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.
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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." [more]
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