Carlyle bought about 90 per cent of UCI International in 2003 for some $800 million in cash.Don't cry for Carlyle. UCI sold off three divisions in 2006. Carlyle likely got their initial investment and more, via their signature strategies, management fees ($2 million per year) and a whopping special dividend ($96 per share or $35.3 million in January 2007).
Funny, their 2007 10-K posted a different dividend amount:
In December 2006, we paid a special cash dividend of $35,305 per share on our common stock. Prior to that time, we did not pay dividends since the date of our incorporation on April 16, 2003.This points to a major stock split. How else did UCI change under 8 years of Carlyle ownership? It turned Chinese.
Globalist Carlyle ramped up from exporting jobs, by exporting the whole company (recall three divisions were sold in 2006). SEC filings show:
UCI had 6,900 employees as of December 31, 2004. In 2004, our net sales were $1,026.7 million
As of December 31, 2009, we had approximately 4,350 employees. In 2009, our net sales were $885 million.
As for the state of reporting, Carlyle didn't pay $800 million in cash for UCI. SEC filings show:
The purchase price paid was $808 million, plus transaction fees. The Acquisition was financed through a combination of debt and $260 million in cash.
I find it somewhat reassuring that Greed and Rank got together on this deal. Who's next in Carlyle's Great Cash-In?
Update 7-7-11: Rank builds its auto parts empire on a mountain of debt.
Update 3-28-16: UCI bonds near default with the postponement of a $17.3 million interest payment
Update 6-11-16: UCI could not bear the debt taken on with Carlyle's monetization and declared bankruptcy