

The founders of Carlyle Group have become the latest of their generation of private equity pioneers to prepare the ground for their retirement, announcing yesterday that they plan to float their company on the US stock market.

An initial public offering, which could come early next year, would mean that Carlyle joins its two biggest rivals, Blackstone and Kohlberg Kravis Roberts, on the public markets, and gives its sixtysomething founders the option of selling down their stakes over time.

No financial details of the offering were given in yesterday's preliminary filing with the Securities and Exchange Commission in the US. The size of the share sale, the pay and shareholdings of the founders, and even the market where the firm will be listed are all still to be resolved.

Carlyle was founded in 1987 by a group of lawyers and public company finance directors, and is still run by three of their number: David Rubenstein, William Conway and Daniel D'Aniello. The company manages about $153bn in assets, including investments in companies from Dunkin Donuts to Alliance Boots.

The former US president George Bush was a longstanding adviser to the business. John Major also served as a European ambassador for the company until 2004.