The seeds of that business were sown in 2002, when debt was getting cheaper and Managing Director…

The seeds of
that business were sown in 2002, when debt was getting cheaper and Managing
Director Michael J. Zupon convinced DBD that there were profitable
opportunities in distressed companies. He had taken a position in the bonds of
an aerospace company at less than 50 cents on the dollar, and the company’s
executives pitched him on buying preferred stock. Keenly aware of Carlyle’s
expertise in aerospace, Zupon consulted with one of the firm’s senior
dealmakers in the sector. The two decided that Carlyle’s high-yield fund and
its U.S. buyout fund should buy the $15 million stake. Its
»

The seeds of
that business were sown in 2002, when debt was getting cheaper and Managing
Director Michael J. Zupon convinced DBD that there were profitable
opportunities in distressed companies. He had taken a position in the bonds of
an aerospace company at less than 50 cents on the dollar, and the company’s
executives pitched him on buying preferred stock. Keenly aware of Carlyle’s
expertise in aerospace, Zupon consulted with one of the firm’s senior
dealmakers in the sector. The two decided that Carlyle’s high-yield fund and
its U.S. buyout fund should buy the $15 million stake. Its value soared to $45
million in 18 months. “That was the catalyst,” Zupon says. The business has
since expanded into buying companies outright. One of the group’s first
purchases was titanium-component maker Stellex Aerostructures Inc., which
Carlyle had once considered acquiring. The distressed team bought it after it
emerged from bankruptcy in 2004. Two years later it sold for 6.3 times what
Carlyle paid.

»

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